6 Best International Accounting Software for UK Businesses

If your business trades internationally or has plans to in the future, you’re going to need to use the right accounting software.

International transactions can be much more complex from an accounting perspective. They can involve multiple currencies, with different rules surrounding VAT, reporting and tax. It’s a really good idea to invest in global accounting software, for the sake of streamlining accounting and compliance processes, and to provide a single view of your business finances across markets to help you plan your international expansion.

But which is the best software for UK businesses to use? Read on to find out, as we’ve put together a list of the best global tax and accounting software - including the likes of Quickbooks Intuit, Xero, Sage Intacct and many more.

But first, a look at what international accounting software actually is and why it’s important.

What is an international accounting software?

Global accounting software is specially designed for organisations which have financial dealings in countries outside of their home country. It tracks and manages financial transactions across different countries and in multiple currencies.

To illustrate how it differs from regular accounting software, here’s a list of a few of the key differences:

Regular accounting software	International accounting software
Tracks transactions in the home currency	Tracks transactions in multiple currencies
Ensures compliance with UK tax regulations	Ensures compliance with tax regulations in all countries the business operates in
Meets HMRC Making Tax Digital requirements	Built-in global sales tax rates
Creates reports in GBP	Creates reports in multiple currencies
Submit UK VAT to HMRC	International GST & VAT tracking

Global accounting software features

Not sure what to look for in international accounting software? Here’s a checklist of the main features you can expect from most good solutions:

• Multi-currency management
• Support for multiple payment options
• Tax management, compliance and reporting capabilities
• Built-in global or custom tax rates
• International invoicing and automatic exchange rates
• International GST & VAT tracking
• Integration with other business software, tools and apps
• Seamless accountant access
• Expenses and bill management
• Exceptional data security (especially important for cloud-based solutions)

VAT global

Global Value Added Tax (VAT) refers to the management of VAT obligations across international borders. For UK businesses buying or selling goods or services, it’s a crucial consideration.

Failure to navigate international VAT regulations correctly can result in costly errors and even legal consequences. To remain compliant, businesses must be well-versed in the VAT rules and rates of the countries they operate in.

Accounting software plays a pivotal role in simplifying the global VAT landscape for UK businesses. It can automate many of the complex calculations required, and ensure that VAT compliance is maintained across borders. It streamlines everything from invoicing to generating accurate VAT reports. Crucially, it can reduce the risk of errors and non-compliance.

Global accounting scheme¹

The Global Accounting VAT Margin Scheme is a UK scheme designed for businesses involved in the sale of second-hand goods, works of art, antiques, and collector's items. The scheme allows eligible businesses to calculate VAT on the profit margin of such items, rather than on the full selling price.

The aim is to simplify VAT calculations for these types of goods, and make it easier for businesses to account for VAT on international transactions.

The Global Accounting Scheme is primarily intended for businesses dealing in second-hand goods, works of art, antiques, and collector's items. This includes but is not limited to:

• Antique shops
• Art galleries
• Auction houses
• Second-hand goods stores
• Collectibles dealers
• Vintage clothing retailers.

International accounting software providers

Now, let’s take a look at the best international accounting software providers available for UK businesses right now.

Below, we’ll run through the main features, pricing, TrustPilot rating and other information for each provider. It’s all so that you can make the right choice for the needs of your business.

1. QuickBooks Intuit

Mainly targeted towards small and medium-sized businesses, QuickBooks is a cloud-based accounting software package marketed by US financial software company Intuit.

QuickBooks could be a good pick for managing international accounting as it offers multi-currency support. However, this isn’t available on its cheapest Simple Start plan, only for Essentials, Plus and Advanced plans.

Its main features (based on the Essentials plan) include:²

• Accept and make payments in different currencies
• Manage income and expenses
• Income Tax estimates
• Submit VAT directly to HMRC, plus VAT error checker
• Making Tax Digital ready
• Cash flow forecasting
• Send invoices that can be paid in a click
• Employee time tracking
• Optional add-ons such as payroll.

QuickBooks can also be integrated seamlessly with Wise, a powerful international payment solution ideal for organisations needing to send and receive money globally.

💡Learn more about Wise Business

Pricing for QuickBooks starts at £24 a month for the Essentials plan, although QuickBooks does occasionally run special offers which can drive the price down.²

QuickBooks has an ‘Excellent’ rating of 4.6 on TrustPilot, based on over 13,200 user reviews.³

2. Sage Intacct

Sage Intacct is cloud finance software suitable for organisations of all sizes, which offers a full range of financial management and accounting capabilities.

For global or multi-location businesses, it offers features such as decentralised payables, support for multiple currencies, tax regulation compliance and much more.⁴

Other key features include:⁵

• Deep insights into business performance with real-time dashboards and reporting
• Automated Accounts Payable
• Fast Accounts Receivable functions
• Intelligent General Ledger
• Integration with best-in-class solutions.

In terms of pricing, you’ll need to get in touch with Sage to request a custom quote.⁵ You can also discuss adding Sage payroll services to your package.

