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If one of your New Year’s resolutions as a small business owner is to make life easier and free up more time for what you love, we may have the solution.

Life’s too short to spend it manually bookkeeping, so here are the 6 accounting apps that could change your life this year.

Not only this, using software – correctly – gives you more clarity over how your business is performing so you can make better decisions based on accurate, timely information.

 

#1. Quickbooks

Still the market-leading accounting platform, Quickbooks is one of the easiest and most efficient financial tools for small business owners. Basically, it helps take care of every element of bookkeeping, from invoicing to expenses to MTD compliance.

Whether you’re a sole trader or a limited company, you can use Quickbooks to power through your payroll, send invoices on the spot, automate payment reminders, match up receipts and connect all your bank and credit card transactions so nothing is missed.

 

#2. Xero 

Xero is very similar to Quickbooks, but with a different interface.  Some find one easier to use than the other, so it’s worth having a free trial of both Quickbooks and Xero to find what works for you.  If you do business internationally, it also lets you get paid in over 160 currencies, calculating all the conversion rates for you.

Like Quickbooks, Xero lets you easily view your transactions and cashflow in real-time. You can track and pay all your bills (on time), calculate and file your VAT returns securely with HMRC, track and approve your expenses, pay your employees and even calculate pensions.

 

#3. Dext

Dext is a genius app that lets you quickly capture and upload all your receipts, bills and other financial documents using your phone’s camera.

It then uploads and scans that data into your secure financial records and combines them with your real-time bank data – so you can always get accurate, up-to-the-minute insights. Forget all those files of paperwork you have to store!

 

#4. Link My Books

Involved in e-commerce? If you sell products on sites like Amazon and eBay, this is definitely the app for you. Link My Books makes it a breeze to automate and reconcile all your Amazon Seller Account bookkeeping, so you can easily track your sales, fees and VAT.

Link My Books connects perfectly to both Quickbooks and Xero, and will save you significant time in calculating sales, fees, VAT, and taxes. A win-win.

 

#5. GoCardless

Do you have clients that pay you regular monthly payments, or a subscription payment model? If you do, you need GoCardless. It lets you quickly set up Direct Debit payments directly from your website (or via a secure payment link), as well as seamlessly collecting one-off payments.

It’s also a doddle to set up flexible recurring payment plans for your customers, wherever they are in the world – even if the payments are variable amounts. GoCardless is designed to integrate seamlessly with Xero and Quickbooks, so if you’re already using that, you can perfectly synch up all your payment data and invoices.

 

#6. Fathom

Fathom is all about business performance and cash flow reporting, and no small business should be without it. It’ll give you a much clearer analysis of how your business is performing, as well as letting you measure the KPIs that are most important to you.

Its clear visuals make it easy to understand where your finances are. With Fathom, you can see what you need to break even, how you’re performing against your targets, what your total costs are and what your margin of safety is.

With this information at your fingertips, it’s much easier to plan ahead, spot and address potential problems and stay on track with your financial goals.

 

A final note…

A word of warning, though. Many software providers’ adverts make it sound like these apps do it all for you, but that’s not entirely true.

As with any system, you get out what you put in – and if you don’t know how to record your finances correctly you could still be reporting incorrect information to HMRC and making decisions based on dodgy data.

That’s why outsourcing your bookkeeping or finance department to professionals who can maximise these technologies for you will ensure better data quality and clarity.

Fresh Clarity can get you quickly set up with any of these apps as part of your bookkeeping package with us. Book a Discovery Call today to explore how we can help to make your bookkeeping quicker, clearer and easier in 2022.