Running a small business means juggling multiple hats — managing clients, tracking income and expenses, paying staff, and keeping on top of tax deadlines. Thankfully, technology can make life a lot easier.
In this blog, we review some of the top accounting and business tools for small firms and provide a simple how-to guide to get started.
Top Accounting Tools for Small Businesses
1. Xero
What it does: Cloud-based accounting software for invoicing, bank reconciliation, and payroll.
Why we like it:
Simple, intuitive interface
Integrates with hundreds of apps
Real-time financial reporting
How to get started:
Sign up for a small business plan
Link your business bank account
Start uploading invoices and receipts
Explore automated bank feeds and reporting
2. QuickBooks Online
What it does: Comprehensive accounting software with bookkeeping, expense tracking, and payroll.
Why we like it:
Strong reporting capabilities
Easy VAT submissions
Mobile-friendly for on-the-go updates
How to get started:
Choose a plan suitable for your business size
Set up your company profile and tax settings
Connect bank accounts and credit cards
Automate invoices and payments to save time
3. FreeAgent
What it does: Accounting software designed specifically for freelancers, contractors, and micro-businesses.
Why we like it:
Ideal for sole traders and small teams
Supports MTD for Income Tax and VAT
Simplified cash flow overview
How to get started:
Sign up with your business email
Enter your income streams and expenses
Set up tax categories for HMRC compliance
Schedule reports and reminders to stay on top of deadlines
4. Hubdoc / Receipt Bank
What it does: Document capture software that extracts data from receipts and invoices, syncing automatically with accounting software.
Why we like it:
Reduces manual data entry
Saves time on bookkeeping
Integrates with Xero, QuickBooks, and FreeAgent
How to get started:
Download the app or use the web version
Snap photos of receipts or forward invoices via email
Verify extracted data and sync to your accounting platform
How to Choose the Right Technology for Your Business
When evaluating software, consider:
Business size: Freelancers and micro-businesses may prefer FreeAgent, while growing SMEs might benefit from Xero or QuickBooks.
Ease of use: Choose tools your team will actually use.
Integration: Ensure your accounting software links with bank accounts, payment platforms, and other business tools.
Compliance: Make sure the tool supports MTD, VAT, and payroll reporting requirements.
Getting Started: A Simple Step-By-Step Guide
Identify your needs: Are you looking for bookkeeping, payroll, VAT compliance, or all of the above?
Pick a platform: Try free trials where available. Test features and usability.
Migrate your data: Import invoices, receipts, and bank transactions.
Set up automation: Bank feeds, recurring invoices, and payment reminders save hours.
Monitor and optimise: Review reports regularly and adjust processes as your business grows.
Tips for Success with Accounting Tech
Stay consistent: Update your records regularly rather than leaving it all to year-end.
Use mobile apps: Manage your accounts on the go.
Leverage integrations: Connect your accounting software with payroll, CRM, and payment systems.
Seek professional support: An accountant can review your setup and ensure you’re compliant with HMRC rules.
Final Thoughts
The right technology can save time, reduce errors, and give you clear financial insight. Whether you’re a sole trader, micro-business, or growing SME, modern accounting software can help you focus on running your business — not chasing paperwork.
At Soldi Partners, we guide clients through selecting, implementing, and optimising accounting technology so you can work smarter, not harder.
Ready to modernise your accounting? Contact us today for a technology review and implementation plan tailored to your business.
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