I'm going to do my own accounting!

[MASSEY]

Where do i start and what is the best software? Hopefully it will be straight forward there should only be about 100 transactions for the next coming working year.

Please guide me :-)

[businessowner350]

Are you a sole trader? If so, Excel or OpenOffice Spreadsheet is the best option. Trust me :)

[dp0848]

I'd think twice before using a spreadsheet to keep your accounts in. A small accounting package such as Solar Accounts (http://www.solaraccounts.co.uk/offer/FARR4976) will allow you to keep far more accurate records and make those records easier to reconcile turn in to a set of accounts at year end.

As accountants we dread seeing a client who comes along with a spreadsheet as we know from years of experiences that it will likely contain a lot of errors and take us hours to unravel. This of course leads to increased accountancy fees.

David.

[Dawg]

Hopefully you will be doing your own bookkeeping, not accountancy. An (good) accountant will save you money, especially if you give them well kept, ordered books using something like Solar or KashFlow.

I think the old saying about lawyers can be used for accountants too:
"He who is his own lawyer has a fool for a client."

[thecyclingartist]

I do my own too, probably have about the same number of transactions that you might have.

A lot of people seem to use Quickbooks or MYOB, I opted for Tinybooks which is for the Mac. To be honest I even just used a ledger book for my first couple of years.

Tina.

[dp0848]

I do my own too, probably have about the same number of transactions that you might have.

A lot of people seem to use Quickbooks or MYOB, I opted for Tinybooks which is for the Mac. To be honest I even just used a ledger book for my first couple of years.

Tina.


What do you think of Tinybooks Tina? Now MYOB have gone I've been looking for a Mac based package for a while.

David.

[dp0848]

Hopefully you will be doing your own bookkeeping, not accountancy. An (good) accountant will save you money, especially if you give them well kept, ordered books using something like Solar or KashFlow.

I think the old saying about lawyers can be used for accountants too:
"He who is his own lawyer has a fool for a client."

Agree 100% Dawg. Some of the messes we see have led to people paying thousands of pounds to much in tax in prior years. The accountancy fees to have it done properly whould have been nothing in comparrision.

We're just about to launch a new service at Farrant Frost where we take all the bookeeping off clients and produce monthly reports and their year end accounts and returns all at a very reasonable price. The basic idea is that we give them 12 envelopes each year and they send their papers to us on a monthly basis. Watch this space for more information. End of shameless plug :cool:

David

[MASSEY]

Are you a sole trader? If so, Excel or OpenOffice Spreadsheet is the best option. Trust me :)

It's a LTD company I'm going to be showing a loss in the first year:)

is there any examples that you could show me so I know I don't screw it up?

[elainec100@cheapaccounting]

The basic idea is that we give them 12 envelopes each year and they send their papers to us on a monthly basis. Watch this space for more information. End of shameless plug :cool:

David

Good luck with that - sounds good

Don't use purple envelopes - someone already does that I think

[dp0848]

Good luck with that - sounds good

Don't use purple envelopes - someone already does that I think


They won't be purple!! We know about Mazuma. They have a great business model and appear to be going from strength to strength. Our plan is similar but with a twist ....... As I said, watch this space.

[DFL]

It's a LTD company I'm going to be showing a loss in the first year:)

is there any examples that you could show me so I know I don't screw it up?

Yes, engage an accountant to do what they do and concentrate on doing what you do - I can give you countless examples of people doing it themselves and getting in a mess - there are too many factors to detail how you don't know what you don't know :)

[Philip Hoyle]

Please don't use a spreadsheet. I've just spent all morning trying to make sense of a clients' spreadsheets that were riddled with errors, inconsistencies and down-right strange postings.

And this was from the typical "I'm an IT contractor, I know all about spreadsheets, I won't make any mistakes, I don't want to be constrained by a package" type of client.

