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Accountants in London

  • 10 best accounting software
    When running a business, ensuring your finances are in order is essential, especially when you have to deal with paying your employees and sending out invoices. Thankfully, technology makes everything easy, as you can use accounting software to do all the heavy lifting. With MTC around the corner finding the right tool is even more important now.

    For businesses in London, choosing the right software becomes challenging, due to the myriad of options. Here are the top 10 cloud accounting software’s, which your business can use to handle your finances, we have used these softwares and mention below how each software can add value to your business and how it can enable your accountants to be more proactive towards your business.

    AccountEdge Pro
    You and your Accountants will love AccountEdge Pro because it is one of the most customizable tools available in the market. It can handle complex functions such as reports, time billing, and inventory. Another reason why it is popular among business is due to its extensive double-entry tools. This is not a cloud software but we like mentioning this one due to the vast amount of features it offers its users.

    A top-notch software for businesses and their accountants in London, Clearbooks is the perfect tool for small and medium-sized businesses. When it comes to simple accounting, nothing can match the simplicity of this tool. It comes with an organizational dashboard, which integrates with numerous operations of your company. Creating and issuing invoices, tracking and submitting VAT, easily managing CIS while having unlimited access to free email and phone support.

    One of the most popular online software for small businesses and their accountants, FreshBooks comes with countless features. Whether you want it to handle business reports, time tracking, expense tracking, or invoicing, you can do it all from its simple user-interface. Also, you can integrate it with third-party services such as Zendesk, MailChimp, WordPress, and PayPay.

    If you are an accountant who wants a tool which specializes in usability, expense and income management, Kashoo is a great solution. It comes with support for multi-currency, an important feature when your business is global. Thanks to its exceptional customer support, you can solve your problems via social media, phone, live chat, and email.

    KashFlow is great because you can import data from popular software such as Excel, Sage, and QuickBooks. With its easy-to-use interface, it will take no time in getting used to its features. It allows you to create estimates, automate and record purchases, and import bank transactions.

    No list is complete without mentioning QuickBooks, as it is one of the best in the industry. Estimating income taxes for the quarter, automated mileage tracking, and tracking income and expenses are some areas where QuickBooks performs exceptionally.

    Every small and medium-sized business owner love Reach, because of its comprehensive features. It has modules for CRM, POS, and accounting, along with the ability to track every operation of your company from a single software.

    Sage Business Cloud Accounting
    A veteran in the world of cloud accountants, Sage Business Cloud Accounting provides great value for its services. Cash flow forecasting, project tracking, invoices, managing VAT, and quotes are some of the many modules available to accountants. Also, it has in-depth guides, to solve any problems you face while using its tools.

    Accountants in London can never get enough of Xero, because of its affordable subscription plans. With Xero, you can track inventory, create online reports, make smart lists, and customize reports. At the same time, its excellent online support, you can resolve problems in record time.

    Zoho Books
    Zoho Books is a reliable software for businesses and accountants because of the features it provides are second to none. When it comes to creating transaction forms and records, you get granular control. Some of its other key features are multiple gateways for payment, simple user interface, and time/project tracking.

    Choosing any software out of this 10-cloud accounting software will make it easy to handle every finance-related operation in your business.
  • Quick tips for self-employed Individuals
    Formularize a Business Idea
    A good business idea is a key factor between the success and failure for a self-employed individual. Try starting with a business plan and a basic financial forecast to give you direction.

    Register for Self-Assessment
    As a self-employed individual you are required to register with HMRC for Self-Assessment. Once registered, you will need to complete and submit a Self-Assessment to HMRC. You will also need to create an online Gov account in order to complete and submit your tax return. You can view the Self-employed resource hub here in order to understand in detail the kind of responsibilities you will have as a self-employed individual.

    Keep Records
    You should keep records of your business income and expenses, as HMRC can investigate your records at any point for 6 years. Therefore, keeping your records, like invoices, receipts and bank statements, in good order is highly recommended to avoid any issues from HMRC.

    Register for key Compliance such as VAT and Payroll, if applicable
    If at any point you decide to hire employees you need to be prepared. Key things to look into are employer insurance and registering for Payroll. If your turnover goes above a certain limit you also need to register for VAT and submit VAT returns.

    Utilize all Tax Reliefs and Credits
    As a self-employed individual you have the facility of using various Reliefs and Allowances, such as Marriage Allowance or various tax sheltering schemes such as EIS/SEIS/SITR/VCT. Having a good accountant in London at your disposal could prove worthwhile in reducing your tax as much as possible.

    Make sure you are Protected
    Self-employment means you and your business are one entity. Therefore, any liabilities that arise for the business are considered as liabilities for you personally as well. Having a good protection insurance in place can make sure the risk is minimized.
    Also, certain industries require you to have certain licenses and insurances, be sure to research and get the relevant insurances to be covered.