The Best in Online Accounting Software

After HMRC introduced Making Tax Digital in April 2019, it is more important than ever for businesses to consider accounting software. Making Tax Digital means VAT- registered businesses with a taxable turnover above the VAT threshold of £85,000 will need to use compatible software to submit their VAT returns.

In the past, accounting software was complex and cumbersome. It was generally more suitable for large enterprises than small businesses. Now, there is a huge range of accounting software that has been designed especially for small businesses and the self-employed. Many of the products are inexpensive (or even completely free).

This type of software is designed to make it easy for you to manage your business finances, helping you with things like bookkeeping, invoicing, inventory, and payroll. The product you pick will usually include reporting tools as well, so you can track your cash flow and monitor your profit and loss, for example.

And with Making Tax Digital now in force, businesses need to make an informed choice about the accounting software they use to keep digital records and send tax returns.

Modern accountancy packages tend to be cloud accounting software, so they should work fine whether you use a Mac or PC. Most of these programs are mobile-friendly too.

Many of the paid subscription services offer a free trial (usually one month) when you first sign up so you can try it out to see if it suits your needs.

Be sure to research all your options before choosing an app for your business and get professional advice if you need to.