VAT and MTD
business turnover is GBP85,000 or more per year you’ll need to register for
VAT – value added tax. And, from April 2021, all VAT registered businesses
in the UK must hold and submit their VAT records online, using software
which meets MTD – making tax digital – requirements. That means you’ll want
to find free accounting software which is MTD compliant, even if your
company isn’t quite turning over enough to need to register for VAT yet.
Quote management functions allow you to
generate client quotations more easily, as well as keeping records of your
quoted prices. Some accounting software options allow you to automate some
or all of the quote generation process, and may also provide ways to manage
your business leads before you get to the quote stage.
3rd party app integrations
Choosing a small business
accounting program which can integrate with other systems you use makes
sense. So for example, if you sell online, you’ll want accounting software
which can talk to the same platform you use to receive payments. If you’re
sending and receiving international payments, you’ll want an accounting
system which integrates with your multi-currency business account. And if
you use a CRM system, pick a program that supports your chosen CRM package.
Multiple currency support
If you work with international
suppliers, or sell to customers based overseas, you could be better off with
a smart multi-currency account to send, hold, and receive payments in
foreign currencies. Check out Wise for business for free online accounts
with no minimum balance or monthly fee, which let you hold 50+ currencies,
and switch between them using the mid-market exchange rate. And when you
select your free accounting software, don’t forget to check it can cope with
multiple currency accounting to keep things running smoothly.