Best accounting software for limited companies & sole traders

The market offers a variety of accounting systems and accounting software. Most require a subscription, but there are also free accounting programs. In addition, developments and technology are constantly evolving and accounting software is now available online. Here you will find all the information you need to choose the best accounting software for you.

Briefly about accounting software

Today, as an entrepreneur, you have every opportunity to save on the cost of an accountant who takes care of the bookkeeping and ensures that everything is done according to the Accounting Act. If you don't have an accountant, you can handle everything from day-to-day bookkeeping to financial statements and annual reports yourself. There is a variety of software, either local or cloud-based, that you can use.

Many companies are opting for cloud-based services instead of on-premise systems. While you can get access to free programs, most cost money. Usually it's a monthly subscription. How much they cost depends on how advanced they are and what features they offer. The more features and accessories, the more expensive they tend to be. Here you should choose the program according to your requirements and needs.

Cloud-based accounting software versus local

In short, local accounting software is a program, a piece of hardware, that you invest in and that is locally installed in your office. You are responsible for installation, licenses, updates and making sure backups work.

Another option is to run your hardware from an external server. In this case, a hosting service provider owns it and you pay for the service. It gives you a location and data capacity, no matter how much you use it. In this case, internet access is required to use your software.

In the case of cloud computing, everything is done online where you pay for what you use and not a specific computing capacity on a physical server. It is its own system and is usually scalable. Cloud services are therefore more cost-effective, require no local maintenance, and if you need more or less capacity, you can always change. Cloud systems are secure and backed up continuously.

Accounting software Best in Test

As with many other products and services, tests are carried out to determine the best ones. This also happens with the range of different accounting software. In the best in test conducted in 2023, the following three were at the top. All are online accounting programs.

1. Visma Economy
2. Bokio
3. Fortnox

Their advantages are that they are cloud-based and continuously updated in terms of both features and laws. All three also have good support. All you need is internet access. This can be a disadvantage if you don't have internet access, but in this day and age it is rarely a problem. On the contrary, it means that you are not dependent on location to do your accounting.

Bokia and Fortnox offer their simplest program for free and Visma eEkonomi offers a free trial period. They are also relatively cheap, costing between SEK 219 and SEK 299 per month. The disadvantages are that if you want more advanced business systems, they cost more per month, but for larger companies they are practical and necessary.

If you don't want to do your own bookkeeping and are looking for full-service accounting software, the services below, for example, have been rated highly. However, the cost may be higher.

1. Wint
2. PE Accounting
3. Fortnox
4. Voitto

They cost between SEK 1 195 and SEK 7 000 per month, depending on the choice. There may also be start-up costs and costs for additional services. However, Aspia, for example, provides a price quote based on need and Voitto provides a fixed price based on the size of the company.

Free accounting software

Many times, free accounting programs are just as good as the ones you pay a fee for. However, there are some key differences, such as the number and type of features you can access.

Another factor to consider is how much is automated in terms of administrative and accounting flows. This usually means more manual work, which works if you have simple bookkeeping and few transactions.

Most free accounting software usually has limited support and the possibility of more advanced features requires you to choose their subscription.

The best options for free accounting software include:

1. Wrebit - top of the list, offers a free app and has focused on making its accounting software as complete as possible.
2. Dooer - online accounting for small sole traders and small limited companies
3. Single book - suitable for sole traders, small economic associations and small limited companies
4. Kapitas - a simple accounting software for small businesses
5. Bokio - their simplest accounting program is free, others require a subscription.
6. Fortnox - even accounting with Fortnox is free with their simplest program

However, you should consider your requirements and needs before making your choice. For example, if you have many transactions and need a more automated accounting system, free accounting software is rarely the best option.

The free versions are suitable for smaller businesses that do not have many business events to record. For medium-sized and larger businesses, it is recommended that you purchase additional products or choose a program that is more suitable for larger businesses.

Accounting software for limited liability companies

It used to be a requirement for limited liability companies to hire an auditor to do their bookkeeping, financial statements and annual report. Today, this is no longer a requirement for smaller limited companies. However, a limited company often requires a more advanced accounting program with slightly more extensive functions and peripheral services.

Both Visma eEkonomi and Fortnox are good alternatives that provide a comprehensive approach to everything from accounting, invoicing and VAT to salaries, tax returns and annual reports.

Accounting software for sole proprietorship

When it comes to accounting software for sole proprietorships, online accounting software can be recommended. Even a free accounting program can work here. This is both cheaper and more convenient than hiring an accounting consultant or accountant to do the bookkeeping.

These programs rarely require any major knowledge to handle and you get help with what you need. For example, ongoing accounting, invoicing, salaries, financial statements and tax returns. Here too, Visma eEkonomi and accounting with Fortnox are recommended with their automatic bookkeeping.

Things to consider when choosing accounting software

Start from your needs and the size of your business. Then look at the following:

1. Online or local
2. Accessible and knowledgeable support
3. Easy to manage and navigate
4. Expandable
5. Connecting to the bank
6. Costs and scalability
7. Security and backup

Mynts company card - directly linked to the accounts

A smart way to simplify your company's bookkeeping is to use Mynts company card, which automatically records and categorizes your expenses directly in the accounting system and helps you keep track of your expenses in real time. If you choose recommended accounting software such as Visma eEkonomi, Fortnox or PE Accounting, you have the advantage that Mynts company card can be quickly and easily integrated with these systems. But Mynt works perfectly well with whatever system you use.