Posts Tagged

bookkeeping
FreeAgent: The Ultimate Bookkeeping Service

Bookkeeping is one of the most important and potentially stressful parts of running any business. It doesn’t matter if you’re a fresh-faced freelancer or a heartless multinational corporation, if your business income and expenditure isn’t properly accounted for then you can end up spending many a sleepless night frantically shuffling through a years worth of receipts and invoices, hoping to somehow balance everything inside a spreadsheet. Worse still, you risk fines and penalties if you don’t properly calculate your taxes.

Even knowing the above, the word “bookkeeping” immediately evokes mundane thoughts of dusty offices and leather-bound ledgers being thumbed through by monocled gentlemen in pinstripe suits. It’s difficult to get excited about taxes and spreadsheets, isn’t it?

Fortunately, bookkeeping doesn’t have to be mundane. After spending some time with FreeAgent, it’s actually — dare I say it — fun!

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Accounting is one of those frustrating things that we all have to deal with in business. Recently, I looked at two web-based accounting systems, Crunch and Kashflow, both designed for small businesses with limited IT funds. These systems, along with having low maintenance costs (which usually come in the form of a monthly subscription fee), can be tailored to fit the company’s exact needs and allow for far greater flexibility when it comes to managing the company’s books.

Up till now, I have only reviewed accounting systems for UK-based small business which, due to different accounting practices, are not suitable for US companies. There are plenty out there (just Google ‘web accounting’ for a few) however LessAccounting seems to be a strong contender for a simple, easy-to-use accounting system owing to its intuitive user interface and the fact it integrates with your bank’s data which, according to the developers, can cut down the time you spend doing the books by up to 80%.

Is this the one accounting system for U.S. small businesses? Let’s take a look at it in a bit more detail to find out.

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Good accounting practices are key to any company, whether it be a sole trader or a large, multinational corporation. It helps keep the company flowing and is vital for end-of-year figures, fiscal forecasting and resource planning. However, given the sheer range of accounting software out there, it is often difficult to choose which one to use. Large companies with plenty of money at their disposal often choose an expensive ERP system such as SAP or Infor, however smaller companies often don’t have the liberty of choice.

Web-based accounting software seems, for the time being anyway, to be the way forward for smaller companies looking to keep their books in order as well as saving money purchasing expensive, mainstream accounting solutions such as SAGE. The one I’m going to look at today is Kashflow, which is aimed towards small businesses based in the UK. There are plenty of features built in to Kashflow which make it a worthy candidate as a great accounting system for small businesses.

Let’s have a look at it in a bit more detail.

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