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So why consider Online Accounting?
There are many small businesses and self-employed freelancers using MS Word or Excel to raise their sales invoices. Now that’s just last century!
Online accounting packages could include features like tailored invoices with your company logo, option to set up recurring invoices to automatically create invoices, view invoices as html to print or save invoices as pdf to send electronically, Keep customers up to date with what they owe by sending customer email statements. Your customers will get access to a full list of their unpaid and paid invoices.
The next thing is allocating payments to invoices. Online packages provide a great feature of bank import tools which helps to quickly process your bank transactions.
You also keep customers and suppliers Contacts in one place, process VAT return calculations as well as file online VAT direct to HMRC .
However, the best feature is that it merely cost £10-15 per month! No more extra costs for up grading every year either.
| Online Accounting Softwares Comparison | ||||
| Packages in the Market | Prices | |||
| Heavy Use | Medium | Light | ||
| Cost/month | Cost/month | Cost/month | ||
| 1 | ClearBooks.co.uk | £15.00 | £10.00 | £5.00 |
| 2 | FreeAgentCentral.co.uk | £25.00 | £20.00 | £15.00 |
| 3 | Kashflow.com | £15.99 | ||
| 4 | QuickBooks.intuit.co.uk | £29.00 | £19.00 | £9.00 |
| 5 | Xero.com | £24.00 | £19.00 | £12.00 |
| 6 | LiquidAccounts.net | £20.00 | ||
| 7 | FusionAccounts.com | £29.95 | £19.95 | £14.95 |
Internet has achieved enormous success in terms of changing our lives with Google, e-bay, Amazon, online-banking, online-stock trading, paper-less billings from every utility supplier etc. The more we are using websites the comfortable we are with them. I have seen entrepreneurs getting scared of traditional accounting softwares but when they see online packages they find it easy to use. That is probably one of the reasons why online accounting is getting popular now a days.
In past few years Online-Accounting industry has grown rapidly. There are number of online accounting softwares available now which are cheaper than conventional packages like Sage 50 and provide advance tools that make the processing much efficient and effective.
Here are some videos from my favourite software Clear Books.
Clear Books intro:
http://www.youtube.com/watch?v=mZoInMf1t6w
How to import Bank Statement into Clear Books:
http://www.youtube.com/watch?v=RsDIwPtAG2o
Creating Sales Invoices:
http://www.youtube.com/watch?v=g9NdSACpSmM
How to Create a Paypal Account in Clear Books and Receive Paypal Payments:
http://www.youtube.com/watch?v=YYRuBoaYfXs
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