Top Tools for Small Business Accounting

Accounting is an absolutely vital part of any successful business, regardless of its size. For small businesses, effective financial management is crucial to monitor expenses, track income, and make informed decisions.

 Fortunately, with the advancement of technology, there is an abundance of accounting tools and software available to simplify the process. In this blog post, we'll explore the top tools for small business accounting that can help you streamline your financial operations and keep your business on track.

QuickBooks

QuickBooks is a household name in the world of accounting software, and for good reason. It offers a range of solutions tailored to the needs of small businesses, including QuickBooks Online, QuickBooks Desktop, and QuickBooks Self-Employed. 

These tools allow you to manage expenses, track income, generate reports, and even connect with your bank for real-time transaction updates. QuickBooks is user-friendly and offers various integrations with other software to make accounting and financial management more efficient. https://quickbooks.intuit.com/uk/

FreshBooks

FreshBooks is a cloud-based accounting software designed with small businesses in mind. It offers features such as invoicing, expense tracking, time tracking, and reporting. With FreshBooks, you can easily create professional invoices and accept online payments. It also offers a user-friendly mobile app for managing your finances on the go. https://www.freshbooks.com

Xero

Xero is another cloud-based accounting solution that is gaining popularity among small businesses. It provides a wide range of features, including invoicing, bank reconciliation, expense tracking, and inventory management. Xero's user-friendly interface and collaboration features make it a favourite among small business owners and their accountants. https://www.xero.com/

Wave

If you're looking for a free accounting software option, Wave is an excellent choice. It's a cloud-based platform that offers accounting, invoicing, and receipt scanning tools for small business owners. Wave is especially suitable for freelancers and solo entrepreneurs who want to maintain a tight budget while managing their finances effectively. https://www.waveapps.com/

Zoho Books

Zoho Books is part of the Zoho suite of business tools, and it's a great choice for small businesses seeking a comprehensive accounting solution. It offers features such as invoicing, expense tracking, inventory management, and project management. Zoho Books also integrates seamlessly with other Zoho applications, providing a complete business management solution. https://www.zoho.com/uk/books/

Sage 50cloud

Sage 50cloud (formerly known as Peachtree) is an accounting software designed for small and medium-sized businesses. It offers features like invoicing, expense tracking, and payroll processing. Sage 50cloud can be a solid choice if you need more advanced features and robust reporting for your small business. https://www.sage.com/en-gb/products/sage-50-accounts/

QuickBooks Self-Employed

For freelancers, solopreneurs, and independent contractors, QuickBooks Self-Employed is an excellent tool. It's designed to help you track income and expenses, estimate quarterly taxes, and simplify your financial management as a self-employed professional. https://quickbooks.intuit.com/

ZipBooks

ZipBooks is another free accounting software that provides basic accounting features, including invoicing, expense tracking, and reporting. While it may not offer as many advanced features as some paid options, it's a great choice for start-ups and small businesses looking to manage their finances without a hefty price tag. https://zipbooks.com/

Effective accounting is essential for the success of any small business. Fortunately, there is no shortage of accounting tools and software to choose from, each offering various features and capabilities. When selecting the right tool for your small business, consider your specific needs, budget, and how well the software integrates with your existing systems. By leveraging these top accounting tools, you can streamline your financial operations, save time, and make informed decisions to help your business thrive.

(Image courtesy of Steve Buissinne from Pixabay)

FreeAgent Alerts tool puts accountants out in front

Online accounting pioneers FreeAgent, www.freeagent.com, has launched a new Alerts tool that will enable  accountants to automatically track their clients’ finances and highlight, in real-time, areas of opportunity or of concern.

FreeAgent Alerts allows accountants to set-up customised alerts to monitor their clients’ account activity for transactions and entries that may warrant closer examination. By using Alerts, accountants will also be able to take a more proactive approach in helping their clients keep on top of their finances, and ensure that potential issues are spotted and acted on sooner rather than later.

The new feature is available exclusively through the accountant’s existing dashboard - which presents an at-a-glance view of all of their clients on the FreeAgent platform and a portal to drill into the specifics of any one of their accounts.

Because FreeAgent is entirely online and has been seamlessly integrated into the IRIS accounts production solution, it also provides better accessibility for users and a significant reduction in time spent on manual or paper based processes.

FreeAgent believes that Alerts is a major breakthrough in cloud accounting and a first for the industry. Ed Molyneux, CEO and co-founder of FreeAgent, explained: “Alerts will enable accountants to immediately focus on advising and providing insight to their clients, rather than having to spend a lot of time doing more manual monitoring. It puts them on the front foot and helps them to be more proactive in advising their clients.”

FreeAgent collaborated with a number of accountants and accounting firms on the development of Alerts including Freelance World, which provides a full range of accountancy services to small businesses across the UK.

Alasdair McGill, Managing Director of Freelance World, said: “Online accountancy has revolutionised the way accountants work with their clients and FreeAgent’s latest Alerts tool goes even further to help us keep on top of our clients’ accounts. Alerts will give us the ability to monitor our clients' accounts on a daily basis, giving them peace of mind that we're watching the numbers. I’d like to congratulate FreeAgent on how far they’ve come over the last year to give us a great all-round product that will help us to do a better job for our clients.”

