Did you know the UK Government’s ‘Making Tax Digital’ has officially phased out the old pen-and-paper routine? Now, businesses earning more than £85k file their tax returns online, and many more companies are joining the bandwagon, thanks to the numerous benefits of cloud accounting.
Even if you haven’t crossed that threshold, many businesses have already adopted cloud accounting because of the revolutionary benefits these tools offer.
This guide will help you find suitable accounting software for your business needs. We have selected some of the leading products available and analysed their pricing and key features to assist you in making an informed decision for your business.
Open Accounting Software – A Quick Breakdown
The good news here is that accounting software does not have to create headaches in managing the finances of your business. Cloud-based tools simply make it roll off the tongue to send out an invoice or track income, manage expenses, or even inventory. And you can reach everything from anywhere, be it from a phone or a laptop, to give you full control over your funds on the go.
Most accounting tools in 2024 try to cover all their bases, but indeed, there are some that stand out in their areas of speciality. There’s a lot to like about simplicity and ease of use when you’re juggling the endless tasks of an ever-growing business, but there’s also more to consider.
For instance, small businesses with just the owner-operator may opt for software that’s simply affordable, small business-friendly, and scalable options for bigger businesses with more users and functions that can take the beat.
So, let’s dive in and see what the top accounting software of 2024 has to offer and why they’re so brilliant!
#1 QuickBooks
QuickBooks is one of the most popular options in the market. Its renowned user interface offers a user-friendly design, streamlined functionality, and seamless transfer of crucial financial data, making it an excellent choice for those taking their first steps in accounting. With its scalability, it also continues to be highly efficient no matter how large your enterprise gets.
Because QuickBooks is favoured amongst professional accountants, it can also benefit newcomers to the business or digital world to start with this accounting software. With its award-winning customer support, no necessary long-term contracts, and over 700 application integrations, QuickBooks stands out as one of the most accessible accounting tools in 2024. Ahead, we can see an overview of QuickBooks prices and benefits.
QuickBooks price plans and benefits
| Plan | Price | Benefits |
| Self Employed | £10/month | Tailored for sole traders not VAT registered, invoicing, self-assessment preparation. |
| Simple Start | £14/month | Ideal for small businesses, VAT management, income tax, MTD integration, live phone support. |
| Essentials | £28/month | Multi-currency support, up to 3 users, supplier management. |
| Plus | £38/month | Stock management, budget control, project productivity tools, up to 5 users. |
| Advanced | £90/month | Batch actions, automated data backups, customised reporting, bespoke insights, up to 25 users. |
QuickBooks is so popular because it has a plethora of online training tools available. It has a welcoming forum where queries can be raised. Quickbooks frequently offers varying introduction deals, so why not check it out yourself today?
Pulse: A Smarter Way to Manage Your Finances
While discussing top accounting software, we’d be remiss not to mention our own AI-powered solution, Pulse, which is tailored for small businesses aiming to streamline their financial management.
Key Features:
- Turnover Trend: Easily track how your sales are evolving over time, helping you spot patterns and make data-driven decisions.
- Gross Profit Margin: Keep tabs on your profitability after costs are deducted, giving you a clear picture of your business’s financial health.
- Debtor & Creditor Ratios: Monitor what you owe and what’s owed to you, ensuring your cash flow stays smooth.
- Automated Management Accounts: Say goodbye to manual processes—Pulse automates it all, giving you real-time insights without the headache of spreadsheets.
Link your bank account, and Pulse will provide you with the financial insights necessary to make smarter business decisions.
#2 Crunch
Next on our accounting software list is Crunch, which has risen in popularity in the UK as an ideal replacement to Wave accounting. It is popular amongst freelancers and micro businesses, as well as contractors looking for user friendly software. Crunch is unique in giving its customers access to an active accounting team that can help guide them through their Crunch data.
By keeping their packages aimed at smaller demographics – between sole traders and small businesses – Crunch’s accountants can maintain great relationships with their clients, which is welcomed by traders who are newer to the market. Their customer service also offers ‘in-app chat’ and live video calls for users who have queries not just about using their service, but also regarding their business.
In 2024, Crunch is highly regarded as a reliable, cost-effective choice with its straightforward pricing and robust features.
Crunch prices and benefits
| Plan | Price | Benefits |
| Sole Trader Pro | Percentage pricing | Ideal for freelancers/self-employed, access to accountants, self-assessment included. |
| Limited Company Pro | £83.50/month | Director’s payroll, unlimited tax advice, optional Year End Accounts service. |
| Limited Company Premium | £127.50/month | Includes everything from Pro, plus self-assessment and tax optimisation review. |
| Small Business | From £159.50/month | Real-time income/tax reports, seamless e-commerce linking, bookkeeping support, dedicated accountant. |
Each package that Crunch offers is aimed at businesses at different stages of growth. As you grow, you can be sure your increasing needs will be catered for. Also, the knowledge you have of dedicated, real accountants you can go to for niche advice should bring peace of mind to your choice. Crunch currently has an offer on Limited Company Premium, matching the price of Pro for a limited time.
