STYLES & ASSOCIATES
ACCOUNTANCY SERVICES
Serving businesses in Alton, and throughout Hampshire
Accounting Software
If you are small business owner, freelancer or contractor you want to spend time running your business, rather than trying to keep track of invoicing, payments and report writing. By using an accounting software package that will help you generate invoices, track revenue, provide reports and allow you to collaborate with your accountant, you can focus on what you do best – running your business.
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Here we take a look at some of the accounting software solutions available to UK businesses.
Sage 50cloud
Integrating with Microsoft 365, Sage 50cloud is a robust and customizable desktop accounting software, with the tools to share applications via the cloud. Sage50 cloud is considered more than an invoicing software - offering traditional accounting with comprehensive customization options, in-depth contact records, unique tools such as a cash flow manager, and the ability to scale up as your business requirements grow.
Sage 50cloud is a powerful tool that is restricted to run only on Windows machines and requires a great deal of resource. Sage50cloud is suited to medium to large sized businesses requiring a comprehensive accounting solution with strong support documentation and the ability to grow. Due to it’s complex and varied features, Sage is often used by accountants or business owners with strong accounting backgrounds.
Xero
Xero is a robust choice for SME’s supporting sales, purchases, bills and expenses, inventory, and payroll – Xero also lets you manage fixed assets. As a mid priced solution, Xero is a popular choice for SME’s and is particularly good for data transfer if you are migrating from another accounting software or even Microsoft Excel
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Xero are an innovative company and continue to adapt their platform to improve performance and adapt to change – during the COVID-19 pandemic in 2020, Xero developed new tools to help report on future bank balances from short-term cash flow projections based on bills and invoices.
Xero work with third-party app providers to provide an adaptable system with an emphasis on machine learning to help the software evolve.
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Styles & Associates have partnered with Xero accounting software to ensure that our clients can benefit from a complete package to manage payroll, VAT returns, expenses, invoicing, inventory and bank reconciliation.
Intuit QuickBooks Online
A flexible accounting software package designed for SME’s. Intuit QuickBooks Online provides thorough customer, vendor and product records with excellent reporting functions. With its wide range of tools and flexibility, Intuit QuickBooks Online is a popular choice for small businesses. QuickBooks has both accounts receivable and accounts payable features, with the ability to add functionality through hundreds of apps that integrate with the software. For an additional fee you can add payroll features to small business plans.
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QuickBooks is a user friendly accounting software providing all the functionality and flexibility an SME requires, with strong customer service support scoring 4.6 out 5 on Trustpilot and was PC Magazine’s Editors' Choice for small business accounting in 2021.
KashFlow
UK based accounting software platform KashFlow is designed for businesses of all sizes, and provides a wide range of features including invoicing, estimation, credit control, accounting, purchase management, expense recording, payroll and reporting. Customers can generate quotes that can be converted to invoices, balance their books, and monitor expenses from the KashFlow platform.
FreeAgent
FreeAgent is a cloud-based accounting software solution that is suitable for small businesses and freelancers and is offered free through NatWest, Royal Bank of Scotland or Ulster Bank NI to business account users - but also has pricing plans for Limited Companies, Partnerships/LLPs and Sole Traders.
Designed to manage projects, send/track invoices and organise expenses, FreeAgent is a comprehensive solution that is simple to set up and allows an unlimited number of clients, users or projects. Because they only offer one pricing plan, FreeAgent is already scalable for your business – all features are available to all customers.
FreshBooks
FreshBooks cloud based accounting software is ideal for small businesses and sole traders – providing double-entry accounting, invoices, quotes, expenses and mileage tracking. FreshBooks is a basic, easy to use solution that is ideally suited to time conscious small business owners on a budget, who mainly require tracking and invoicing functions. Whilst the setting up of a new account isn’t the most intuitive process, once complete, FreshBooks is simple and straight forward to manage. Customers can even pay you through the integrated payment function.
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FreshBooks was voted Editors' Choice distinction at PC Magazine 2020 for freelancers and independent contractors.
Kashoo
Kashoo is another cloud based accounting software solution that uses machine learning to improve its service. It provides an easy to use, mobile friendly platform that is quick and uncomplicated as well as being budget friendly. Kashoo is ideally suited to sole traders who like to invoice on the go and want simple income and expense management tools.
Wave
A free cloud based accounting package suitable for freelancers and sole proprietors. Wave offers a concise selection of features for small businesses including double-entry accounting, invoice management, pre-authorisation of recurring credit card payments and standard financial reports.
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Wave is free unless you choose to opt for the payroll or customer payouts features. Besides from being free, another of Wave’s notable features is its ease of use, with a clear, understandable interface and navigation.
Zoho Books
Great for mobile access, Zoho accounting software is suitable for smaller business who want value for money. Zoho Books was voted best accounting software for microbusinesses in 2021 by Business.com for its array of features at an affordable price. The software provides inventory tracking, project management, and billable time and expenses tools alongside a host of automated features designed to save you time. With different service plan options, Zoho Books is an accessible platform for most small business that require a simple accounting solution.
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Zoho Invoice won PC Magazine Editors' Choice award 2020 for invoicing services.
Making Tax Digital
For many businesses, the ‘Making Tax Digital’ initiative requires VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000*) to keep digital records and use accounting software to submit their VAT returns online. If your businesses doesn’t meet this threshold, accounting software can still help to reduce your labour costs by streamlining your financial management. Accounting software will help your business save time and money by managing your invoicing, expenses, and reporting to help you make more informed decisions for the future.
Whatever accounting software you choose, Styles & Associates are here to support you. If you need help migrating to a new accounting software, our team will be able to guide you through the process.
Get in touch today on: 01420 541 554 to discuss your accounting requirements.
Moving our business to Styles & Associates made savings for us on our accounting fees, corporation tax, and personal tax.
Gareth Wilding