Simple accounting software: the best options for UK businesses

For small businesses and sole traders, simple accounting software can make a world of difference in managing finances efficiently. According to a recent GoCardless report, 63% of small businesses estimate they spend around £100 every week on managing late payments.

With the right software, you can streamline your accounting processes, reduce manual errors and late payments, and focus on what truly matters – growing your business. Read on to find out what you should look out for when choosing the best accounting software for your small business.

Simple accounting software in the UK

For accounting software in the UK, it’s best to keep it simple. Many small businesses struggle with complex accounting systems that require extensive training and time to manage. Fortunately, there are several options available that prioritise ease of use without sacrificing functionality.

What’s even better is that GoCardless integrates seamlessly with many popular accounting software platforms, which you might already be using, like Xero, QuickBooks, and Sage. By connecting your payment processing provider with your accounting software, it’s easy to automate invoicing and payment collection, so you spend less time on the admin and more time on what matters most to your business.

How to find the right accounting software

When choosing which accounting software is right for your business, consider the following criteria:

User-friendly interface: A clean and easy-to-use interface allows users to navigate the software without extensive training. This is particularly important if you’re a small business owner who might not have a background in finance.

Automation: Look for software that automates repetitive tasks, like invoicing and payment reminders. This reduces your administrative burden and means you can put any saved time and effort into growing your business.

Integration capabilities: The ability to connect with other business tools, like payment processing providers and CRM systems, is crucial. GoCardless integrates with over 350 different platforms, including top accounting software tools.

Real-time reporting: Access to real-time financial data helps you make informed decisions quickly. Your accounting software should provide easy-to-read reports that give you insights into your cash flow and overall financial health.

Customer support: Reliable support is essential for resolving any issues that might arise. Choose software that offers comprehensive support options, including tutorials, FAQs, and quick assistance.

You need to decide which of these is most important to your business. You might want 24/7 customer service, an instant heads-up display of key financial metrics, or to plug and play with any software you already use. Every business is different, so choose wisely.

Best connected accounting software

We already mentioned above that integration capabilities are important, so let’s look at why and a few examples. The best connected accounting software solutions not only simplify your accounting tasks but also give you a clearer picture of your business’ finances. By integrating with payment platforms like GoCardless, these software options allow for real-time updates and accurate reporting.

• Xero is known for its user-friendly interface and robust features, making it an excellent choice for small businesses. When paired with GoCardless, you can automate your payment collection process, helping you to get paid 47% faster.

• QuickBooks is another popular choice, offering a range of features tailored to small businesses, including international payments. With GoCardless, you can easily set up Direct Debit payments for invoices in QuickBooks, so your customers pay automatically. Not only does this help boost cash flow, but it can also improve customer satisfaction by offering more convenient and flexible ways to pay.

• Sage is a trusted name in accounting software, offering solutions tailored for small and growing businesses. When integrated with GoCardless, payments are automatically reconciled in Sage 50cloud, allowing you to spend 90% less time on payment management.

• FreeAgent is ideal for UK small businesses, freelancers, and entrepreneurs. Its user-friendly invoicing, expenses, and VAT features, combined with GoCardless, make recurring payments easy.

These are just a few examples, and if that’s not enough to choose from, check out our other accounting software article.

Keep it simple: Three things to remember when choosing accounting software

Choosing the right accounting software is crucial for small businesses and sole traders looking to manage their finances effectively. Keep these three things in mind when deciding on which accounting software is right for you:

1. Ease of use: You shouldn’t have to dig through spreadsheets to know if your business is struggling month-to-month or year-over-year. Choose a platform with automation and clean visuals that alert you to anything unusual so you don’t need to worry about things going off track. 2. Integration options: Again, make things easy for you. Check if the accounting software integrates with your existing software or payment processing provider. 3. Scalability: Choose accounting software that can grow with your business  – you don’t want to have to find another platform if your business grows faster than you can handle.

Making informed choices in these areas will help you optimise your financial processes and support your business growth. By opting for simple invoicing software that connects easily to platforms like GoCardless, you can automate your payment processes, reduce admin, and enhance your overall cashflow management.