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Best accounting app for sole traders
Luckily, self-employed people have many choices when choosing best accounting software for sole traders. Here are our top Best accounting software for sole traders six picks.
Xero
Xero is a universal cloud-based and best accounting app founded in 2006. It’s packed with features to help small businesses, including sole traders. There are several plans to choose from, but the Starter plan is just £12 per month and will suit most sole traders. It includes everything you need to keep your accounts up to date and file your taxes. A possible drawback of the Starter plan is that you are limited to 20 invoices per month. Therefore, you need to keep an eye on your workload in case you need to upgrade.
However, there are many more benefits:
- Access from anywhere
- Flexibility on the go
- Multiple payment processors
- Inventory tracking
- Automatic reporting
QuickBooks
QuickBooks is one of the Best Accounting App For Sole Trader packages, suitable for sole traders as well as large corporations. Easy to use at any level, the Simple Start plan for £12 per month gives you everything you need to track your cash flow and organize your taxes. While keeping an eye on invoices sent, you can also track late payments to improve your cash flow.
However, there are many more benefits:
- Income and Expense Tracking
- Connect Multiple Bank Accounts
- Invoice Tracking
- Tax Help
Sage
Sage Business Cloud Accounting is suitable for those with no accounting knowledge. Setup is easy. If you have questions, Sage offers 24/7 online and phone support. Like Xero, the basic Accounting Start plan will meet the needs of most sole traders and costs just £12 per month. However, this limitation may be a disadvantage for those with a heavier workload. It includes a tool to calculate VAT returns, if applicable.
Sage Business Cloud Accounting is suitable for those with no accounting knowledge. Setup is easy. If you have questions, Sage offers 24/7 online and phone support. Like Xero, the basic Accounting Start plan will meet the needs of most sole traders and costs just £12 per month. However, this limitation may be a disadvantage for those with a heavier workload. It includes a tool to calculate VAT returns, if applicable.
However, there are many more benefits:
- Create and send invoices
- Reconcile your bank account
- Track payments
- VAT refunds
KashFlow
KashFlow aims to make accounting as easy as possible for freelancers and sole traders. The easy-to-use dashboard gives you an overview of your financial situation and integrates with a ton of apps, including major e-commerce platforms like Amazon and Shopify. It’s also great for scaling as your business grows, although you’ll eventually need to upgrade from the basic Starter plan, which costs £3 per month, as you can only send 10 invoices per month. If you’re not convinced, try it for free first.
However, there are many more benefits:
- Quick setup
- Work from anywhere
- Automatic VAT updates
- Tax help
Zoho Books
Other benefits include:
- Customer management
- Recurring billing
- Payment link generator
- Payment reminders
- Integrated customer portal
Freshbooks
Key Features:
- Creating Invoice (Invoice Maker)
- Expense Tracking
- Mileage Tracking
- Time Tracking
- Online Payment Options
- Generate Reports
- Great Customer Support
How to choose the Best Accounting App For Sole Trader
- Features that meet your business needs
- Budget constraints
- Available support
- On-the-go use and flexibility
- Automation saves time and improves accuracy
