In the fast-paced world of UK small businesses, using the right business accounting platform can make all the difference. With cash flow, invoicing, and compliance to manage, the best accounting platforms streamline financial tasks, helping business owners stay on top of their numbers. Plus, as Making Tax Digital (MTD) requirements come into play, choosing a government regulation compliant service or software is critical when tax season rolls around.
For start-ups, freelancers, and established small businesses alike, the right accounting software or service can save time, boost accuracy, and even provide small business accounting tips through its dashboards and insights.
This guide on the best accounting platforms for UK businesses covers some of the top platforms, its core features, benefits, and small business accounting tips to help you make an informed choice. Get ready to discover tools that make managing your accounting a breeze!
Key features to consider for the best accounting platforms
Before exploring specific platforms, consider your business accounting requirements and what’s important in an accounting software package:
Pricing
Costs range from free basic plans to monthly subscriptions. QuickBooks Online prices range from £10-£90 a month, while Sage 50cloud Accounting (formerly Sage One) starts from £15-£92 a month. Understand each price band and if fees increase with company growth.
Tax functionality
Look for MTD-compliant software to streamline VAT returns and other tax obligations. This is crucial as online tax filing becomes mandatory.
Reporting features and multiple users
Your business’s scale shapes these needs. Consider whether you need a business account for multi-currency transactions or just standard accounting. Monthly subscriptions like Sage 50 (starting at £92 a month) offer features for larger companies, including multi-user access.
Top accounting platforms reviewed
Choosing from the many accounting software and service providers can be overwhelming. Here are some of the best accounting platforms and software packages worth considering for UK businesses:
Sleek UK
Sleek UK provides a complete and cost-efficient solution for your business accounting needs. You can explore and choose from a host of accounting and bookkeeping packages. With Sleek’s expert accountants, you can easily stay compliant and maximise your tax returns.
You’ll get a dedicated accountant who handles everything from reconciling accounts to preparing financial statements and balance sheets. Plus, with features like paperless bookkeeping and Xero subscription, you can keep everything organised and accessible.
Sleek offers transparent pricing, so you know exactly what you’re paying for. Whether you’re a sole trader, limited company, contractor, or startup, you can avail tailored accounting services to meet your unique requirements and stay compliant as per the UK government regulations.
With customer ratings of 4.9 on Google and a 4.8 on Trustpilot, Sleek is a top choice for entrepreneurs in the UK.
QuickBooks Online
QuickBooks is a favourite for small businesses and sole traders, known for its ease of use and helpful features. It offers pay-enabled invoices for faster payments and bank account syncing. Tailored for UK tax needs and MTD compliant for VAT submissions, it links with your business bank accounts for accurate record-keeping. This package offers a good all-around service with an affordable starting cost (£10 monthly for sole traders and £15 for small businesses).
Xero
Xero offers various plans for different company sizes. Founded in 2006, it boasts over 3.5 million subscribers. From a basic option for very small businesses to feature-rich plans, it scales with your business. Xero’s key features include time-saving functions like automatic data extraction from receipts and bank reconciliation tools. However, cash flow projections require additional services.
FreshBooks
FreshBooks focuses on getting you paid. It offers smart proposals, invoice generators, and more, ideal for small UK businesses and freelancers. Its simplicity makes it suitable for those new to accounting software. Starting as an invoicing package, it now offers more comprehensive accounting features for growing businesses. Packages start from at approximately £15 a month. FreshBooks helps manage daily business operations and provides a free trial to explore the features.
Tide
Tide offers a comprehensive business cloud service, handling bookkeeping, banking, taxes, and financial management for £9.99 a month. It simplifies invoicing, expense reports, and tax filing through its banking integration and user-friendly design.
Clear Books
Clear Books is an online accounting software designed for small businesses and includes core accounting features, time tracking and creating invoices. Their basic package starts at £10 per month for unlimited users. Clear Books can also be used on the mobile app and syncs up with your bank account.
Zoho Books
Zoho Books is known as a comprehensive cloud accounting platform and software accounting solution designed for small businesses. It can create and send invoices to customers, record expenses and manage multiple projects and even has features such as inventory tracking and management tools. With pricing beginning from £0, users get access to essential features and support options to make informed financial decisions.
Conclusion
We’ve covered key details on the best accounting platforms in detail. We emphasised choosing the right business accounting software provider or service is a critical decision for small businesses. With so many options available, it’s essential to find accounting software that matches your needs, simplifies small business accounting, and aligns with government requirements. Whether you’re considering robust options like Sleek or exploring free accounting software providers, each choice can support business owners in efficiently managing their finances.
The best small business accounting platforms are designed to make business owners’ lives easier by automating tasks and ensuring compliance with Making Tax Digital. As the UK’s tax regulations shift towards digital reporting, having business accounting software that meets these requirements is key to avoiding costly mistakes. Making Tax Digital is here to stay, and compatible accounting software packages for small businesses can help them stay prepared and compliant for the future.
Ultimately, the right small business accounting software helps streamline operations, save time, and keep finances in order. Whether you’re a startup or an established small business, investing in the best platform for your needs, such as Sleek UK can be a game-changer.
Disclaimer: Please consult with a qualified professional accountant from Sleek for personalised guidance.
FAQs about the best accounting platforms in the UK
What accounting software is the best?
The “best” accounting software depends on factors like business size, needs, and budget. Sleek UK offers a complete and cost-efficient accounting solution for small businesses which also includes a Xero subscription. QuickBooks Online, FreshBooks and various other options are available too. Evaluate key features and consider what you need to submit VAT and make informed financial decisions.
What is the best accounting body in the UK?
The best accounting body in the UK is ICAEW (Institute of Chartered Accountants in England and Wales), known for its high standards and comprehensive qualification process.
What accounting system is used in the UK?
The current accounting system used in the UK is UK GAAP (Generally Accepted Accounting Principles), which governs the preparation of financial statements.
Which accounting certification is best in the UK?
ICAS (Institute of Chartered Accountants of Scotland) offers the best certification in the UK. It is the world’s first professional body of accountants, known for its prestigious qualification and recognition globally.
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