With the numerous advancements being made in the software industry at ease due to the introduction of big data and cloud computing. Accounting software available for sole traders has been launched in the accounting sector at competitive prices.
Being a sole trader, you may find that you don't have enough time for the day. Manually entering all the accounting data into a spreadsheet can take hours each week, especially when processing large numbers of transactions. Accounting software for sole proprietors is specially designed to save time and money by automatically recording expenditures, invoicing, and adjusting your bank account.
Optimised accounting practices are a vital component of a growing business. Accurate bookkeeping and robust accounting software for sole traders can assist you in dealing with day-to-day challenges. We have shortlisted the best and most widespread accounting software for sole traders and how to decide which package is most suitable for your firm.
Table of Contents
- The Best Accounting Software for Sole Trader
- Xero
- Sage
- FreeAgent
- QuickBooks
- KashFlow
- Summing Up
The Best Accounting Software for Sole Trader
- Xero
Xero is a cloud-based general-purpose accounting software launched in 2006. It is packed with features beneficial to SMEs such as sole proprietors. One of the benefits is that you can access it from anywhere and connect to different payment processors for flexibility on the go.
Popular services include inventory tracking and automatic report generation. You can choose from the different plans offered by the service provider. Usually, the starter plan is recommended for most sole proprietors. It contains all you need to keep your account up-to-date and file your tax returns.
- Sage
Sage Business Cloud Accounting is suitable for people who don't belong to the finance sector. Setup was easy and Sage offers his 24/7 online and phone support if you have any questions. Like Xero, the basic package will meet the needs of most sole proprietorships. Includes tools for calculating sales tax returns where applicable. You may also generate and share invoices, reconcile bank accounts, and record payments.
- FreeAgent
Designed by keeping small businesses in mind, FreeAgent includes a vast chain of tools you might require to keep your book balanced. The available software consists of eight professional invoice templates, billing timesheets, and automated expense tracking in real-time from bank feeds. You may even download the mobile app to complete and submit your self-assessment statements.
- QuickBooks
QuickBooks is a very widely used corporate accounting software package, suitable for both individual entrepreneurs and large corporations. Easy to use at all levels with a very user-friendly interface and features such as revenue and expense tracking, connecting multiple bank accounts for receiving real-time updates and so on. It also allows you to track late payments and improve cash flow while sending and tracking invoices.
- KashFlow
KashFlow was designed to make accounting easy for individuals such as freelancers and sole proprietors. It comes with an interactive and user-friendly dashboard. The tool provides an overview of your financial situation and can be integrated with numerous apps, including the e-commerce pioneers platforms Amazon and Shopify.
It is also scalable, and you can keep upgrading your packages to a certain level as your business grows, allowing you to send unlimited offers from the basic plan. If you're unsure about making the purchase, try it for free and then make the final call.
Summing Up
Many sole trader accountants are willing to work remotely or as full-time employees to provide dedicated and uninterrupted support. Sole traders may need numerous accounting sessions based on their job roles and responsibilities. Some business people need advice related to investment and retirement plans, while some may need assistance during the tax season.
As sole traders are independent workers, their budget may not be very high, and they might go for an outsourcing accountant or a remote accountant. Don't worry; if you need some customised options, we are here at 123 financials to help you with all sorts of accounting needs. You can send us a query with your budget and job roles and responsibilities, and we will find the most suitable candidate for your firm.
No comments yet