November 24th, 2020
Apps for financial accounting
When it comes to accounting and keeping track of expenses, the more you can automate the better. Automating calculations can save you so much time and make running your business much easier.
Here’s our guide to some apps for financial accounting that your might want to download for your business:
One of the leading apps for financial accounting, Xero offers online services for businesses of all shapes and sizes. You’ll need the Premium package, at £30 per month, if you want accounting without limits.
Xero can submit your VAT Returns, send invoices and process transactions. It’s available online as well as having options for Android and iOS devices.
You’ll need to pay additional subscriptions for extra features like expenses, payroll and TransferWise payments.
Another of the top accounting apps for business, QuickBooks is considered to be very user-friendly and integrates with HMRC.
You’ll get reminders when your VAT Return is view, and can submit it online using QuickBooks. You can also use this software to send invoices to clients, track expenses and manage your payroll, though the latter is an add-on that comes at extra costs.
QuickBooks is a very affordable option with lots of great features, but the highest package (Plus, at £12 per month) still only allows access for five users.
Sage Business Cloud Accounting is an award-winning product. Keep track of business accounts with tools like invoice sending, receipt capture, payroll facilities and automated VAT Returns. Sage also offers cash flow predictions.
You can get the highest Sage package, Plus, for £26 per month. Look out for introductory offers that could make your first few months cheaper. With Plus you also get inventory management, as well as invoicing in multiple currencies.
Free Agent accounting software is aimed primarily at small businesses, and can prepare VAT Returns and automate your everyday accounting tasks. Send invoices, track payments and upload expenses receipts. Free Agent can connect with your bank to automatically process your transactions. It can also be used to create business reports.
Free Agent’s top package, aimed at Limited Companies, costs £29 per month plus VAT, although it is free if you bank with NatWest, Royal Bank of Scotland or Ulster Bank. It is completely unlimited- as many users, clients and projects as you want.
Receipt Bank is a specialist app that helps you to streamline your bookkeeping processes. It keeps a digital record of all your receipts, but more importantly lets you scan receipts using a smartphone app to extract the data automatically.
It can work with foreign currencies too, converting it to your preferred one, and will identify the information you need for your records. So you can boost productivity by removing the need to manually type up all of your receipts.
Why use apps for financial accounting?
When you’re running a business, you need to be sure that you’re always in charge of the finances. From sending invoices on time to keeping track of tax, your business depends on good money management at every point in the process.
With the best accounting software, you can keep track of the day-to-day expenses and income. Your accountant can access your accounting software when you need additional support.
Are you looking for an accountant that can help you make the most of your accounting apps? Why not contact us today?