Accounting software

[Andy2022]

The 2 packages are different and we each have things we will find annoying with any product or service. My own view is that FreeAgent is very good but once you step out of the "day rate" arena, especially if you have multiple income strands my opinion is that Xero becomes the better offer.
I'm not the biggest fan in the world of the organisation that own FreeAgent either.

Yeh, I can see that – I do project based, and multiple income streams in FA ok

But wouldn’t want to use it if I was selling a subscription based product / service and there’s no way FA would work for things like deferred revenue / revenue recognition

[sreed]

Hi all.

looking for any recommendations on accounting software for IT contractor (limited company)

Keen to find one with:
vat
bank integration
payroll
expenses

note: I’ve always batted trying to know what dividends you can take each month based on what is coming in ensuring I leave enough for corp , vat etc

Is there any software that gives you a break down each month ?

I've used Quickfile for bookkeeping and HMRC Basic PAYE tools for payroll over the past few years. My accountant has been fine with that.

[jamesbrown]

The 2 packages are different and we each have things we will find annoying with any product or service. My own view is that FreeAgent is very good but once you step out of the "day rate" arena, especially if you have multiple income strands my opinion is that Xero becomes the better offer.
I'm not the biggest fan in the world of the organisation that own FreeAgent either.

Not my experience as someone that has multiple income streams and some fixed price work. In fact, I cannot think of a single differences between T&M and fixed price work in that regard (accruals basis), but perhaps this is not the distinction you intended to make.

That said, what you may be alluding to more generally is that FA makes certain assumptions and deals with relatively simple accounts. You couldn't use it for the bookkeeping of a moderately complex business where, for example, you may want to carry back trading losses and have that properly reflected in your CT600.

There are definitely situations that cannot be handled in FA. Indeed, many accountants will use FA for the bookkeeping (which facilitates easy collaboration with their customers/us), but actually submit the various returns using other software that can handle edge cases. Afterall, most accountants will deal with a non-trivial number of edge cases in total. However, what FA does well - the bookkeeping of small/micro businesses - isn't done better elsewhere, certainly not by Xero.

[courtg9000]

It’s funny how we’re all different… I absolutely hated Xero when I used it as it seemed to make things more complicated than it needed to be.

I much prefer FreeAgent (though it does have it’s own set of annoying foibles)

The 2 packages are different and we each have things we will find annoying with any product or service. My own view is that FreeAgent is very good but once you step out of the "day rate" arena, especially if you have multiple income strands my opinion is that Xero becomes the better offer.
I'm not the biggest fan in the world of the organisation that own FreeAgent either.

[Andy2022]

If however, FreeAgent will not cut the mustard for you then Xero is excellent.

I'm a Xero chap personally.

After that consult your accountant.

It’s funny how we’re all different… I absolutely hated Xero when I used it as it seemed to make things more complicated than it needed to be.

I much prefer FreeAgent (though it does have it’s own set of annoying foibles)

[malvolio]

Free what, now?

Freeagent, I assume. Anyway, that.

Yes, of course. I thought it looked wrong. End of a long and tiring day!!

[courtg9000]

Freeserve. And learn basic company accounting.

HTH

He is after accounting software not a crappy late 1990's dial up Internet Service Provider!

[courtg9000]

FreeAgent if it works for you especially if you bank with RBS/NatWest as I believe* you can get it free if your business banking is with them.

If however, FreeAgent will not cut the mustard for you then Xero is excellent.

I'm a Xero chap personally.

After that consult your accountant.

*I could be wrong and I am happy to be corrected. I do know they were certainly offering a freebie on FreeAgent at one point. NatWest/RBS own FreeAgent

[jamesbrown]

Freeserve. And learn basic company accounting.

HTH

Free what, now?

Freeagent, I assume. Anyway, that.

[malvolio]

Freeserve. And learn basic company accounting.

HTH

[matt5930]

Hi all.

looking for any recommendations on accounting software for IT contractor (limited company)

Keen to find one with:
vat
bank integration
payroll
expenses

note: I’ve always batted trying to know what dividends you can take each month based on what is coming in ensuring I leave enough for corp , vat etc

Is there any software that gives you a break down each month ?