Accounts Software

[brigzy]

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.

[lje]

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

I use Free Agent and I do all of my own accounts with it. I really like it but there are lots of other options too.

http://www.freeagentcentral.com/

[brigzy]

Thanks

I use Free Agent and I do all of my own accounts with it. I really like it but there are lots of other options too.

http://www.freeagentcentral.com/

Thanks I have had good look,
This could be a good hand holder for first year.

£200 per year ... I wonder if you really need an accountant armed with this kind of dedicated software for Freelancing, and a desire to do it yourself.

[philip@wellwoodhoyle]

Thanks I have had good look,
This could be a good hand holder for first year.

£200 per year ... I wonder if you really need an accountant armed with this kind of dedicated software for Freelancing, and a desire to do it yourself.

FAC doesn't produce your annual accounts in the statutory format, doesn't produce your corporation tax return and doesn't automatically do any necessary "journals" for reversals, stock/WIP movements, accruals and prepayments. If you can do all that yourself, then fine.

There are a number of accountants, like ourselves, who recommend FAC to work "in tandem" with a monthly service package. In our case, we absorb the cost of FAC and provide it as part of the package without extra charge.

Clients like it because it keeps them up-to-the-minute updated with their corp tax, VAT, PAY and personal tax, and also availability of dividends etc., but there is still plenty for us to do at the year end!

[lje]

Thanks I have had good look,
This could be a good hand holder for first year.

£200 per year ... I wonder if you really need an accountant armed with this kind of dedicated software for Freelancing, and a desire to do it yourself.

I don't use an accountant. Everything is pretty easy to do now-a-days online as long as you're organised. However, you should only consider this if you're the kind of person who likes to keep up to date with the information you need to know. There are also plenty of accountants that will work with this software at a reduced rate (see http://www.freeagentcentral.com/acco...agent-friendly).

You can get a one month free trial so you could give it a go and see what you think. If you decide to go for FreeAgent then let me know because I have a code which will give us both 10% off. Just PM me if you want it.

[MarillionFan]

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!

[brigzy]

DIY Accounting

Thank you for your replies.

Has anyone tried this one ?
http://www.diyaccounting.co.uk/companyaccounts.htm

This would apear to cover all requirements:

"Includes Published set of year end financial accounts for Companies House and the Corporation tax calculation and CT600 Corporation Tax Return for submission to HMRC"

[brigzy]

Thank you for your replies.

Has anyone tried this one ?
http://www.diyaccounting.co.uk/companyaccounts.htm

This would apear to cover all requirements:

"Includes Published set of year end financial accounts for Companies House and the Corporation tax calculation and CT600 Corporation Tax Return for submission to HMRC"

The more I look at this the keener I am, the view taken by Terry (RIP & kindness to your family) appears to provide you with professional books, laid out in the correct accounting style.

What I like most about this is the fact they are traditional spreadsheets, and the data is laid out in an accessible manor. I feel I would have a greater understanding/trust/ownership of the figures presented. In addition I like the fact my accounts would be in bookkeeping style and recognisable/modifiable by any accountant for sign off.

I feel the FreeAgent has way to go and would agree with earlier comments regards missing Corp tax / Returns etc. I feel I would still have to rely on an accountant with this solution as it stands.

There does not appear to be a download yet for DIYAccounting year end
Jan 2011, but I hope this may be available soon, currently priced at £36 + VAT for the year.

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

[moorfield]

I use Microsoft Money to keep my own records and some useful reports. NW do all my paperwork and year end stuff.

I have thought about ditching NW altogether but I think it's useful to have a number bod to "hide behind" in case Hector ever comes knocking. Whether that counts for anything I won't know until/if it happens ...

[Maslins]

Just to say I don't think the FreeAgent developers are trying to replace an accountant. Sure, it will help if you want to DIY, but only as part of the package you need.

The tax bits are purely estimates to give you an idea of how much you'll have to pay and when, and it makes no attempt whatsoever to put figures into statutory format for Ltd Co accounts.

DIY accounting is probably more the thing you're looking for. Something like FreeAgent will help you as you go through the year, to give you the numbers you need to then input into DIY accounting.