![]() While accounting software can make your life much easier, it has previously been up to you whether you use it to manage your business accounts. The kind of accounting software you pick will usually include handy reporting tools as well, so that you can track your cash flow and monitor your profit and loss all at one place. Many of these products are affordable or even completely free.Īccounting software is designed to make it easy for you to manage your business finances, helping you with things like bookkeeping, invoicing, inventory and payroll. In the past, accounting software was complex and cumbersome, and it was generally more suitable for large enterprises than small businesses. Now, there’s a huge range of online accounting software that’s been designed specifically for small businesses and self-employed workers. The top accounting and bookkeeping software for UK small businesses Note: Even if you have little accounting knowledge, there are intuitive cloud accounting software, so you can easily set up your accounting and bookkeeping system. ![]() Cloud accounting software makes it possible for small business owners to work on bookkeeping anytime and anywhere, providing options to run a business remotely. This will help put profitability right in the hands of small business owners. Cloud adoption with accounting software also allows small business owners to spend less time on repetitive accounting and financial tasks and more time on growing their business.Īs cloud accounting becomes even more popular, additional tools and products are likely to come forward, so small business owners can become even more efficient, have more time to grow their business and make better decisions involving their finances. The rise of cloud accounting softwareĪs technology continues to improve the way small business owners do business, small companies will have better access to the tools they need to succeed. Get in touch with our team at 02 to discuss your accounting requirements, or receive a no-obligation quote for our services using our instant accounting quote tool. If you’re self-employed, accounting software can make it much simpler to manage your finances, and when Making Tax Digital is fully introduced, everyone who has to file a Self Assessment tax return will need to use a bookkeeping and accounting software that’s compatible with HMRC.Īt Accounts & Legal, we have a team of small business accountants dedicated to providing fixed-price tax, accounting and business forecasting and planning services that are specifically geared towards supporting the growth of SMEs and sole traders and being HMCR compliant. Note: Businesses that are VAT-registered, which have a taxable turnover over £85,000, will need to use a compatible accounting software to submit a tax return. Small businesses who keep track of their financial records through Excel or on paper will need to digitalise certain records, such as VAT returns. For the 2020/21 financial year, small businesses will be required to invest in digital bookkeeping. HMRC’s Making Tax Digital business initiative is brining fundamental changes to the way businesses across the UK manage their tax and accounts in the future. ![]() Cloud accounting software’s role with Making Tax Digital Note: Many online accounting platforms also offer apps for smartphones and tablets, making it even easier for small business owners to manage payroll or analyse their balance sheet while on the move. ![]() This means the records can be accessed at any time and from any device (provided it has an internet connection and the correct security credentials are supplied). With these kinds of accounting software, company’s financial records are securely stored and managed ‘in the cloud’. Desktop accounting software has been around almost as long as desktop computers, but small businesses are increasingly looking to cloud-based accounting solutions to manage their bookkeeping, payroll, statutory accounts and annual tax returns.Ĭloud-based services offer a Software-as-a-Service (SaaS) business model, where the small business pays a small monthly fee on a recurring basis instead of forking out hundreds or thousands of pounds up front.
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