With accounting software, you can run your business smoothly to keep an accurate track of your business’s finances. Fortunately, there are a lot of free solutions out there to help your business grow. In this blog, we’ll go over the free accounting software for UK small businesses.
If you’re already running a business, you know how tough its accounting can be. Keeping track of the money that comes in and goes out is crucial and this process can be complex and daunting for a new business owner.
However, thanks to the accounting software that are going to overcome your stresses without any cost. With these free accounting softwares, you can save a lot of your money. In fact, according to SAGE’s study, SMEs can save up to £17,000 per year by using various accounting software.
Free Accounting Software for the UK
Along with the major players like Sage, QuickBooks, Xero, and Freshbooks, there are a lot of great accounting software for small businesses to keep track of their every penny. With a detailed knowledge of the UK’s SMEs, we’ve listed the top free software as per their features, use, scalability, and suitability for various kinds of businesses. Here is the list of the best free accounting software in the UK that is specifically designed for small businesses.
QuickFile was established in 2010 with the aim to help freelancers, small businesses, and entrepreneurs to fulfill their accounting needs. It’s simple and easy to use by people with little knowledge of accounting. It has got a score of 4.7 out of 5 with over 1,100 people praising it for its features and ease. You need to remember that this software is only free for accounts of a certain size.
- Integration with over 50 automated bank feeds
- Manage Invoices
- Track and file VAT returns
- Report generation
- Multi-currency support
- Tools for estimates, purchase orders, and delivery notes
- A mobile app for assistance
- A click to print service
Founded in 2007, FreeAgent is popular among the masses and is used by over 90,000 SMEs across the UK. It can be used to track finances, expenses, invoices, estimates, and more. It has some advanced features such as automatic generation of the VAT returns, tax forecasts, and self-assessment tools for automatically filling up 90% of the self-employment tax return form. With various acclaims and awards. It has got a 4.7 out of 5 ratings from 1000 reviews on Trustpilot. Remember, it’s only free for RBS/Natwest business banking customers.
- Creates and sends professional estimates and invoices
- Forecasting the Corporation tax
- HMRC integration
- Time tracking tools
- Automatic creation of VAT returns
- A dashboard to monitor your cash flow easily
- Importing the bank transactions automatically
- A project snapshot showing income, ti0me, and expenses
- A fully featured mobile app
Talk to our experts to know which software is best for your business.
Set up in 2010, Wave accounting is free accounting software that is cloud-based and unlimited in terms of account size. It earns money from selling payroll and payment services. It’s best suits US/ Canada startups and it can’t be ideal for UK small businesses.
- Creates and sends professional invoices
- Unlimited income and expense tracking
- Receipt scanning via an iPhone/Android mobile app
- Create and export a range of accounting reports
- Multi-currency support
- Integration with Shopify
- Connections to PayPal, Shoeboxed, and Etsy
- A smart dashboard
- A mobile app
It was introduced in 2001, it is an accounting software that is open source. You can download, install it and can add extra functionalities. It’s completely free for a lifetime. But it doesn’t provide tailored accounting services for you like a mobile app or bank integration. You need to learn it and it requires some manual work too.
It has some basic accounting features:
- To record transactions, you need to do double-entry accounting
- Support for transactions that are recurring
- Generates reports like balance sheets, P & L statements, etc.
- Customer and vendor tracking tools
- Multiple currency support
- Compatible with QIF files used by some other accounting software
Introduced in 2019 by a company with a strong name in accounting software. Its VT accounts and VT transactions are loved by many accountants and small businesses. It’s a beginner’s product that is easy and simple to use and suits anyone who needs a simple way to keep track of their accounts.
- Quick data entry with autocomplete
- Keep track of multiple bank/cash accounts
- Bank reconciliation
- Produce VAT returns
- Easily correct mistakes
- Produce P & L accounts, balance sheets, and ledger reports
How to Choose the Best Free Accounting Software?
Many small businesses can’t afford advanced accounting software, so they can use the above-mentioned software that is free and can be used for the long term. You need to consider the following points before choosing one:
- Ease of setup and use
- Access to another user
- Mobile application
Quick Sum Up
Choosing the right accounting software is a crucial decision that you should take with careful consideration. Getting software that suits your business could save a lot of your money, time, and energy. These free accounting software for the UK small businesses can be advantageous for the millions of SMEs in the UK. However, you need to know that this software comes with compromises and limitations, so you need to know which one suits your needs and which extra features of these are worth your money.
At ACCOTAX, we can assist you to choose the right accounting software. Let our accountants in London make things easier to understand for you. We’re friendly, proactive, and keep up with all the latest developments in your business to make sure you’re on top of your finances. Contact us today!
Disclaimer: This blog is intended for general information on free accounting software.