Accounting software: Finding the best accounting software for your needs

Cloud computing is the new big trend in business software, and accounting software programs are not immune. Many easy-to-use, hassle-free, user-friendly and interestingly priced products now compete on the market and it’s difficult to know which one is the best accounting software option.

Kashflow accounting software, FreeAgent accounting software, Sage accounting software, Xero accounting software, Intuit Quickbooks are among the most frequently mentioned products - but which one can get your vote, and investment?

Best accounting software for small budgets

Most accounting software products from a given vendor come in a variety of plans, at different prices, depending on the number of included features.

Sage accounting software - probably the best accounting software for small budgets?

Sage accounting software packages are probably among the most well-known accounting products on the market.

Their entry-level package already boasts:

- sales invoicing,

- receivables tracking,

- VAT filing,

- Profit and loss, trial balance, balance sheet and other key financial reports,

- connection with bank accounts.

Quotes, cashflow statements and additional users are not part of this edition, but at just £6 per month users get more than what they bargain for with other vendors.

Intuit Quickbooks

Intuit Quickbooks online has the benefit of proposing a software version specially designed for self-employed professionals, covering their most common needs:

- invoicing,

- income and expense tracking,

- deductibles,

- personal and business expenses separation,

- even more relevant is the assistance on HMRC self-assessment forms.

Easy to use and comprehensive, Intuit Quickbooks online is not more expensive than Sage One at only £6 per month. Probably the best accounting software for the self-employed.

What a difference a few pounds make…

At just £15 to £40 per month, many more features are unlocked and users are allowed to get some of the best accounting software packages on the market - sometimes beating much more expensive options which would represent an overkill in terms of features for small businesses.

Xero accounting software

Xero accounting software is similarly positioned with three comprehensive plans.

The standard plan already boasts all the features at just £22 per month - only multiple currency support is left aside.

Besides online VAT submission, one key advantage is that adding new users doesn’t get much more expensive, at just an additional £5 per month for 5 users, and another £1 for every supplementary user beyond that.

Kashflow accounting software

Kashflow accounting software is one of the very few cloud-based accounting software packages to add payroll management at just £18 per month + VAT.

Nearly everything else is unlimited - users, contacts, quotes, bank accounts, receipts…

FreeAgent accounting software

The US$20 per month version offers all that makes the entry-level version attractive:

- cashflow,

- invoice timeline,

- live profit and loss,

- advanced dashboard customisation,

- live bank balance,

- tax timeline…

But it adds sales tax reporting, multiple currency invoicing and the invaluable bonus of an efficient and swift support system.