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Do you know the current state of your business finances?

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    Do you know the current state of your business finances?

    How do you know where you are financially at any point in time? What I am trying to get at is that I used to do this all in my own spreadsheet. Now I have the difficult task of choosing an accountant. In fact this is so difficult that I have put it off and done the Ltd Co/Bank account/VAT setup myself. I had alot of problems last time I was contracting because I had a lousy accountant so I am wary of falling into a paper mill accountant where they get so buried that they cant find me!

    None of the accountants tell me how I would work with them. NW looks good but they say I just send them all the receipts, so how do I know where I am? SDJ gives you some form of spreadsheet. Cheapaccounting say that I can enter everything online, so I guess I could keep my own copy spreadsheet in tandem with their system (but I am not convinced they are geared to handling IT consultants and they do sound too cheap).

    Not wanting to sound a control nut, I really do need to keep on top of things and like to know where I stand at any point in time. Can anyone recommend a accountant that I can instantly see my financial status at any point of time? Maybe folks can advise how they interact with the main players (SDJ, NW, etc)?

    #2
    I use NW and they are fine, I send them copies of invoices, expenses etc, bank statements and forms from the revenue etc. It all works wuite well, they advise what profit I have each month and let me choose what dividend I want.

    I can recommend them, although they do not use spreadsheets, they told me they prefer to check things for me instead of relying on me to enter things correctly on a spreadsheet.
    "The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." Cicero

    Comment


      #3
      Originally posted by backagain
      How do you know where you are financially at any point in time? What I am trying to get at is that I used to do this all in my own spreadsheet. Now I have the difficult task of choosing an accountant. In fact this is so difficult that I have put it off and done the Ltd Co/Bank account/VAT setup myself. I had alot of problems last time I was contracting because I had a lousy accountant so I am wary of falling into a paper mill accountant where they get so buried that they cant find me!

      None of the accountants tell me how I would work with them. NW looks good but they say I just send them all the receipts, so how do I know where I am? SDJ gives you some form of spreadsheet. Cheapaccounting say that I can enter everything online, so I guess I could keep my own copy spreadsheet in tandem with their system (but I am not convinced they are geared to handling IT consultants and they do sound too cheap).

      Not wanting to sound a control nut, I really do need to keep on top of things and like to know where I stand at any point in time. Can anyone recommend a accountant that I can instantly see my financial status at any point of time? Maybe folks can advise how they interact with the main players (SDJ, NW, etc)?

      Simple...SJD send me a spreadsheet which I use to maintain a record of my in's and out's and they do it all from there...


      HTH

      Comment


        #4
        Originally posted by Let-Me-In
        Simple...SJD send me a spreadsheet which I use to maintain a record of my in's and out's and they do it all from there...


        HTH
        Ditto as also with SJD. I'm a bit of a control freak as well and I like to do the invocies, receipts myself so it works wel for me.

        Comment


          #5
          Ditto - also with SJD

          Once you get your head around the spreadsheet its fine. You always know where you are

          Comment


            #6
            Originally posted by Tiderian
            Ditto - also with SJD

            Once you get your head around the spreadsheet its fine. You always know where you are

            I must admit that I had trouble woith the spreadsheet and some more guidance on it would have been helpful at the start but after that, it's great!!!

            Comment


              #7
              We use Upton Accountants, they also provide a spreadsheet.

              The spreadsheet is quite detailed (yet simple to use) and has a summary tab that shows Opening Balance, Receipts, Payments and Closing Balance totals that are auto updated as you fill the spreadsheet in (although we tweeked ours slightly to match out business process).

              Comment


                #8
                Originally posted by r0bly0ns
                We use Upton Accountants, they also provide a spreadsheet.

                The spreadsheet is quite detailed (yet simple to use) and has a summary tab that shows Opening Balance, Receipts, Payments and Closing Balance totals that are auto updated as you fill the spreadsheet in (although we tweeked ours slightly to match out business process).
                Ditto.

                Comment


                  #9
                  Thanks for your responses.

                  So we say Upton and SJD provide a spreadsheet that you maintain. What other accountants provide a 'hands off' spreadsheet? What I meant is I want more vendors to choose from

                  I got in contact with NW and they just want me to send them all receipts and fill in an expenses form;this sounds a little disjointed and messy? I spend alot of time abroad so need to use email/Internet to do all the communication; not letters from old fashioned accountants that will take ages for me to receive! Anyone any experience of how NW and how it works out?

                  So I have a bank account, company, have registered for VAT, but cant make my mind up on which accountant to use
                  Last edited by backagain; 25 July 2007, 21:54.

                  Comment


                    #10
                    SJD's spreadsheet does work pretty well. Being a bit anal, I'd never want to leave too much up to the accountant without having full knowledge of what's going on.

                    I think you can download SJDs spreadsheet without an account (i.e. use their spreadsheet with a different accountant) if you so desire.

                    All I do is email them the spreadsheet every 3 months so they can tell me the VAT figures (not that it's difficult to work out myself), and then again at year end, and they send me PAYE figures. I essentially do everything else myself. Some people criticise SJD for leaving you to it, but it suits me, and sounds like that's what you want to.
                    Will work inside IR35. Or for food.

                    Comment

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