Sage has an ‘Excellent’ rating of 4.4 on TrustPilot, based on nearly 17,000 user reviews.⁶

3. FreeAgent

FreeAgent is designed for small businesses of up to 10 employees, especially those needing to complete Self Assessment every year.

It does support multi-currency banking,⁷ but doesn’t have a lot of other features for managing international transactions. However, it could still be a good pick for start-ups looking to make their first steps towards international trading.

The key features of FreeAgent include:⁸

• Intelligent business insights with Radar
• Mobile app
• Invoicing
• Expenses
• Projects and time tracking
• VAT, End of Year and Self Assessment filing
• Payroll

FreeAgent also integrates with Wise, so you can track international and multi-currency transactions seamlessly.

💡Learn more about Wise Business

FreeAgent pricing starts at £145 + VAT per year for limited companies or £95 + VAT per year for Sole Traders. Like QuickBooks, it occasionally has discounts and special offers available.⁸ It gets an ‘Excellent’ rating of 4.6 on TrustPilot, based on over 2,100 user reviews.⁹

4. Iplicit

Iplicit is cloud accounting software for medium-sized businesses. It’s specifically designed for organisations which have outgrown in-house finance systems and starter cloud software packages.

It has features designed for global businesses, including multi-currency support, global tax functionality and consolidated reporting for companies with multiple legal entities.¹⁰ Other features include:¹¹

• Real-time customisable reporting
• Automated consolidation
• Template and custom business workflows
• API for integration with other business tools and systems.

Iplicit doesn’t have a TrustPilot rating, as it’s not listed on the review site nor have any user reviews been submitted. As for pricing, you’ll need to contact the company, book a demo and get a custom quote.

5. Xero

Similar to QuickBooks, Xero is cloud-based accounting software designed for smaller businesses.

If you trade internationally, you can pay and get paid in 160+ currencies with Xero, and use instant currency conversions.¹² You should be aware though that this feature is only available with the Premium and Ultimate plans, not the cheaper Starter and Standard plans.¹³

Xero also integrates with Wise, a powerful global payments solution enabling you to send payments in 40+ currencies to 160 countries..

💡Learn more about Wise Business

Other key Xero features include:

• Sending invoices and quotes
• Bills management
• Reconciling bank transactions
• Submit VAT returns to HMRC
• Automatic CIS calculations and reports
• Short-term cash flow snapshot function
• Expenses management (optional add-on)
• Payroll (optional add-on).

Pricing for Xero Premium (which you’ll need for multi-currency support) is £42 a month.¹³ The company gets an ‘Excellent’ 4.3 rating on TrustPilot, based on nearly 6,000 user reviews.¹⁴

6. Oracle NetSuite

Oracle NetSuite is cloud-based business management software that does far more than just accounting. It’s a Global ERP (enterprise resource planning) solution designed for larger organisations, especially those with international activities.

Features include:¹⁵

• Comprehensive currency management in 190+ countries
• Audit and compliance reporting, including built-in analytics and enhanced compliance support
• Configurable indirect tax engine, with preconfigured tax codes for 50+ countries
• Tax management and reporting capabilities.

Pricing for Oracle NetSuite is available on request, as is a free demo. The company doesn’t seem to have a verified page on TrustPilot, so doesn’t have a rating or history of user reviews.

Manage your international business with Wise

Alongside accounting software, you’re going to need a powerful international payment solution if your company is going global.

With a Wise Business multi-currency account, you can manage your company’s money in 40+ currencies.

You can pay invoices, send money all over the world and convert currencies for low fees and mid-market exchange rates. You can pay up to 1,000 people at once with the handy Batch Payments tool, and automate payroll processes to save even more time.

When it comes to getting paid, Wise Business gives you local account details in 9 major currencies. This means you can get paid like a local in your client’s currency, without unnecessary extra costs.

Have expenses to take care of? The Wise Business debit card is the ideal choice, especially if you need to keep control of employee expenses.

Best of all, Wise integrates seamlessly with a range of accounting software and business tools. And like all of the best business solutions, it’s flexible enough to grow with you.

Get started with Wise Business 🚀

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After reading this helpful guide, you should have all the info you need to compare international accounting software and choose the right option for you. Or at least book a demo or free trial so you can get a feel for features and functions.

If you’ll be trading internationally, it’s crucial to have the right financial management systems in place from the start. So it’s worth taking the time to find the right one for your company.

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Sources used for this article:

1. GOV.UK - Using the global accounting VAT margin scheme
2. QuickBooks - Pricing
3. TrustPilot - Intuit QuickBooks UK
4. Sage - Intacct - Core financials
5. Sage - Sage Intacct
6. TrustPilot - Sage
7. FreeAgent - Support - How FreeAgent handles bank transactions in foreign currencies
8. FreeAgent - Pricing
9. TrustPilot - FreeAgent
10. Iplicit - Multi-Currency Accounting Software
11. Iplicit - Home
12. Xero - All features
13. Xero - Pricing plans
14. TrustPilot - Xero
15. Oracle NetSuite - Global ERP

Sources checked on 7-Nov-2023.