Are you looking for the best accounting software for sole traders? if you are a sole trader, now is the ideal moment to approach one of the top accounting software in 2024.
Accounting software can make it much simpler to manage all of your finances. there is plenty of accounting software designed for sole traders, but it can be a daunting task to pick the right one.
The right accounting software will save you time on routine bookkeeping, make it easier to file tax returns and improve your cash flow.
That is why, to help you, I will wrap together the 5 best accounting software for sole traders in the UK in 2024.
Let’s check out the list!
What Is Accounting Software?
Accounting software is a computer application designed to manage all the finances and streamline the cash flow within a business.
Accounting software is used by businesses of every size- from small to sole traders to medium to large size businesses.
Businesses use accounting software to record and track all financial transactions, file tax returns, and streamline other financial-related tasks.
According to research, most businesses save around 8 hours a month in organizing accounts using account software.
Accounting software also automates various manual and time-consuming tasks including records of sales and purchases, inventory management, payroll processing, budgeting, and generating financial statements.
5 Best Accounting Software for Sole Traders
1. Xero
Xero is one of the big players in the cloud accounting software. Xero can help you with inventory, payroll, invoicing, and expense claims.
Xero comes with a variety of features to benefit small businesses including sole traders.
There are a variety of packages to choose from, but the Starter Plan is the most suitable one for most of the sole traders.
This Xero plan comes with almost everything that is needed to keep your accounts up to date including tax returns, invoicing, inventory tracking, and more.
Key features:
- On-the-go flexibility
- Access from everywhere
- Inventory tracking
- Various payments processors
- User friendly
- Easy integration
Price: The Starter Plan starts at 12 Pounds per month
2. QuickBooks
QuickBooks is a very popular name for those who need an accounting software solution for their business.
This accounting software solution is suitable for small to large businesses.
QuickBooks is also available in several different varieties, but you can consider the Simple Start Plan.
It is easy to use at any level, and the Simple Start plan comes with everything that you need to manage your accounts.
Quickbooks help you with simplifying your tax return processes, and to track cash flow. You can monitor sent invoices while at the same time chasing late payments to enable the cash flow.
Key features:
- Income tracking
- Tax assistance
- Expense and invoice tracking
- Merge multiple bank accounts
Price: Simple Start Plan starts at 12 Pounds per month
3. Zoho Books
Zoho Books is another popular accounting software for sole traders. Zoho Books comes with a 14-day free trial. It offers all manner of accounting solutions to everyone.
If you are looking for a cost-effective option as a sole trader, you can consider Zoho Books.
Zoho Books comes with a wide range of features including the ability to track finances, and manage invoices. So, you can always know how exactly your cash flow is looking like.
Zoho Books has an impressive app presence, so you can access the app from your mobile and anywhere.
You can pick the Zoho Books’ basic plan that comes with all the necessary features.
Key features:
- Recurring invoices
- Payment link generator
- Payment reminder
- Client management
Price: The basic plan starts at 10 Pounds per month
4. Sage
Sage accounting software is another very familiar name in the world of accounting. If you are new to the accounting environment, Sage can be the best pick for you.
It is easy to access and comes with a very simple interface. moreover, if you have any queries, Sage offers 24/7 customer service and phone support.
You can sign up for Sage accounting software and make all the accounting tasks easier. Sage will help you with tackling invoices, submitting tax returns, smart bank feeds, and reconciliation.
There is cash flow forecasting, multiple currency support, project tracking, and more. All these you can do from both desktop and vis a mobile phone.
Key features:
- Create and send invoices
- VAT submission
- Track payments
- Reconciliation banks
Price: The Starting plan starts at 12 Pounds per month
5. Kash Flow
Kash Flow aims to make all accounting tasks easier for sole traders, freelancers, or small business owners.
The user-friendly dashboard of Kash Flow provides an overview of your financial situation. Kash Flow integrates with a variety of apps including Amazon, and Shopify.
Kash Flow keeps your accounting procedures as straightforward as possible. This accounting software comes with various features and helps you manage everyday bookkeeping tasks.
Kash Flow is also ideal for scaling up as your business grows. KashFlow helps you with real-time cash flow visibility, reconciling payments, quick and easy invoicing, and more.
Key features:
- Access from anywhere
- Easy to set up
- Tax assistance
Price: The basic plan starts at 9 Pounds per month
Conclusion
Accounting is one of the most crucial aspects of every business. It is the way to measure, process, and share financial information. So, business accounting is invaluable because the data it provides helps you with better decision-making.
Here, I have wrapped together the 5 best accounting software for sole traders in the UK 2024 including features and prices.
You can pick one software from the list and satisfy your business’s accounting needs. Accounting software providers may introduce new features so that they can change their prices at any time.
