Freedom: Cloud based accounting software allows you to work from anywhere

Baffled by the numbers and dealing out your tax? Five of the simplest accounting software tools for freelancers and little businesses

It was once commonly accepted that if you ran alittle business and needed some accounting software there was an easy choice between forking out on Sage or QuickBooks.

But now there is a number of options to assist both freelancers and little business owners keep track of the boring yet important stuff like invoices, cashflow and maintaining detailed financial records for when the taxman comes knocking.

Other names include Australian firm Xero and therefore the more recently launched Freeagent which have quickly picked up many small business customers.

If your business isn't of the size to justify having one among them, spending a while researching the simplest hand for your accounting - and a touch of cash on the foremost suitable software - could pay off handsomely.

A low-cost option is usually desirable but it'd omit some features you'll find useful - like payroll and inventory management.

Things to think about when choosing accounting software

Cost

This can vary greatly, counting on the amount of features included also because the number of users supported.

Most accounting software levy a monthly subscription fee instead of issuing software licenses.

Features

Most small businesses can cope with basic functions like invoicing, income and expense tracking, financial report generation, and customer management.

However, if your business sells quite one product, you will need a service that tracks your inventory, manages vendors and assists you with purchase ordering.

If you use a service based company, you'll also need a service to invoice payment deadlines.

User friendly

The ease of use may be a key factor when mulling different propositions. you would like to be ready to see the knowledge that matters most to you without having to deal with cumbersome menus.

Most accounting software provides you with a dashboard that shows charts as a default, but some allow you to customize , add or remove fields to point out the info relevant to you.

Multi-currency transactions

If your business sells goods or services abroad or issues invoices or makes purchases during a foreign currency, it's best to select an accountancy software that converts to your 'home' currency to stay your bookkeeping accurate.

Cloud based service and mobile access

Apart from manual systems, including paper books and spreadsheets, there are two basic options, a cloud based system or a system where the software and data reside on your own computer and network.

If you'd like better to be ready to access your business' financial data on-the-go and email invoices to the clients from wherever they're , a cloud based option is that the one for you.

Integration With Other Business Software

It might even be worth choosing a software that's ready to integrate together with your existing suite of other business software - like CRM software.