The business guide to picking accounting tools for SMEs

Automation can save you countless hours with your daily tasks. Here’s our guide to the best accounting tools for business owners. Work smart, and get more out of your days.

Cloud accounting: We’d recommend you get familiar with Xero. Real-time updates will keep you and your team on the same page while sending online invoices speeds up payments. Xero is flexible, so will meet your business’ specific needs.

Forecasting: Planning and strategy are at the heart of a successful business. You need your data in one place to give you real-time insights and save you time and energy checking on your business. That’s why Futrli is designed the way it is – to make your life easier.

Timesheets: Do you know who has worked what hours? TSheets gives you an agreeable interface, so you can track timesheets and manage your team’s time. For those business owners with remote workers, make use of GPS time trackers.

Payroll/HR: Look after your staff hours and payments. Deputy is exactly what the name says: your pocket second in command. It calculates ordinary hours, overtime, allowances and any penalty rates that may crop up.

Expenses: Receipt Bank logs all of your receipts for you. All you need to do is take a photo of your receipt (with your smartphone) and upload it to their site. They do the rest. This add-on pushes all the receipt data into Xero, so you don’t have to worry about saving every single stub from every single transaction.

Bills: They’re unavoidable but makes paying them easy. When you need to chase cash, it sends out invoices and payment reminders to customers. Get your vendors to email their bills, and the whole process can be approved instantly thanks to the cloud.

Funding: iwoca can provide you with exactly the funding you need. Their quick and simple approval system examines your business performance and can give you a cash injection within a matter of hours. You only pay per day you hold the funds, too, so interest isn’t going to sneak up on you either.

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