What Is the Best Accounting Software for Limited Companies 2023?
As a limited company, managing your finances effectively is essential to stay profitable and competitive. One of the best ways to achieve this is by using reliable accounting software that can automate repetitive tasks, generate accurate financial reports, and help you make data-driven decisions. However, with so many options available in the market, choosing the right accounting software can be overwhelming. We’ll explore the best accounting software for limited companies in 2023 and highlight their key features, pricing, and benefits.
Best Accounting Software for Limited Companies
1. Xero
Xero is a cloud-based accounting software that offers an intuitive interface, automation features, and advanced reporting capabilities. Some of the key features of Xero include:
- Invoicing and billing
- Bank reconciliation
- Inventory management
- Payroll processing
- Project tracking
- Customisable dashboards and reports
Xero also integrates with over 800 third-party apps, including payment gateways, CRM, and inventory management tools. Pricing for Xero starts at £14 per month for the Starter plan and goes up to £36 per month for the Premium plan.
2. QuickBooks
QuickBooks is another popular accounting software that’s ideal for limited companies of all sizes. QuickBooks offers a range of features such as:
- Invoicing and payments
- Expense tracking
- Bank reconciliation
- Tax calculations and filing
- Customisable reports and dashboards
QuickBooks also offers multiple integrations with popular apps such as Shopify, PayPal, and Stripe. QuickBooks pricing starts at £14 per month for the Simple Start plan and goes up to £70 per month for the Advanced plan.
3. Sage Business Cloud Accounting
Sage Business Cloud Accounting is a comprehensive accounting software that’s designed for small businesses and limited companies. Sage offers features such as:
- Invoicing and payments
- Bank reconciliation
- Expense tracking
- Inventory management
- Project management
- Customisable dashboards and reports
Sage also integrates with popular apps like Salesforce, Stripe, and Dropbox. Sage Business Cloud Accounting pricing starts at £12 per month for the Accounting Start plan and goes up to £33 per month for the Accounting plan.
4. FreshBooks
FreshBooks is a cloud-based accounting software that’s ideal for limited companies that need to manage their finances on the go. Some of the key features of FreshBooks include:
- Invoicing and payments
- Time tracking and project management
- Expense tracking
- Client management
- Customisable reports and dashboards
FreshBooks also offers integrations with over 100 apps, including Trello, Zapier, and G Suite. FreshBooks pricing starts at £12 per month for the Lite plan and goes up to £35 per month for the Premium plan.
Choosing the best accounting software for your limited company can be a daunting task, but with the right information, you can make an informed decision that can help you streamline your finances and save time. In this blog, we’ve highlighted some of the best accounting software options for limited companies in 2023, including Xero, QuickBooks, Sage Business Cloud Accounting, and FreshBooks.
Each of these software solutions offers unique features, pricing plans, and benefits, so it’s essential to consider your specific needs and budget before making a final decision. Whether you’re looking for basic accounting features, advanced automation, or mobile accessibility, there’s an accounting software solution that can meet your requirements.
By using accounting software to manage your finances, you can reduce errors, streamline processes, and make data-driven decisions that can help you grow your business. Don’t hesitate to try out different software solutions and take advantage of free trials to find the one that’s right for your limited company. With the right accounting software, you can take your business to the next level and achieve your financial goals.
Should I Hire A Limited Company Accountant?
Our specialist team of expert and highly qualified limited company accountants are here to deliver everything you need to set up, operate and grow your business.
Operating your own limited company is highly rewarding, but it can also be financially beneficial to undertake. However, amongst managing clients, staffing, organising premises and developing your service offering you will also have to deal with the daunting and difficult task of managing your company’s finances.
Make running your business easier with MJ Kane & Co Accountants. Learn more about our Limited Company Accountants Service.
Accounting Software For Limited Companies FAQs
Q: What’s the best accounting software for limited companies on a budget?
A: Xero and FreshBooks are ideal options for limited companies on a budget as they offer affordable pricing plans and basic features that can help you manage your finances effectively.
Q: Can accounting software help me save time and reduce errors in my finances?
A: Yes, accounting software can automate repetitive tasks, minimise manual data entry, and generate accurate financial reports that can help you make data-driven decisions.
Q: Do I need to have prior accounting knowledge to use accounting software?
A: No, most accounting software is designed to be user-friendly and intuitive, so you don’t need to have prior accounting knowledge to use them effectively.
