Accounts Software

[moorfield]

As I understand it so far - you have to have a qualified accountant to sign off any DIY/other accounts before submission to HMRC ?

Only if they need to be audited I think - not applicable for most of us as small businesses. You can write up and submit your own accounts but you need to be reasonably au fait with IAS/IFRS standards for doing so.

And remember, just because you have a number bod do your year end accounts does not mean they will be correct - it is your responsibility as a director to sign that off not them. (I learnt this the hard way, which is why I always keep my own records now to cross check against the number bods.)

[brigzy]

Only if they need to be audited I think - not applicable for most of us as small businesses. You can write up and submit your own accounts but you need to be reasonably au fait with IAS/IFRS standards for doing so.

And remember, just because you have a number bod do your year end accounts does not mean they will be correct - it is your responsibility as a director to sign that off not them. (I learnt this the hard way, which is why I always keep my own records now to cross check against the number bods.)

Thanks all - very useful comments.

I have a reply from FAC as regards possibility of corp tax and co. returns. I have asked if I can quote it here .... but will await green light from them.

I particularly like your sentiments above - as regards cross checking number bods. I was stung heavily by the Sunday Solutions scam, and feel that I am the only person who may care enough to get it right.

I expect though some of you have long standing and excellent relationships with accountants who have looked after you properly.

[homebusacct]

FreeAgent reply

Hi, I'm Emily Coltman from FreeAgent and I'd like to reply to this thread with the same answer as I gave @brigzy earlier, which he very politely asked if he could quote.

Statutory accounts and tax returns are definitely on our roadmap for the future (I've checked this with the development team since my conversation with @brigzy), but we do have a policy that we don't commit to timescales, because we don't make promises there's a risk we couldn't keep.

As @Maslins and others have said, we do recommend that you work with an accountant when using FreeAgent.

Kind regards,

Emily

Emily Coltman ACA
Support Accountant, FreeAgent Central

[XLMonkey]

I use Quickbooks 2006, which works extremely well once set up. Costs about 250 quid.

But... I also use an accountant, mainly to handle PAYE calculations and prepare end of year accounts. I could do this myself, but am lazy.

[Cameron Wallace]

Quickbooks

I have used Quickbooks for years and it's pretty reasonable. Very easy to use for someone with limited experience. You can fix mistakes, update entries etc.
Payroll package is also very handy

I fancy doing most of my own limited company accounting up to a point.

Can anyone recomend software that will do majoroty of the work for me - companies house reports etc.

[brigzy]

Update

Ok
my personal decision on this (for this year) is based on the following reasons:

I am enjoying the idea of being in control and reliant on no one to get things filed on time.

With a deeper understanding and interest in my mini-company affairs I (might) be more likely to make the best of it in various ways.

I am quite organised (so far) in my company secretary duties.

I have found various online communities of people, not just contractors, who are involved with looking after small company accounts. I have found these communites help each other out with advice via these forums. I like this as I can ask questions whenever I like with as much detail as required and receive answers from several sources.

I was bitten by Sunday Scam and trust no-one.

And the biggest ONE reason ......is..... a good deal of my contract work is legal / financial related and I would like to gain futher knowledge of the accounting process.

I am therefore ineterested and I am going for ....

drum roll ..... bada nada bada nada bada nada bada nada bada nada

DIY Accounting for Limited company - including payroll, CTax returns & co.house returns.

cheer clap cheer clap cheer clap cheer clap cheer cheer clap

This will cost me £40 a year [edit +my time]

I am going to try this without an accountant - but with the help of online friends.

I will keep you updated as to progress on this thread...

Richard

[moorfield]

I am going to try this without an accountant - but with the help of online friends.

I will keep you updated as to progress on this thread...

Good luck with it - and please do. I'm thinking of doing the same for my next financial year.

If you haven't looked at them yet, I've found the AAT forums quite helpful too.

[ratewhore]

May I suggest our old friend Nedprod. www.nedprod.com . It appears from his last Blog that he has evaluated a number of Accountancy packages. Please read there.

Actually Ned! In case you read this, I sent an agent your way last week who was looking for a complete uber geeky C+ Programmer. Hope it went well!

wow - blast from the past...

[xoggoth]

Having retired from accounting or other major earning businesses and no longer having any great need to do so I find I almost understand balance sheets.

a) Forget "trial balance", just use the ordinary balance sheet but over the current year only and without the pointless intermediate totals and daft accounting conventions like adding negatives instead of subtracting positives.

b) This balance is made by addition of various other balances, for example, an expense subtracts from profit and this is balanced by an increase in creditors (either seller or director) or a reduction in bank balance, according to whether it has yet been paid for and who paid for it. Get all those little sub balances right and the balance sheet will be right.

c) The bank account is the one independent check not subject to your errors of duplications or ommissions. Give it pride of place in all checks.

[moorfield]

@brigzy

A few other packages that may be of interest

payroo

IRIS payroll

These two are recommended in the HMRC employer bulletin.

Also

TAS Books


I've not evaluated any of these (yet).