Choosing Small Business Accounting Software

Managing taxation and accounting has never been more accessible, thanks to affordable accounting software. Today, even the smallest business can easily manage expenses, create/send invoices, keep on top of taxes and more. Below are the best small business accounting software available right now, offering features like estimates and invoices, expense tracking, self-assessment, multi-currency support, and mobile access.

Rewiring Your Accounting Habits

Previously, you’d need a room full of filing cabinets to keep track of your accounts but thanks to software advancements, the traditional paper or spreadsheet methods are relics. But it’s not just advisable to adopt this technology; it’s becoming mandatory. Under Making Tax Digital from HMRC, it’s now obligatory for most businesses to use compliant software for taxes and accounting.

Even the process of selecting an accounting software has become easier. You just need to list out your functional requirements like inventory tracking, invoicing deadlines, payroll services and foreign currency transactions. Most software also guarantee that your data is backed up periodically, and their customer support is prompt and effective in resolving issues.

Fresh, High Quality Accounting Software Options

Each software provider has its own unique flavour with features tailored towards different needs:

1. FreshBooks: Designed specifically for small businesses, intuitive UI and mobile support.
2. Crunch: Easy to use with comprehensive customer support and a free version available.
3. Ember: Comprehensive all-in-one solution, foreign currency support and access to in-house accountants.
4. QuickBooks: Perfect for rapidly scaling businesses.
5. Sage: Ideal for microbusinesses with premium support for inventory management.
6. Xero: Best for larger SMEs with multiple users.
7. ClearBooks: Best for fully UK-based businesses, simple to use with a UK-based support team.

It’s worth noting that although there are free options available, it might be a better option to invest in a paid package for professional, regular service and to maintain confidentiality of your company’s financial data.

Choose Wisely, With Full Awareness of Legal Obligations

It’s crucial to choose the perfect partner to manage your finance and taxation. This will allow you to focus on your business objectives while being confident that your legal accounting obligations are being met. This not only reduces risk but creates a solid foundation for your company’s future transactions and legal dealings.

Steps like these help to make your negotiations for any business sector-specific agreement drafting more effective.

Integrating Your Legal and Accounting Workflow With AI

Choosing the perfect accounting software is an essential jump into digitising your business operations. Taking this one step further, companies can now integrate their legal and accounting workflow with Artificial Intelligence services like Genie AI. Using our AI Legal Assistant, you can draft, review, negotiate and sign legal agreements effortlessly.

Conclusion: Legal Considerations and The Next Steps

When selecting your accounting software, always keep in mind the legal obligations and requirements for your business. The right software will provide you with the tools necessary to ensure that your business is legally compliant, reducing the risk of fines and penalties. Furthermore, having a well-integrated account and legal workflow reduces risk and establishes a solid legal foundation for your business dealings.

Why not consider using AI to further streamline your operations? Sign up to Genie AI and use our AI Legal Assistant for Drafting, Reviewing, Negotiating and Signing your Legal agreements. Whether you are dealing in the Retail sector or any other, AI can revolutionize the way you do business and manage your legal operations.

Moreover, remember you have access to The world’s largest open source legal library. Welcome to the future of business management!

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