FreeAgent is available to accountancy practices throughout the UK via the company’s close partnership with IRIS Accountancy Solutions where FreeAgent powers the IRIS OpenBooks solution, a key component of the OpenApps suite. With the company’s clear insight and knowledge of the accountancy marketplace, IRIS was involved throughout the planning and development process of Alerts.

Commenting on the latest initiative, Phill Robinson, Chief Executive of IRIS Accountancy Solutions said: “Accountants are always looking at ways in which they can add value to their clients and stand out from the competition. IRIS OpenBooks already enables them to get a real-time picture of what their clients are doing 24x7; this new development means that they can now add even more value by stopping problems before they escalate. It gives accountants a real opportunity to support small businesses beyond basic bookkeeping and give them the support and guidance they need in this challenging economy.”

Crunch accounting named Smarta top 100 business

Crunch accounting has been named a top Smarta 100 business - one of the ‘brightest, smartest and most inspirational businesses from across the UK’, according to the judges. To vote for your favourite business, which could receive the top Smarta 100 Business of the Year Award, visit here before 6pm on 20 September.

The Smarta 100 awards is supported by O2 and is a celebration of the most resourceful, original, exciting and disruptive small businesses in the UK, across all business sectors.

The Smarta 100 business, Crunch accounting, offers a unique, streamlined method for small businesses and freelancers to deal with all their accounting requirements. The service combines a team of expert accountants who are available for advice over the phone, with easy-to-use and automated online accounting software.

As well as a £10,000 first prize for the Smarta 100 Business of the Year, there are also special cash and product prizes in key categories including innovation, technology, people, resources, marketing and social impact. All winners will attend an awards event at London’s Indigo2 on 21 September when the overall winner will be announced.

Entrepreneur and Crunch founder said Darren Fell: “It’s great to have received the recognition from Smarta as a top 100 business. This award scheme truly reflects our entrepreneurial spirit and our aim to improve, streamline and disrupt the often slow and costly accounting procedures that UK small businesses face.”

Smarta 100 judges include TV property expert Sarah Beeny, head of Smarta Sháá Wasmund, founder of King of Shaves Will King, PR supremo and founder of B.Hive Lynne Franks and O2 general manager Simon Devonshire.

For more information about the awards, go to www.smarta.com/smarta100.

FACTFILE:
Crunch Accounting combines a team of expert accountants available over the phone with easy-to-use online accounting software. Designed specifically for freelancers, contractors and small businesses, Crunch Accounting is more than just accounting – it’s a business tool.

The accountant and software service is available for a fixed monthly fee of £59.50. For this, users can invoice, add expenses, have their annual accounts and returns prepared and see the exact health of their businesses instantly with a fun, innovative and simple-to-use website with banking grade security.

Crunch is founded by online entrepreneur Darren Fell, with investment from Bebo’s co-founder Paul Birch and former Skype Chairman Michael van Swaaij.

Cambridge-based tax and accountancy specialists expand into Australia

With a steady stream of people moving to Australia from England and vice versa, Websters are pleased to announce the opening of their new offices in Australia.

The purpose of their new Sydney-based office is to advise individuals and businesses who are migrating from the UK to Australia, or from Australia to the UK, on the sometimes quite complicated tax and financial issues that may affect them and their businesses.

In charge of the office he office will be Joanne Lamberth, who is one of Websters’ senior tax consultants, who was originally based in the Cambridge HQ of the firm.

She will be assisted by Dale Winckel, who will be bringing her experience and expertise in sales and marketing to the firm and focusing on further business development.

Websters chose the North Shore, Sydney for their new business as it is a primarily residential area with a high ratio of expat home owners who, they feel, would benefit from their services.

But they point out that with a registered office in the central business district of Sydney, other areas of the city still remain within reach.

Chief Executive, Andrew Webster, who has recently returned from visiting Australia where he has overseen the opening of the new office points out:: “The UK practice has been advising Australian clients from our Cambridge base for the last fifteen years. During the last year, Joanne Lamberth, one of our senior tax consultants, has worked hard to develop this new office and business in Australia.

“Joanne migrated to Australia and chose the North Shore of Sydney as her new family home, so is well versed in the opportunities and issues that UK ‘expats’ will experience. She and Dale will be working alongside our experienced international tax team in Cambridge. We already use this approach very successfully with our office in France. To extend the business and open our first office outside Europe is a really exciting development for Websters.”

Joanne comments: “I have been based in Sydney myself for a while now, so I know from first-hand experience that to give effective advice to clients you need to have not only a detailed knowledge of both countries’ tax systems, but more importantly expertise in how tax systems between countries interrelate. Dale and I bring such expertise to the team and we are looking forward to working together with our clients to expand websters Australia.”

FACTFILE: As well as their Cambridge HQ and their Australian office they also have a presence in France. and France. The firm was founded in 1990 and they offer advice to individuals, businesses and corporations, with, as one would expect, a special emphasis on tax issues including international issues. Their team includes tax consultants, accountants, a solicitor, a company secretary and financial advisers, who work alongside a small team of software developers.

For details of how they might be able to help you, visit www.tax.uk.com