Round up: Accounts and invoicing software: top five on the market

Introduction, FreshBooks and QuickBooksWhere business is concerned, it goes without saying that keeping your finances in order is imperative. Not only is it necessary in order to ensure that invoices are sent out and paid on time and to help with forecasting cash-flow, but detailed financial records are critical when the taxman comes knocking.Nowadays, there's no excuse for not keeping your finances up-to-date. Records don't need to be meticulously written out by hand, but can be fed into a computer and presented as required. What's more, today's accounts and invoicing packages can do far more than what was reasonably possible with just a pen and paper. Computers, and now the web, have made managing your business finances easy.Choosing the software with which to manage your business finances, on the other hand, can be a trickier matter. Finding the right type of package for your needs online is not an exact science and different packages aren't always directly comparable. It's unlikely that you have the time to trawl through trial after trial of potential software to find the one that is right for your organisation, so here we're going to highlight some of the best packages available to help you get started.FreshBooksWeb: http://www.freshbooks.comPrice: Basic package for free; paid packages from US$19.95 (around £12, AUD$21) per monthFreshBooks is one of a burgeoning number of cloud-based accounts and invoicing packages, meaning it's accessible from anywhere and your data is automatically backed up. Indeed, along with ease of use, these are the two main benefits touted by the company.FreshBooks provides four main services to its users: online invoicing, expense tracking, time tracking and accounting reports/tax functionality. Users can set up online invoicing and customise it to meet their requirements, such as adding their company's branding. Options for setting up recurring invoices and automatic payments are available, as well as the option to accept payments via PayPal. Offline payments can also be tracked. For expense tracking, FreshBooks can connect to nearly 10,000 different credit cards to automatically pull in statement data. Data can also be manually imported via a number of different file types and scans or photographs of receipts can be easily attached to expense submissions.Users can input the time taken for a task into FreshBooks as a means of tracking productivity. Staff rates can be set and team timesheets tracked on a project-by-project basis. It is also possible to track unbillable time, such as staff hours spent on internal administration.FreshBooks allows you to keep track of where you are up to with your accounts and when certain accounts are due. Profit and loss can be tracked and finance reports exported. Tax summaries can be automatically calculated and produced to make the process as simple as possible for your business.QuickBooks OnlineWeb: http://www.intuit.co.ukPrice: From £9 (around US$15, AUD$16) per monthQuickBooks is another finance platform that has now moved to the cloud. QuickBooks Online provides all of the core functionality of its predecessor, such as being able to send invoices and receive payments, tracking sales and expenses and managing VAT, but with the added benefit of being accessible from all of your devices. As well as being accessible on your computer via the web, QuickBooks has iOS and Android apps available for use on smartphones and tablets.The main features of QuickBooks are available to all users, but the platform is also highly customisable based on the user's needs. Add-ons can be activated to provide new and extended functionality. In addition to providing broadly useful functionality, such as managing payroll, accepting credit card payments and stock control, add-ons are also available for connecting QuickBooks to specific CRM, contact management and e-commerce platforms. It's even possible to connect QuickBooks to other finance packages, such as FreshBooks, Harvest and Tradeshift.The ability for users to accept credit and debit card payments and run their payroll with QuickBooks are selling points, as these features are not always present with other accounts and invoicing platforms. Of course, users get all the standard functionality that you'll find elsewhere too, such as reporting, dashboards to flag up current and recent activity, the option to customise invoices, sales and expense tracking and bank account syncing.Xero, Sage One and ZohoXeroWeb: http://www.xero.comPrice: From £9 per month (around US$15, AUD$16)Like FreshBooks and QuickBooks, Xero makes a point of highlighting its cloud and mobile accessibility, the option for users to connect and sync their bank accounts, and the standard functionality for creating invoices and accepting payments. Also like QuickBooks, it allows functionality to be extended via the use of add-ons.Xero's accounting function allows businesses to have multiple users and set permissions for what each user can see and do. Data is kept up to date in real-time and the software itself is updated every three to six weeks with, we quote, "innovative new features and enhancements," based on customer feedback. Accounts can be kept updated automatically using the platform's reconciliation feature. Xero will link with bank accounts, credit cards and PayPal, as well as supporting over 160 foreign currencies and providing real-time exchange rates.As with other invoicing platforms, users can brand their documents as required. Invoicing is processed online and the functionality to receive credit/debit card payments from customers is more deeply integrated than on some other platforms. Overdue payments and outstanding amounts are also highlighted.Xero also offers a comprehensive reporting function, which includes 40 standard reports, the ability to track performance in certain business areas, audit-trail support for completing tax returns and the ability to export detailed datasets. Amongst its other useful features are purchase order creation, expense and payroll management, multi-currency handling and free around-the-clock email support.Sage OneWeb: http://www.sage.co.ukPrice: From £5 (around US$8, AUD$9) per monthSage is a major player when it comes to financial software packages. It has been doing finance for a long time and is one of the biggest providers in the business. In addition to the peace of mind that comes with using such a well-regarded software package, Sage can offer 24/7 phone, email and online support, and a huge community of users that can also be drawn upon when required. Step-by-step articles and video tutorials are available to help bring users up to speed when it comes to getting used to the software. Having previously been an on-premise piece of software, Sage One is now cloud-based, like other platforms. Functionality-wise, it offers much the same as other platforms too. Users can create branded invoices and receive payments, track income and expenditure, keep track of how their business is doing and print reports for different areas. A summary screen provides a quick-glance view of a business's performance and profit to-date can be calculated and viewed. Outstanding invoices and upcoming payment dates are also displayed. Incoming payments can be tracked and credit notes issued as required. The platform also provides a comprehensive overview of activity recorded against each client. As with some other accounts and invoicing platforms, Sage One also allows users to provide accountants with access to their data. Access levels can be customised as required. ZohoWeb: https://www.zoho.comPrice: Basic packages from freeOne final platform that's worth mentioning (although there are other worthwhile efforts out there as well, which we haven't had the space to cover) is Zoho. The reason for this is that Zoho has been quietly going about its business of offering feature-loaded cloud-based software for years now. Not only that, it tends to stick to freemium or low cost-of-entry models.Its invoicing and accounting tools are actually separate, but, as with Zoho's other products, they can be used together in a modular fashion. Zoho Invoice allows users to create custom invoices, track time, send payment reminders and accept payments online. It also provides analytics and insights into business performance. The platform is free to use for one user with up to five customers. Paid services begin at US$15 (around £9, AUD$16) per month for up to 3 users with 500 customers.Zoho Books, meanwhile, allows users to manage their business finances, track expenses and connect their bank accounts for real-time updates and transaction tracking. As with Zoho Invoice, an analytics and insights function is also provided. Zoho Books has a flat-rate of US$24 (around £14, or AUD$25) per month. Users can try it free for two weeks and receive a two month discount for signing up to the annual plan.

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