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Top Free Online Tools and Software for Accountants

Written by: Evie Courtier
Published on: 22 May 2024

Free tools

Online tools and software can be invaluable resources for those in accountancy jobs, whether you’re looking to streamline your workload, drive efficiency, accuracy, and/or amplify convenience. This article explores some of the most beneficial platforms available to accountants, both in practice and industry, to manage tasks in a more efficient manner.

For Accountants seeking AI-tools to boost efficiency and productivity, turn to:

1) Silverfin:

Installed as an extension, Silverfin boosts your existing accounting software to improve the quality of data. By conducting continuous analysis of client’s files, Silverfin identifies unusual patterns, balances, outliers and missing transactions. A tool that overrides the accuracy of a human eye, Silverfin not only spots mistakes, yet identifies opportunities within your data to enable firms to provide proactive advice to their clientele.

Ideal for both accountants in practice and industry, Silverfin also acts as a training tool, providing ample explanation and examples for junior staff looking to understand the analysis of data. They currently offer a 14 day free trial to get you started.

2) Dext:

Dext, in a similar style to Silverfin, ensures that you’re starting from a place of accuracy when analysing data. By trawling the data fed into Xero or QuickBooks Online, the AI platform alerts you to any discrepancies, streamlining data entry, reducing manual input, and bettering the accuracy of financial transactions.

Typically an add-on product that works alongside Dext Prepare and Dext Commerce, Dext Precision can be an efficacious tool for those working in SMEs, large accounting firms, and FTSE 350 companies - they currently offer a 14 to 30 day free trial.

3) Scribe:

A free AI tool designed for creating documentation and guides, Scribe offers accountants the chance to curate accounting manuals for trainees, and existing members of staff. With the aid of Ai technology, Scribe uses a capture, edit and annotate process to help build digestible, detailed and accurate documents.

With training in mind, Scribe can be of benefit to both junior and senior staff, from part qualified accountants to those in finance director jobs.

4) Truewind:

An Ai-powered bookkeeping and tax service, Truewind offers a fully integrated service with a 14 day free trial. Driving automated accuracy, Truewind uses advanced machine learning to reconcile accounts, produce real-time financial reports, and categorise transactions. With workable dashboards, cash flow forecasting, invoicing and budgeting tools, Truewind aims to add strategic and creative value to accountants, bookkeepers, and tax professionals both in industry and practice.

5) DataSnipper:

Aimed at auditors and accountants, DataSnipper acts as a snipping tool for Excel, creating succinct reports and invoices. A true time saver, this programme allows you to skip manual processes by automatically extracting, cross-referencing and validating the source document of any audit.

Simple to use and precise with data, DataSnipper offers a free trial before committing to the service.

For those working in SMEs, or conducting consultancy work, discover:

1) Wave Accounting:

Wave Accounting promotes itself as a comprehensive, free accounting software tailored for small businesses and consultants. With unlimited bank and credit card connections, Wave allows you to conduct multiple businesses from a single account. It offers a wide range of features including invoicing, expense tracking services, and financial reporting. With a user-friendly interface, Wave handles multiple currencies, making it ideal for businesses with both local and international transactions.

2) ZipBooks:

ZipBooks simplifies the accounting process with features like smart tagging, automated reminders for late payments, and tailor-made reports. With the free version offering basic bookkeeping, along with profit, loss, and balance sheet reporting, ZipBooks acts as a strong starting platform for accountants, and small business owners. As a cloud-based software, it’s known for its ease of use, and utility, integrating with other communication, payment and project management tools such as Slack, PayPal, and Asana.

3) Zoho Books:

While Zoho Books offers an enhanced paid subscription, its free plan is perfectly suitable for small businesses looking to manage their finances. The software includes tools for invoicing, expense tracking, and inventory management. Offering integration capabilities with other Zoho apps and third-party applications, ZohoBooks stands as a simple, useful and efficient online tool.

4) QuickFile:

A cloud-based accounting software, QuickFile provides a branded portal for clients to access and pay your filly branded invoices. Ideal for freelancers, entrepreneurs and small businesses, this tool presents automated bank feeds and reconciliation, connecting to all major UK banks and 300 web services.

With an app for mobile accounting, QuickFile is accessible, flexible and ideal for those looking to provide accounting work for SMEs.

5) Xero:

Offering both free and paid-for services, Xero acts as an innovative business accounting software complete with time-saving tools to aid automated tasks like reporting invoicing, filing and payroll. With a mobile app to aid accessibility, Xero offers unlimited support from anywhere you may need.

Especially apt for those working in tax, Xero calculates VAT and files VAT returns online securely with HMRC, utilising software that’s compatible with HMRC systems.

Embracing technology for better financial management:

As technology continues to evolve, it's crucial for accountants to stay up to date with new online and AI-driven tools that can further optimise their workflow. As noted in our, ‘How to Futureproof your Finance Profession with the Rise of AI’ article, embracing digital solutions helps to ensure precision in financial management, whilst saving time and resources. By integrating digital solutions into your daily practice, you can take a significant step towards more streamlined and efficient accounting processes.



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