Honestly, how difficult is it to keep your own accounts?

**Sockpuppet** · 3 January 2008, 08:53

Yes. I kicked my accountant into touch and not fecked it up.....yet.

Bear in mind though I did do accountancy for 3 years at Uni and have mates from the course who are "proper" accountants so its like free advice when I need it.

Its not hard but its easy to assume something and do it wrong. If its the first time you are doing something ASK!

**Ardesco** · 3 January 2008, 09:32

MS Accounting 2008 is worth a look. Free download and does double entry accounting and seems reasonably simple.

I would suggest you still get an accountant to look over your books and advise you though. A good accountant will show you legal ways to reduce your tax liability, advise you on how to make the most of your funds, and save you more in a year than thier fee.

**Peter Loew** · 3 January 2008, 09:59

I don't think you need to be an accountant to keep books. I have a fairly comprehensive Excel spreadsheet I use for each FY and includes a Summary Page, Invoices, Bank Statement, Expenses and Commercial Card tabs where I record all my bookkeeping. With this I can see at a glance what my companies finance looks like and where the money is going to / coming from.

So far as I understand, as a Director you must keep your own books by law.

However when it comes to producing a balance sheet and cash flow, this is something your accountant does and what you pay him for. You should not be paying him for keeping your company books.

P

**VectraMan** · 3 January 2008, 11:06

You can get SJD's spreadsheet even if you're not a customer. That probably does all the book keeping you need.

VAT is an easy calculation. Then it's just PAYE, and the end of year stuff which I'm not so sure about.

**bored** · 3 January 2008, 17:30

I do my own accounts, it's not especially hard although you do need to read the accounting books and it helps if you have a friend who can advise you.

If you prefer to keep records in Excel and not use accounting software, I would recommend to get advice from an accountant about what records you will need to keep as your spreadsheet needs to comply with the regulations (FRSs/SSAPs).

**miss marple** · 3 January 2008, 18:35

I do all my own accounts except the final eoy profit and loss.

Tax and NI is now much easier as HMRC send out CDs that do the calculation for you (it was a bit of a bind using the old paper tables!)

VAT, I'm registered on the flat rate scheme and do it online. All it involves is totalling up your invoices once a quarter and then calculating 13% of the gross.

Annual accounts, I do all the leg work - i.e. create a spreadsheet of bank details in and out, mileage claims, etc.

Then send to the accountant once a year to do the final jiggery pokery.

Saves me a fortune

**Nixon Williams** · 4 January 2008, 17:53

Whilst this may come across that I am simply defending my profession, I would say that the best advice is to stick to what you know. A little knowledge can be dangerous.

In the past 12 months we have taken on a few clients who started doing "the accounts" themselves and in nearly all cases, mistakes have been made.

Passing the papers to an accountant at the end of the year need not save money, one recent new client was doing just that and paying over £2000 per annum in accountancy fees.

My advice would be to choose your accountant as soon as you decide to start in business and let them handle the accounts etc for you, it should be cost effective and easy.

I hope this helps.

Alan

**FiveTimes** · 4 January 2008, 20:08

Originally posted by Ardesco View Post

MS Accounting 2008 is worth a look. Free download and does double entry accounting and seems reasonably simple.

Free download ? Isn't it just a trial version ?

Or can you point me in the direction of the free version ?

**r0bly0ns** · 5 January 2008, 00:28

http://forums.contractoruk.com/techn...ng-2008-a.html

Honestly, how difficult is it to keep your own accounts?