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)

Free Record-Keeping App Shows the Importance of Being Earnest

Cloud accounting software provider FreeAgent has launched a unique record keeping iPhone app designed to help self-employed people and very small businesses in the UK to stay on top of their finances and tax commitments.

FreeAgent has developed the app - called Earnest - after being tasked by HM Revenue & Customs to create a free resource allowing self-employed workers and very small businesses across the country to keep track of their income and expenses and estimate the amount of tax that they owe.

Under HMRC guidelines, many micro-business owners and self-employed people only have to file three-line accounts: recording income, expenditure and profit for the year. However, many of these people still find it difficult to manage their accounts - which prompted HMRC to request software companies to develop an app that would provide assistance.

FreeAgent has designed Earnest to be an easy-to-use, intuitive app that provides very small business owners with simple information and record-keeping functions that they require. Available to download today in the iTunes App Store, Earnest enables users to easily track their income and expenses on their iPhone and it is the only free app currently available under the HMRC initiative that also forecasts their tax commitments.

Ed Molyneux, CEO and co-founder of FreeAgent, said: “HMRC challenged the software industry to create an easy-to-use-app that would help self-employed people and very small businesses keep track of their finances, and we’ve designed Earnest to do exactly that. It’s a simple, intuitive app that lets them monitor their cash flow, input expenses and see how much tax is owed - and we think it’s going to be an invaluable tool for small business record-keeping.

“Our hope is that very small businesses will receive the support they require from Earnest - and as they grow and start to require more in-depth features for their finances, their experience with the app will encourage them to ‘trade up’ to use FreeAgent. We’re essentially trying to create a hassle-free journey that small and early-stage businesses can follow when it comes to managing their finances and bookkeeping.”

The Earnest app enables users to:

- Record income and expenses
- See your bottom line profit or loss
- Get estimates on how much tax you owe
- See upcoming tax deadlines and dates with a "Tax To-do" list
- Capture and store image receipts using your iPhone camera
- Create alerts to remind you of important tax dates and as you near the VAT Threshold
- Categorise transactions by payment method
- Record cash and non-cash transactions
- Add notes to entries
- Record CIS deductions made on income
- Back up your data by email

More information about Earnest can be found on the website www.earnestapp.com or by visiting the iTunes App Store.

UK small businesses party on this Christmas

Eight out of ten micro businesses maintain Christmas party despite economic slow-down

Research released today by online accountants Crunch reveals 82% of Britain’s smallest businesses (up to 20 staff) still plan to hold a Christmas party. Only 18% have cancelled their party this year, compared with 27% cancelling in 2010.

Micro businesses will party on despite the slow-down in the UK economy - 78% of those surveyed said they either missed targets, down-sized or laid off staff in 2011. Furthermore, half of those holding parties said celebrations would be the same size or even bigger than last year.

“With many larger businesses and the majority of SMEs cancelling their Christmas party this year, our research today appears to show significantly more optimism amongst the smallest business community,” said Darren Fell, owner and MD at Crunch.

Many of the companies surveyed will also provide further Christmas cheer, with 20% letting staff have time off to shop and 16% shutting down earlier for Christmas.

The research took place in November 2011 and was commissioned by Crunch accounting. Aimed at freelancers, contractors and micro-businesses (up to 14 people), Crunch offers the full range of accountancy services from a team of accountants, backed up with support from its easy to use software online.

FACTFILE:
Crunch Accounting combines a team of expert accountants available on 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 GBP. 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.

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.