Accounting Out-of-the Box Tools
Accounting is foreign language to most of us. The good news is that most accounting is automated today. A good accountant will be using an on-line program that connects to your banks and credit cards. All you have to do is pick a simple on-line accounting solution and a decent accountant. You can also DIY, though we don’t recommend that unless accounting is your sort of thing. We review three accounting solutions, have a look.
Xero: Easy & Connected
Xero truly revolutionised the accounting market. Xero makes life very easy for businesses and accountants. Account set up is very easy and you can connect all your bank accounts in one place. Xero has many ‘plug-in’ apps that will help your accountants manage the most sophisticated accounting questions.
Xero’s focus is both on the small business and the accounting profession. Xero is very proud of all the accounting practices that us its platform in the UK. While Xero is also great for DIY, it may take some time to learn if you want to do it yourself. As with all on-line accounting software you can expect to pay a monthly fee.
Quickbooks: Made for Business
Quickbooks was originally made for small businesses to manage their own accounts. Hence their philosophy is a little different from Xero. From the start, Intuit and Quickbooks wanted to make sure that an average Jane and Joe could do their accounts relatively easily.
These days Quickbooks and Xero are hard to tell apart in many ways. If you are keen to do the accounts yourself, then Quickbooks may have a slight edge.
FreeAgent: Calling Freelancers
FreeAgent prides itself on making life easy for small businesses and particularly freelancers and consultants. One of their slogans is, ‘No accountant, no problem’.
If you are looking for a simple Do-It-Yourself and if your business is fairly straight forward, you can’t go wrong with FreeAgent. Overall, all three choices- Xero, Quickbooks and FreeAgent will simplify your accounting hassle.