The 5 Best Bookkeeping Software 2022

It’s a new year, a new chance and another opportunity to browse the best bookkeeping software for 2022. The bad news is that there isn’t a clear winner. If there was, we would simply send you a link and call it a day.

But we can’t do that.

Because your business is unique. The special features that work incredibly well for another business might not be what you are looking for in yours. The best bookkeeping software for entrepreneurs is the one that fits your business in the best way.

We will give you a breakdown of the top 5 bookkeeping software systems available, highlight their useful features, demonstrate their weak points and let you decide the rest. It is your business after all!

So whether you are a sole trader looking for a software change, or a startup looking to build up your business from scratch, let’s break down exactly what makes the best bookkeeping software.

What to look for in your bookkeeping software?

Your bookkeeping software should be simple and easy to use. You do need to run a successful business after all. You can’t necessarily spare the time to study up and get to grips with a complex system that offers too many features that are useless to you at this stage.

Aside from intuitive and reliable software, you should also consider these features when you make your choice.

Easy integration

Software that has easy integration capabilities is essential for any small business looking to grow. It allows you to streamline workflow and share your account information with whomever you need to.

At Accountancy Cloud we integrate with several big bookkeeping software systems to provide our clients with excellent financial oversight. It helps them make the big decisions and scale-up quicker!

Technical support

When things run smoothly - they’re great! But when you have a problem, time is money.

So consider the levels of technical support contained within each software package whether it is by phone or email. Some of this support is provided free of charge, and others will cost a little extra.

Cost

Cheaper is not always better, but neither is more expensive.

For startups looking to keep their bottom line as low as possible, you might even start with free accounting software, or at least some brands that offer free trials to get you started.

However, as your business scales up, so too will your needs. That is why you need to pick a bookkeeping software that is within reasonable financial limits and offers you the features that your business needs. Too much too soon could find you wasting money on services that you don’t need yet. Too little too late will leave your business struggling to function.

Accurate reports

Accurate reports are how you plan your future and scale up when you are ready. That is why our list of best-bookkeeping software for 2022 is made up of tried-and-tested brands. With these, you’re also safeguarded against potential future legislation changes as these companies make sure to cover themselves and their clients.

Tailored features for the perfect fit

Think of bookkeeping software like trousers. If you buy the cheapest - they won’t last long, and you might be in an embarrassing crisis sooner than you think! Nor should you go for the biggest, most expensive pair - there will be a lot of wasted material!

You should pick the one that suits your business needs. The one with features that line up with your business plan and potential for growth. You should also study their upgrade plans so that you are ready when your business growth takes you to the next level!

The top bookkeeping software for business

Sage

Standard features

Sage is a company that has been focussing on accounting software for the past 40 years, and their ability to keep up with modern business needs is reflected in their services. Their basic package is one of the best bookkeeping software services for entrepreneurs as it only covers one user at a time, but provides a fair range of features.

You can send and track invoices, calculate and submit VAT it also offers automatic bank reconciliation and all of this is under their Starter plan for £12 per month.

Price packages

As you scale up your business they offer more comprehensive plans. At £24 a month your plan supports unlimited users, allowing you to expand your finance team, or outsource your accountancy services with ease. You can also forecast cash flow, send out quotations and estimates, run advanced financial reports on your business and make use of their unique AutoEntry tool which snaps receipts with just a click.

For larger businesses their £30 a month Plus plan includes multi-currency banking and invoicing as well as inventory management - both of which play a crucial role in maintaining a growing international business.

Bonus features

Sage is known for offering the best customer support among bookkeeping software firms. They offer telephone, online chat and free training which is a major boon to startups looking for a helping hand. They also offer payroll at just £1.75 +VAT per month.

They do not offer a free-trial period but instead offer the first three months of each plan at 75% off. We’ll let you do the maths, but it is one great incentive to try them out.

The downside is that the advanced features do require some learning to use. They take time, effort and many YouTube tutorials to fully get to grips with.

Xero

Standard features

Xero is a fantastic choice for any growing business due to the sheer amount of features and integrations available, however, the lower price plan is better suited to sole-traders due to its 20-invoices per month limit.

The design is sleek and fully customisable, so you can order your financial tasks in your priority. While invoice numbers are limited with the basic plan, it does include VAT submissions and reports for just $12 a month and comes with a responsive app for your phone.

Price packages

Higher tier packages with Xero can cost, but they are fantastic for established businesses - so you should choose when to upgrade. With their Growing plan, there is no longer a limit to bills and invoices as well as a bulk reconciliation feature for transactions.

