Accounting can be complicated, time consuming and very frustrating, even for those who have experience in the field, so we’ve compiled this handy list of our favourite accounting software packages for retailers.
Xero is a small-business oriented, cloud based accounting software, meaning you can log in from your phone, tablet or laptop providing you have an internet connection. It’s packed with features: you can view your latest banking, credit card and PayPal transactions, which are conveniently imported and organised; add an unlimited number of users to the system; view and share interactive reports and budgets; manage your cashflow with payment scheduling; and connect with over 350 third party apps.
Offers a range of different packages, so it caters to businesses of every shape and size. Their Sage One Account for example, is an easy-to-use accounting package which doesn’t require any accounting knowledge experience to use, making it ideal for startups and small businesses, whereas their Sage 50 package is a more in-depth version for larger retailers. It’s a cloud based software, so you can access it anytime, anywhere with an internet connection, with 24 hour supports and also offers a variety of learning resources and training in accounting. Their packages start at £5.
Simple cloud-based accounting software designed to save you time with features like sending and creating professional customised invoices, which can be automates; syncing your financial data and banking; purchase order and supply management; a reporting feature which provides snapshots of your businesses finances; and sending VAT returns direct to HMRC. The dashboard is also customisable, which is a nice touch.
Easy to use cloud-based software which offers a free trial and has a distinct a lack of accounting jargon to confuse those less familiar with the ins and outs of finance. Key features include invoice templates and automated invoicing; a quoting service that lets you send quotes to customers which turn into invoices once accepted; and Profit & Loss, Balance Sheet and Trial Balance reports so you can see exactly where you’re spending your money. KashFlow also offers a payroll feature which manages company pay cycles, keeps track of all your employee pay information, and lets you edit payslips on the go.
This free accounting software was designed especially with entrepreneurs, freelancers, consultants and small businesses with 9 employees or less in mind. You can connect Wave securely to your bank account, PayPal or other sources of data so that transactions quickly appear right in your accounting. You can also generate reports like balance sheets, sales tax reports, A/R and A/P for yourself, your accountant or your investors.