Accounting software for a small business?

MyAccountantOnline

Legacy Full Member
Sep 24, 2008
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www.myaccountantonline.co.uk
If you are looking out for Accounting & Online Invoicing Software with functions like Estimate Management, Expense Management, Invoice Management, Inventory Management, then -

That's one I've not come across.

Is it MTD compliant?
 
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Alan

Free Member
Aug 16, 2011
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I have used Kashflow, Quickbook and Xero in different businesses as a 'user' not an accountant.

For a small business they all do the same job, repeating invoices, integration to payment systems like GoCardless , feeds from banks, VAT etc.

I can understand why accountants prefer Xero as it speak most like an accountant, as in it it complex and not obvious to a lay person.

Quickbooks is a bit more friendly but has some interesting quirks.

In my opinion KashFlow is by far the easiest to understand, as it speaks in business terms, mainly.

I have no doubt Xero is the most 'powerful' but there is a price to pay for power.

I would say one of the major considerations is if you have any feed automations required, e.g. from a job booking system - as this would drive the selection ( operational efficiency )
 
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MyAccountantOnline

Legacy Full Member
Sep 24, 2008
13,652
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UK
www.myaccountantonline.co.uk
Two new users who've not posted on the forum previously both recommending and using ***, it must be good!

I wouldn't describe QuickBooks Online, Sage, and Xero as ''basic accounting programs''
 
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Two new users who've not posted on the forum previously both recommending and using ***, it must be good!'

Must be, according to their website it is 'The most trusted small business software for all round invoicing needs' and 'The world's best business invoice management system' :D

Not a single mention of VAT on their website though...
 
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Karimbo

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Nov 5, 2011
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loads of people recommending asking what accountant uses and go with that. Something that's easy for your accountant isn't necessarily going to be easy for you. Accounts are accounts, and they should be well versed in it, to handle accounts in any software.

I use freeagent for free now, after paying for it for it £30 for many many years. £360 a year, going back to 2015! I got it free this month through being a member of Mettle.

There is a free option, when I was researching a free option, https://www.pandle.com/uk/pricing/ came up.

If I didn't have freeagent for free, I would definately consider pandle. I think Pandle is a cloud play - they have free and pro plans for £5+ a month. They're just dirt cheap to build up their user base. They underprice themselves to compete with the sages/xeros/freeagents of the world.

They do offer a free account for life though..

caveat emptor: I never used pandle myself.
 
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Newchodge

Business Member
Nov 8, 2012
16,234
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Newcastle
I use Quickfile, which meets my needs, is easy to use for a non-accountant and automates invoices.

My advice, as a non-accountant, is to do some trials and see how you find data entry (unless you are going to use book-keeping services. Something like Sage is, apparently, very efficient but when I have tried to use it I found it very complex. I used Quickbooks some years ago and never again. At that time it appeared to be a Canadian(?) system that had tacked on UK accounting practices with loads of workarounds that complicated matters because the system was not designed for the UK. I understand that has now improved?

Any accountant worthy of the name can accommodate whatever system you use, although many prefer particular systems.
 
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Karimbo

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Nov 5, 2011
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I use Quickfile, which meets my needs, is easy to use for a non-accountant and automates invoices.

Do you use this as your complete accounting software? The specs do not mention any RTI/payroll features. Do you use a different software to run payroll then?

Freeagent is more expensive than others (when I was paying for it). But there were't silly add-ons for data, payroll etc. Everything is included which works for me.
 
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Newchodge

Business Member
Nov 8, 2012
16,234
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Newcastle
Do you use this as your complete accounting software? The specs do not mention any RTI/payroll features. Do you use a different software to run payroll then?

Freeagent is more expensive than others (when I was paying for it). But there were't silly add-ons for data, payroll etc. Everything is included which works for me.
No I have completely separate payroll as I run it for other employers.
 
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Scalloway

Free Member
Jun 6, 2010
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At present there is no restriction on what you use to prepare your accounts for Income Tax, you can do the whole lot on sheets of paper if you wish. I believe you can still file your self assessment on paper.

However as part of the Making Tax Digital (MTD) programme you will need to file online reports to HMRC in the next year or two and this will need dedicated software.

VAT must be filed online through MTD already.
 
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Is it possible to use excel to record all transactions and file with HMRC?
Does HMRC accept accounting system built by excel?
yes use Excel with bridging software for MTD vat filing and also for Income tax filing when tax digital comes in 2025?

I use VT Transaction + and their Excel bridging software for a number of my firms clients.
 
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Timothiii

Free Member
Sep 25, 2021
2
0
At present there is no restriction on what you use to prepare your accounts for Income Tax, you can do the whole lot on sheets of paper if you wish. I believe you can still file your self assessment on paper.

However as part of the Making Tax Digital (MTD) programme you will need to file online reports to HMRC in the next year or two and this will need dedicated software.

VAT must be filed online through MTD already.
Thanks so much.

If company turnover <50k (exempt VAT), still have to use MTD after it launched?
 
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Scalloway

Free Member
Jun 6, 2010
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Shetland Islands
MTD for Corporation will come at some point in the future for Corporation Tax but you don't need to worry about it at the momemnt.

The more onerous accounting requirements for limited compnay accounting mean that an Ecel system needs to be very carefully set up so that a fulll set of accounts can be drawn up for Companies House and HMRC.
 
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What would you recommend is the best accounting software for a small business?

Xero, FreeAgent, QuickBooks, or something else?

Has anyone used Money Manager from Moneysoft and how does it compare? It's just a one off purchase, so no subscription is required which is a big bonus.

I like the look of FreeAgent but the cost is at least £190 + VAT per year (after the 1st year) so it's not cheap.

I'd also be interested in what you think about the invoicing capabilities (if any) of the applications.

Thanks.
FreeAgent is good and easy to use.
 
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As Nicola says, the important thing to consider is your business, what it does and what plans you have for the future.

Most accountants have a preferred software, mine is Xero, because I love the integrations, both the ones that improve business operations and those that help with compliance and control.

It may be worth speaking to a few accountants who have different preferences and then signing up for support from the one that you prefer.

You will have to invest to obtain the value of an accountant's support and assistance.
It is up to you to consider whether the value of the support saves you sufficient time, so that you can concentrate on generating more business and hence more profits.
Out of interest why is Xero preferred to FreeAgent?
 
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Two new users who've not posted on the forum previously both recommending and using ***, it must be good!

I wouldn't describe QuickBooks Online, Sage, and Xero as ''basic accounting programs''
Even FreeAgent is not totally basic if you have to do journal entries. Interesting quirk on the dividend postings.
 
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Maverick77

Free Member
Oct 12, 2021
46
3
What would you recommend is the best accounting software for a small business?

Xero, FreeAgent, QuickBooks, or something else?

Has anyone used Money Manager from Moneysoft and how does it compare? It's just a one off purchase, so no subscription is required which is a big bonus.

I like the look of FreeAgent but the cost is at least £190 + VAT per year (after the 1st year) so it's not cheap.

I'd also be interested in what you think about the invoicing capabilities (if any) of the applications.

Thanks.
Hi there :)
If you do your banking with NatWest, you will get FreeAgent for free. A really good accounting package that also has functionality to prepare your accounts, company tax return and personal tax return.
 
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