#3 Xero
Next up on our radar is Xero, which has garnered praise for its exceptional ease of use and thoughtfully designed interface. The software is efficient at processing real-time data, which can become particularly useful as businesses scale up. Like other software solutions, Xero allows you to access its app and desktop programs.
This means you can effortlessly oversee your business’s financials, from monitoring invoices to managing bank transactions, regardless of your whereabouts. Xero’s great range and competitive pricing make it a leading name in the industry.
In addition to its core features, Xero distinguishes itself with its impressive array of integrations, boasting compatibility with over 800 business apps. The notable advantage of this expansive coverage is its ability to meet the varied demands of businesses, including inventory management and time tracking.
Their commitment to making accounting accessible and straightforward is evident in their past customer service awards, and they are outspoken in their pursuit of keeping these standards up through 2024.
Xero price plan and benefits
| Plan | Price | Benefits |
| Starter | £15/month | 20 invoices, 5 bills, bank reconciliation, VAT returns to HMRC, Hubdoc for capturing receipts/bills. |
| Standard | £30/month | Unlimited invoices, bills, quotes, bank reconciliation, VAT returns to HMRC, no limits on transactions. |
| Premium | £42/month | Everything from standard plan, plus CIS calculations and advanced reporting. |
| Ultimate | £55/month | Payroll for 10 people, expenses for 5, projects for 5, advanced insights with Analytics Plus. |
As we can see, each Xero plan is designed to cater to different business needs. Depending on the stage of your business journey, you should select the package which best fits you.
#4 FreshBooks
We can’t make a list without discussing FreshBooks since these applications are specifically built for small businesses and freelancers. The attraction of using FreshBooks is its simplicity and intuitive design, which appeal to time-saving features. Its comprehensive invoicing and time-tracking capabilities attract very positive reviews.
Beyond its impressive all-round accounting tool, FreshBooks offers excellent customer service and numerous integration possibilities, making it flexible and adaptable. Its popularity endears it to a growing number of people, as seen from rave reviews and loyalty garnered amongst its users.
FreshBooks prices plus benefits
| Plan | Price | Benefits |
| Lite | £15/month | Unlimited invoices to 5 clients, track expenses, VAT returns, optional add-ons. |
| Plus | £25/month | 50 clients, automatic expense tracking, recurring billing, business health reports. |
| Premium | £35/month | Unlimited clients, project profitability, accounts payable tracking. |
| Select | Custom Pricing | Tailored features, all Premium benefits, tailored solutions for complex business needs. |
FreshBooks excels in its time-saving features, user-friendly design, and customer service, making it ideal for small businesses and freelancers who prefer a more sociable touch to their products. They are currently offering 50% off for free months across the range of their pricing brackets or a variety of free trials on different products.
#5 Sage
Sage is perhaps one of the most popular names in accounting software. It offers a full set of features that are scalable to suit any size of business. It supports a whole range of activities, from invoicing to inventory management. However, its interface is rather complex; once mastered, it makes one of the best options for managing business finance.
Sage has some unique offers for their customers which set it apart from other accounting software companies and goes much further than what an entrepreneur can access from its software alone. The platform’s Member Masterclass gives users access to insights from top experts, helping them overcome business challenges and build resilience. Sage’s community forums also allow customers to connect with like-minded businesses and industry experts for valuable advice and insights.
Sage price plans and benefits
| Plan | Price | Benefits |
| Start | £14/month (excl. VAT) | Sales invoices, track payments, automatic bank reconciliation, VAT submission (MTD ready). |
| Standard | £28/month (excl. VAT) | Everything from Start plan, plus CIS management, cash flow forecast, advanced reporting, unlimited users. |
| Plus | Custom Pricing | Tailored solutions for growing businesses, dedicated support, access to Member Masterclass and expert insights. |
Although Sage may seem a little overwhelming for beginners, the investment in learning this tool can pay off in the long run. With its comprehensive feature set and great scalability, Sage continues to maintain its position as a reliable and professional choice in accounting software in 2024. New clients can claim their first 3 months free as a nice welcome gesture!
Final Thoughts
2024 has offered some of the most fantastic range of accounting software, each with its own pros and cons. Choosing the right tool depends on your business size, industry, and unique financial needs.
Take your time to explore these options, read user reviews, and perhaps even test out a few trials to find the perfect fit. Once you’ve got the software that ticks all the boxes, you’ll be better positioned to keep your finances in check and focus on scaling up. And why not supercharge that with a smart fintech tool to give you a holistic view of your financial health?
Getting Started with Pulse
Our quick sign-up gives you instant access to real-time insights through Open Banking and Open Accounting. Track turnover trends, analyse gross margins and understand cash flow effortlessly. Your data stays secure with read-only access, and you can revoke permissions anytime. Why not contact us today and see how Pulse can make managing your business finances a breeze?
0 Comment