The success of your limited company depends on your financial management. If you can organise, analyse, and adjust your finances to support your business, you can earn more and grow your operations over time. 

What features should the right limited company accounting software include? The right limited company accounting software will help you better understand and save time on your financial management. The best software will give you insights into your business to help you improve and run it better. 

This guide will discuss what to look for in the best limited company accounting software, including: 

  • How can accounting software help limited companies?
  • What makes Countingup the best accounting software for your limited company?
  • How can you get started with Countingup’s accounting software? 

How can accounting software help limited companies?

Accounting software like Countingup helps you efficiently manage your business. The best limited company accounting software offers a range of helpful tools to organise and clarify your finances. The best limited a company accounting software should be able to: 

  • Keep your finances all together so everything is easy to find
  • Save you time so you can focus on your business services 
  • Offer tools that simplify your tax experience
  • Allow you to invoice on the go 
  • Instantly and accurate send data to your accountant
  • Help you understand your money with cash flow insights    

1) Keep your finances in one place

Unlike other accounting software’s, Countingup is a two in one app that puts your finances and bookkeeping all in one place. This means that you can instantly keep track of your business earnings and expenses, and understand how your cash flow changes. 

With easy access to your real-time financial data, you can track your sales, examine trends, and find tactics for growth. You can also consider how to alter your financial habits. For example, you can adjust your budget and save money by cutting down on unnecessary expenses.

Plus, you can decide to put this access cash aside or invest it in business development when your income grows. If your income takes a dip, you’ll know to focus on client development. You can examine what might have led to an income decrease to alter your operations or avoid those mistakes in the future.

1) Save time 

Countingup offers a business current account and accounting software in one easy to use app. Not only is it easy to use, it automates many of your financial admin tasks for you so you can focus on making quality products or services. 

For example, Countingup automatically sorts your business’s expenses with HMRC-approved categories, so you can stay compliant and find transactions easily later on. This will also save you time when it comes to tracking and listing your expenses that are tax-deductible – to reduce the amount of tax that you owe. 

The app also has a receipt capture tool that reminds you to take pictures of your receipts for your records. Since limited companies have to keep financial records for up to six years, Countingup can help you save time from logging transactions. 

Tools like these take the stress off of your daily operations so you can focus on finding new clients to improve your business. 

3) Make your taxes easier 

As a business owner, you’ll need to manage your own taxes. As a limited company, you’ll have to pay corporation tax as well as VAT if you’re likely to bring in over £85,000 annually. 

Accounting software makes this easier by putting all the information you need in one place to make filing your taxes easier. This can help you avoid confusion and delay when you do your taxes. 

The software offers a tax estimate year-round so you can estimate how much you will owe. This helps you avoid surprises so you can plan for these expenses. Countingup is also MTD (Making Tax Digital) compatible. It automatically calculates the VAT with each translation.

4) Invoice on the go

The best limited company accounting software makes invoicing quick and efficient so you can make the money you earn. With the Countingup app, you can easily create and process invoices from anywhere – even while on the go.  

Countingup offers other great invoicing features, including: 

  • Create an unlimited number of customised invoices (free)
  • Add a logo to invoice templates
  • Send invoices to customers
  • Receive a notification when an invoice is paid
  • Match a payment to an invoice
  • Duplicate an invoice
  • Change an invoice’s due date

5) Connect to your accountant

Using an accountant to help you file your taxes can help lessen your responsibility and make sure you get it right. But they’ll need access to your financial data to help you. The best modern accounting software is accessible to those who need it. 

With the Countingup app, you can share your live transaction data with your accountant, making it easy for them to access all the necessary financial information to file your taxes. You can do this instantly without worrying about duplication errors, data lags or inaccuracies that are commonly associated with connecting your business current account to a separate accounting software via Open Banking.

6) Cash flow insights 

Modern accounting software should help you keep track of how much income you bring in. Countingup offers real-time cash flow insights on your financial performance, helping you stay up to date with the latest information The uniquely instant insights help you understand how much available cash you have to cover short-term or regular expenses. This is crucial because 82% of small businesses fail due to poor cash flow management. 

With these insights, you can plan for better finances by cutting down unnecessary expenses or putting aside access cash. This will help you prepare for expenses and retain more profit. Plus, staying on top of your cash flow will help you put together income statements

What makes Countingup the best accounting software for your limited company?

If you’re running a business on your own, Countingup is the best option for limited company accounting software. It offers key benefits that you won’t get from alternatives, including: 

  • Business current account: Countingup is different from competitors because it combines accounting software with a business current account, which allows you to keep track of everything in one place.
  • Free starter pricing: You can try out Countingup with a three month free trial.
  • Ongoing cash flow insights: The app generates insights on your businesses cash flow so you can better track what you earn and spend. This way, you can alter your methods to improve your business. 
  • Automatic expense categorisation: The app will categorise your business expenses automatically so you don’t have to do it manually. This will make it easier to find proof of them when you need to. 

Get started with Countingup’s limited company accounting software – free

Countingup’s limited accounting software helps thousands of small businesses keep on top of their financial management. Designed specifically for one-person businesses, this unique two-in-one app makes running your business much easier. You can discover the eligibility requirements here

Keep your business finances running like clockwork. Download the Countingup app today.