There are many new intuitive accounting apps and smart pieces of software available to uk businesses to manage accounting and invoicing and ultimately save startups and small businesses time and money.
In this article, we will take a look at some of the most popular one breaking down their pros and cons.
Xero
Xero is a complete business accounting package in which you can manage payroll, VAT returns, invoicing, profit/loss and certain projection management functions.
Packages range from £10-£27.50 per month depending on the level of activity. All package allows for VAT returns but there is a tier on the amount of transactions and invoice you can generate.
The smallest £10 ‘Starter’ package will provide users with the functionality for 5 invoices per month and a total of 20 bank transaction bank reconciliations per month, ideal for small enterprises with a select customer base.
For a greater number of transactions, the ‘Standard’ £22 per month package offers unlimited invoices and bank transaction reconciliations. The highest ‘Premium’ tier of £27.50 per month provides everything the Standard package does with the added benefit of the ability to use multiple currencies.
All packages other the optional add-on services of payroll (£5 per month for 5 employees, +£1 for each additional), project management and expenses management.
Clearbooks
Clearbooks offers a simpler approach than Xero, but no less powerful. The software allows for the management of invoicing, banking and management of the Construction Industry Scheme’s (CIS) specific rules set out by HMRC.
The simpler approach from Clearbooks also comes with a slightly lower price price for the most comprehensive package.
The £10 ‘Small’ package allows for unlimited invoicing and banking transactions and is suited for both sole traders and limited companies. However where Xero provides VAT submission for its lowest price package, this is unavailable in Clearbooks until the highest £21.50 monthly large package. CIS management is also available in this package.
