Reply to: Crunch or freeagent?

[Archangel]

My post was aimed at the typical contractor. I suspect you aren't a typical contractor if that's how you're being paid. Your situation siping kinda "retaily" in which case you're probably doing it right just booking the income as sales when they come in. I'm assuming no credit is offered and therefore supply and payment are simultaneous?

Thanks for the reassurance, my business is retail (now, plan b, yadda yadda)

[Maslins]

Yes indeed. Only by one day though. More concerned with my clients than my own accounts. But yes, fair point.

If it makes you feel any better I've been late with a couple of my own VAT returns #cobblersshoes #practicewhatyoupreach

[APILtd]

I've tried xero, quickbooks, sage and freshbooks - but only found Freeagent worked for me. I like the interface and the project capabilities.

[Contr8ct0r]

Freeagent looks a promising choice

There is a lot of feedback on this thread, it is great. My general understanding is that Crunch is not that recommended. OK, I take the point.

Freeagent seems really good to capture the paperwork and get the MI, including company return, VAT etc. With an accountant to optimise the company account would be even better. Which one would you recommend here?

If I already do the bookeeping myself, why are the pricing of most accounting firm still around 100£ / month? At the end of the day, submitting the quarterly VAT, self assessment and company return is always the same story isn't it?

[Alan @ BroomeAffinity]

Yes indeed. Only by one day though. More concerned with my clients than my own accounts. But yes, fair point.

[JB3000]

My post was aimed at the typical contractor. I suspect you aren't a typical contractor if that's how you're being paid. Your situation siping kinda "retaily" in which case you're probably doing it right just booking the income as sales when they come in. I'm assuming no credit is offered and therefore supply and payment are simultaneous?

I think you should spend less time on here and more time on your business accounts- I think you will find that they are late with Companies House. Not great compliance to be fair.

[Alan @ BroomeAffinity]

My post was aimed at the typical contractor. I suspect you aren't a typical contractor if that's how you're being paid. Your situation siping kinda "retaily" in which case you're probably doing it right just booking the income as sales when they come in. I'm assuming no credit is offered and therefore supply and payment are simultaneous?

[Archangel]

This.

But regardless of cash or standard vat accounting you should create the invoice so that revenue / turnover and trade debtors / receivables are correct and you're accounting (not for vat) on an accruals basis. Otherwise you'd need to muck about with journal entries.

Most of my income is from credit/debit cards without invoices (cash income). What are these mucking about with journal entries which I should be doing?

Ta

[Alan @ BroomeAffinity]

Basically what you said...I create dummy invoices with DUPLICATE ONLY in the invoice notes and the same invoice details down to the number. This will ensure it falls within the right VAT period. If you're on cash accounting this isn't necessary.

This.

But regardless of cash or standard vat accounting you should create the invoice so that revenue / turnover and trade debtors / receivables are correct and you're accounting (not for vat) on an accruals basis. Otherwise you'd need to muck about with journal entries.

[TheCyclingProgrammer]

Basically what you said...I create dummy invoices with DUPLICATE ONLY in the invoice notes and the same invoice details down to the number. This will ensure it falls within the right VAT period. If you're on cash accounting this isn't necessary.

[northernladuk]

I just create the invoice as normal, mark it as sent and just don't send it. I check the two match and save the two together for reference. Never asked but guess it should be OK :

[DallasDad]

self billing invoices

I just discovered today that FreeAgent does not natively handle self billing invoices

There are several threads on the subject going back 6 years on their portal
So what is the preferred/correct/proper way to account for self billing invoices in FreeAgent?

And yes I will be asking Abi but just curious what others do now?

Options appear to be:

If cash accounting for VAT, - record when your client pays you as "Other Sales Income", making sure you put in the correct amount of VAT.
If invoice accounting for VAT, then create dummy invoices in FreeAgent to make sure your VAT is paid at the right time.

[dingdong]

I've had a good experience with Crunch over the last few years. The software is really easy to use and being able to view all your draft accounts at any time really helps you increase your overall financial knowledge.

I find you get quick answers from the support team for simple queries - more complex ones that need an accountants input will naturally take longer but I've always been happy with the response.

[NorthWestPerm2Contr]

Freeagent is absolutely top notch. Nothing out there competes with it IMO.

If you need any more info then feel free to contact me - and get a referral discount too....

[vadhert]

I've been with crunch for 6 years. Cant complain. Does what it says on the tin.