At $65 a month, you finally have access to multiple currencies, the ability to track projects and finally claim expenses.

Bonus features

Even with Xero’s basic plan, you have the opportunity to engage multiple users which makes it perfect if you are looking for financial help.

Xero also has over 800 integrations available which include us at Accountancy Cloud! Over 70% of our clients come from DIY bookkeeping software - it makes everyone’s job much easier!

QuickBooks

Standard features

QuickBooks is an internationally recognised software name and it’s not hard to see why. With over 4.5 million businesses using their services globally they are a tried-and-tested solution for your bookkeeping services.

They have two basic plans, one of which is unique to their company. Their first is entirely designed towards small-scale sole traders that need some oversight and organisation to their finances. The second is dedicated towards businesses and it comes bristling with features.

Their basic £12 per month plan offers income tax estimates, VAT submissions, invoices that can be paid with a single click and all the standard income and expenses features. This also includes free UK phone support in case any troubles arrive.

Price packages

For £22 a month you now have access to more oversight over your finances with advanced payment management. It also supports multi-currency payments and allows 3 users access.

With the £32 a month package you can now manage inventory, examine project profitability, allocate budgets and have up to 5 users on a team.

Bonus features

Not only is QuickBooks one of the other top bookkeeping softwares with multi integration possibilities, but it also offers a great deal on the first few months of subscription. They now offer a full 50% for the first four months allowing you to save as much as you can, while enjoying full access to your choice of the paid plan.

FreeAgent

FreeAgent took the business example that every other bookkeeping software company did, and ignored it.

There isn’t a fixed price plan for upgrading. Instead, they charge a fixed monthly fee based on your company’s legal status. Sole-traders pay £19.50, Partnerships pay £24 a month (this subscription helps with profit calculation) and Limited Companies pay £29 a month.

While it may seem pricey - it offers a fair amount of services and features. There are no limits to invoices, billable clients, projects or users. You receive all the features that are available to you.

Bonus feature

Not only do FreeAgent provide award-winning support to all of their customers, but they also have a unique partnership.

You can use FreeAgent free of charge if you have a bank account with Natwest, Royal Bank of Scotland or Ulster Bank NI. Or if you do not, they offer 50% off the first 6 months of your subscription with them, cutting its prodigious costs significantly.

While simple, and fairly generous with their limitless caps, FreeAgent is one of the priciest bookkeeping softwares around (at least once the half-price offer runs out!) It also doesn’t offer the full range of utility tools that other bookkeeping softwares do at their higher price ranges.

How do you choose the best bookkeeping software?

While free and discounted trial periods are a great opportunity to try out different brands, switching them can sometimes be a hassle. So you want to make the right choice straight away and choose the bookkeeping software that is right for you.

We recommend doing a full breakdown of your business plan and what your immediate future may look like. If you are concerned about your bookkeeping skills, then FreshBooks might be the immediate choice for you. Maybe your business relies on a great number of small invoices to a big number of clients to ensure income, then you should steer away from their FreshBook’s limitations and choose something like QuickBooks.

Or if your ultimate goal is business growth, then there is another option for your business. Accountancy Cloud.

Hi, we're Accountancy Cloud

While free and discounted trial periods are a great opportunity to try out different brands, switching them can sometimes be a hassle. So you want to make the right choice straight away and choose the bookkeeping software that is right for you.

We recommend doing a full breakdown of your business plan and what your immediate future may look like. If you are concerned about your bookkeeping skills, then FreshBooks might be the immediate choice for you. Maybe your business relies on a great number of small invoices to a big number of clients to ensure income, then you should steer away from their FreshBook’s limitations and choose something like QuickBooks.

Or if your ultimate goal is business growth, then there is another option for your business. Accountancy Cloud.

At Accountancy Cloud we understand that simple bookkeeping software goes a long way to keeping your finances in order, but real growth only comes from experts in financial services. That’s why we offer personalised financial oversight for new startups, SMEs and larger companies.

We take care of everything, including bookkeeping, financial forecasting, payroll, even maximising your R&D Tax Credits where necessary! We meet your financial needs at a rate that suits you and grow your business accordingly.

We set up your tools, introduce you to your dedicated finance team and let you focus on the most important job of all - making your business succeed. Get in touch with our experts today to discuss your needs, or read about our ever-growing list of success stories - maybe you’ll join them on our wall of fame one day!