Reply to: Paperwork & finances not in order. How to?

[SueEllen]

Does anyone use any other accounting software to help with invoicing/outgoings etc.

Currently I'm looking into MS Money (Business edition) which is freely available (though no longer supported).

I know people who use Quickbooks and Sage.

[Slumdog]

Does anyone use any other accounting software to help with invoicing/outgoings etc.

Currently I'm looking into MS Money (Business edition) which is freely available (though no longer supported).

[matzie]

Referral link removed - please see the forum terms and conditions - thanks.

Apologies, nothing untoward intended. I'm sure anyone seeking what I posted could find it if they looked hard enough :-)

[realityhack]

Referral link removed - please see the forum terms and conditions - thanks.

[ratewhore]

I had a go with the free trial of clearbooks and was quite impressed. The ability to download a bank statement from my bank, upload it to clearbooks and automatically input the data was pretty good.

And if you have less than 5 transactions a month it's free but, like I said in another thread, there's a few bits missing I would like...

[ads1980]

+1 for freeagent.

I use it and I think it is a brilliant way to record everything and it works out everything I need it to. I get mine included with my Accountants fee.

[SueEllen]

Only thing is when I put the accountancy charges in it suddenly dawns on me I have just done all the work filling the spreadsheet in, how come they charge me so much but lets not go there again

The spreadsheet is free. The knowledge to create the spreadsheet etc costs thousands.


Actually you can downloads the spreadsheet from them free. However it's probably best that Slumdog gets a bookeeper to sort out his mess then decide which way to go from there.

[SueEllen]

Which is exactly what www.freeagentcentral.co.uk does without the hassle and risk of the common spreadsheet mistakes and having to manually keep up with changes to legislation etc. nor being locked into a particular accountancy firm.

But then you are locked into subscription accounting software instead.

[philip@wellwoodhoyle]

I haven't seen other financial systems and I am sure they are very nice prompting you put stuff in and then pop it out but can't beat putting numbers in a huge spreadsheet and the instant output of how Corp Tax, VAT i have to pay, Divis I can paymyself, how much I am due but haven't divi'd.

Which is exactly what www.freeagentcentral.co.uk does without the hassle and risk of the common spreadsheet mistakes and having to manually keep up with changes to legislation etc. nor being locked into a particular accountancy firm.

[northernladuk]

When I first started I had an accountant that didn't really do much in the year to help and then waded through a mess at the end. To be fair I didn't really understand it all so go in a mess it sounds like the OP is in.

I joined SJD and they give a very comprehensive spreadsheet that tracks everything. I think is the dogs danglies! Tells me everything I need to know and multiple checks against everything and at the bottom the number of what should be in my bank. If they don't tie up I know where to check and Bob's your uncle. Takes couple of mins a day maybe and thats only if I have something to add to it.

I haven't seen other financial systems and I am sure they are very nice prompting you put stuff in and then pop it out but can't beat putting numbers in a huge spreadsheet and the instant output of how Corp Tax, VAT i have to pay, Divis I can paymyself, how much I am due but haven't divi'd.

It's fabulous.

Only thing is when I put the accountancy charges in it suddenly dawns on me I have just done all the work filling the spreadsheet in, how come they charge me so much but lets not go there again

p.s. I do not work for or take comission for SJD. I am also unfortuantely not sleeping with any of their staff either. Just my honest 2 pennth's worth.

p.p.s As I say I haven't seen any other systems so this might be old and archaic but I like it!

[Sockpuppet]

Get a bookeeper. Cheaper than an accountant and will do the bulk of the filing.

Then send to an accountant for analysis.

[matzie]

Check out FreeAgentCentral, a web-based bookkeeping application which gives me total peace-of-mind for my business record-keeping. It also takes care of my invoices, bank reconciliation (so I'm never in the same boat you're in) and works out VAT, CT, dividends... PAYE support is its weakest element but it's still sufficient. It's the *only* web app I've ever even considered paying for... and now, I wouldn't ever consider being in business without it.

Here's a referral link that will get you (and I) 10% off:</mod>No you don't</mod>

Couple this with a brilliant iPhone app called "Out of Pocket" which I use to enter expenses on the fly (and take a photo of the receipt, which I then file safely, later my wife attaches a unique reference number (stapling a raffle ticket to it!) and then enter that number into FreeAgent - but that's just my belt-and-braces attititude, and helps justify her salary) and you have a very flexible system for managing a contracting business..,.

One things for sure, you shouldn't leave your biz in its current state. HMRC sometimes do "real time records checks" intended to ensure that accurate and contemporaneous records are maintained.

[Wanderer]

It doesn't sound like too much of a mess, you just need some advice on what to declare as divis or loans as appropriate. Can you not lob it all over to the accountant to balance up for you and then keep on top of things from there on.

[prozak]

invest in some accounting software.

enter data one piece at a time.

By the end of it you should be able to see what your accounts look like.

Don't forget to start a new year at appropriate times.

[Slumdog]

Do you have an accountant?

Yes. (Although I changed to another one in May 2010)