Bokio Free Accounting Software Review

Bokio is a free online accounting software product that is perfect for sole traders who want to complete their own bookkeeping. It is simple and easy to use and provides the features you need to manage your finances. Bokio keeps track of your income and expenses, so you can always see how much money you have coming in and going out.

Bokio can generate financial reports to see how your business is performing. Whether you are just starting or have been in business for years, Bokio is the ideal accounting solution for sole traders.

Bokio Free Accounting Software Review

In this article, we will look at both the free and the paid plans.

What is Bokio Accounting and what does it do?

Bokio is an online cloud accounting software with a free version. When Bokio was first recommended to me, many bookkeepers were using it for clients and raving about it due to the promise that it would always be free. I checked out the mainly positive reviews.

I set up one of my self-employed clients, and they could use it for their purposes and were impressed with the ease of use. Eight months on, and they introduced a paid plan! Most of the accounting features the business needed was part of the paid plan.

Bokio History

Bokio accounting was founded in Sweden in 2015. One of the founders was frustrated with the complication of completing his tax. They launched in the UK in 2019 and soon became one of the recommended packages for small business owners. Most recently, they have introduced paid plans and are adding more features.

Bokio Setting up a New Small Business

Setting up a new business for accounting is easy; just enter some basic information and just a few clicks, and the company is ready to go.

One thing to note is that all businesses are set up on the business plan, which has more features than the free plan. It means that you will start using it with all the elements and might find that the downgrade to the free plan is not enough for the business.

Bokio Free Accounting Plan vs Paid Plan

One of the most important things when looking at Bokio is choosing between paid and free plans. If you need a small business plan, it might be an advantage to look at the alternatives that include more features like QuickBooks and Xero.

Paid Accounting Version

The paid plan includes all the features of Bokio so that you can use it for your business without any restrictions. The only things not included in the free plan are custom bookkeeping templates, bank rules, recurring invoices and priority support available in the business plan.

The full business plan at £15.99 is cheaper than other leading software providers.

Free Accounting Version

The free version is OK for sole traders and gives you some of the features you need to manage your finances. Bokio keeps track of your income and expenses, so you can always see how much money you have coming in and going out.

Below is a quick comparison between the free and the business plan:

How to use Bokio

Bokio accounting is a cloud-based software and also there is an app available through Google and Apple.

It is easy to use on the go and invoice customers at the end of a job, as well as seeing the business’s financial health.

There is a simple menu and easy-to-follow set-up instructions.

Below are some of the main features of Bokio.

DashBoard

Bokio Accounting Software Dashboard

The accounting dashboard is one of the essential parts of Bokio. It gives you a quick overview of your finances and lets you see how your business is performing.

The dashboard includes graphs and charts, so you can see at a glance how your income and expenses are changing over time. You can also see your account balance; recent transactions, invoices owed, and invoices you need to pay.

Customised Invoices

It is easy to issue customised invoices on the business plan by adding the business logo and company colours to help with the brand. The free version doesn’t include a logo; this is fine for some businesses.

The software has a facility to email directly to the customer or download a PDF.

Entering Bokio Invoice Details
Entering Bokio Invoices

Bookkeeping Templates

Bokio’s bookkeeping templates are used to quickly and easily post transactions into Bokio without worrying about manually entering them. Each template has at least two entries for double-entry bookkeeping.

There are two types of templates: smart templates and custom templates.

Bookkeeping Smart Templates

The smart templates are designed to import transactions from your bank automatically. It means that you don’t have to enter them into Bokio manually.

Example of Boikio Templates

Bookkeeping Custom Templates

Custom templates are used to post transactions that are not imported from your bank. For example, if you pay for office supplies with cash, you would use a custom template to record this in Bokio.

Recurring Transactions

The recurring transactions feature is only available on the top business plan. This lets you set up transactions that happen regularly, so you don’t have to enter them manually each time.

For example, if you pay rent monthly, you can set up a recurring transaction for this. Bokio will then automatically post the transaction into your account each month.

Automated Reports

The accounting reports feature in Bokio is designed to help you keep track of your finances. A range of reports is available, so you can quickly and easily find the information you need quickly and easily. There are fewer reports than other providers, but enough for small businesses.

The reports include profit and loss, balance sheet, Invoices report, and aged debtors.

Bokio reports including profit and loss

VAT Registered

If you are a small business owner and VAT registered, then Bokio can help you with your accounting needs. It is part of making tax digital and includes an automated VAT return feature.

Share Bokio with Other Users

Bokio has the facility to invite other users to share information and complete tasks. It enables small business owners to invite a bookkeeper or accountant to complete the year-end accounts.

Directors Payroll

One advantage for a limited company is the director’s payroll is included in the balance and business versions. Other packages are chargeable, but there is no feature to add employees.

Pros of Cons for Bokio

The pros of Bokio are that it is easy to use and understand, has a cloud-based software and app, and includes invoicing and automated VAT return. This makes it ideal for small businesses that want to keep track of their finances.

The cons of Bokio are that there are fewer reports than other providers, and some of the features are only available on the business plan.

Alternatives to Bokio

There are a few alternatives to Bokio, including QuickBooks and Xero.

QuickBooks is one of the most popular accounting software packages available. It is easy to use and has various features, including invoicing, expense tracking, and reports.

Xero is also a popular choice for small business accounting. It has similar features to QuickBooks and is easy to use.

Several free accounting software packages are also available, such as Crunch and FreeAgent. These are good for small businesses that don’t need all the bells and whistles of the paid-for packages.

 

Bokio UK Conclusion for Small Business Owners

Bokio UK is cloud-based accounting software that can be used on the go. It is easy to use and has various features, including invoicing, automated reports, and VAT return. The software is designed for small businesses and offers a top plan with additional features, such as recurring transactions and priority support.

Overall I found Bokio easy to use and set up an account for one of my clients.