I’ve spent the last while looking at different accounting software (web apps) that I can use for my small online business. I have been using FreeAgent for a few years, but recently discovered Xero and its powerful reconciliation features. However the more I’ve delved into what apps provide which features, I’ve realised none of them actually deliver everything I need.
I run a small online business that does 100–400 sales a month in USD (but my bank accounts are all in GBP as I’m based in the UK). I accept payments using both PayPal and Stripe and both have daily batch settlements into my company bank account. Here is the set of features I would like to see in my ideal accounting app:
- Automatic importing of daily bank statements including PayPal and Stripe (imports must be able to process multi-currency fees)
- Multi-currency support across the board
- Easy reconciliation and the ability to create reconciliation rules (I have lots of smallish transactions)
- EU VAT MOSS support
- Normal VAT, Invoice, Payroll support etc.
- All the usual reporting
My list of requirements might seem a bit specific, however there must be loads of other people running smallish online businesses in the same position. So does such an accounting app exist? If you are one of these people, how do you deal with your accounting?