I could have done the job in less than an hour had he just used VT to record his ins and outs and balance the bank. In fact, I could have done the job in a couple of hours if he'd not bothered at all and just given me his paperwork in a carrier bag!

Seems to me that the more they think they know, the worse will be the spreadsheet.

Just some classic foul ups:-

a. adding new rows or columns without changing the formulae to include the new items.
b. entering numbers as "labels" either intentionally or accidentally due to poor formatting, so that the "numbers" aren't included in the totals/sums.
c. hiding a row or column instead of deleting it, so that the figures are still included in the totals but can't actually be seen.
d. Using colours to identify but not including the key to explain what the colours mean.
e. not formatting the dates so that they don't "sort" properly or even worse, show 10 Dec and 12 Oct, but of course, not consistently, some dates being formatted correctly, others not!
f. putting a £ sign in the cell along with the number, turning it into a label instead of a number, thus not included in the totals.

I had just about all of that this morning. Now the client's going to get a higher bill.

So, my advice is just get a proper package. VT is brilliant for the simplest of book-keeping. You don't need to look at anything else unless you have complications or want more from your accounting.

[MASSEY]

I'd think twice before using a spreadsheet to keep your accounts in. A small accounting package such as Solar Accounts (http://www.solaraccounts.co.uk/offer/FARR4976) will allow you to keep far more accurate records and make those records easier to reconcile turn in to a set of accounts at year end.

As accountants we dread seeing a client who comes along with a spreadsheet as we know from years of experiences that it will likely contain a lot of errors and take us hours to unravel. This of course leads to increased accountancy fees.

David.

so basicAlly solar accounts will to it all, let me record the lot?

[Kev Jaques]

Hmm, to OP, if you are new to accounting like your HTML then get one of the accountants on here to do your books. You can't make as many mistakes and get away with it like important things like your accounts!
Remember people do different jobs for a living, I go to the garage to get my car serviced, I have an accountant to do my books as they are passionate about their work and respective field.

[dp0848]

so basicAlly solar accounts will to it all, let me record the lot?

Absolutley, simples.

But I have to agree with Kev's comments.

[Mister B]

Hmm, to OP, if you are new to accounting like your HTML then get one of the accountants on here to do your books. You can't make as many mistakes and get away with it like important things like your accounts!
Remember people do different jobs for a living, I go to the garage to get my car serviced, I have an accountant to do my books as they are passionate about their work and respective field.

And at the same time, what would your hourly rate be if you were to contract yourself out? Put that against the cost of a good accountant and what with the advice and service provided, employing an accountant is a no brainer. IMHO;)

Mister B

[David Griffiths]

Remember people do different jobs for a living, I go to the garage to get my car serviced, I have an accountant to do my books as they are passionate about their work and respective field.

But there are different levels of skill and knowledge required to maintain a car. I wouldn't book the car in to a garage to change a lightbulb, wash it, check the tyre pressures or fill it with petrol.

I don't see any problem with most people maintaining their accounting records - doing the basic bookkeeping, if they are so inclined. They can pay somebody else to do it if they wish - they are both valid choices.

For me the actual production of the year end accounts is akin to the car service and should be done professionally - but of course I would say that!

[MASSEY]

Hmm, to OP, if you are new to accounting like your HTML then get one of the accountants on here to do your books. You can't make as many mistakes and get away with it like important things like your accounts!
Remember people do different jobs for a living, I go to the garage to get my car serviced, I have an accountant to do my books as they are passionate about their work and respective field.

As much as a clever guy i think you are kev, from looking at the solar accounts software, i think a 5 yr old could do it,

Im gonna give it a go anyway, i like to be jack of all trades :)

[saxondale]

As much as a clever guy i think you are kev, from looking at the solar accounts software, i think a 5 yr old could do it,

Im gonna give it a go anyway, i like to be jack of all trades :)


thats bookeeping Nick - just leave the accounting to the accountant at the end of the year, you don`t want your "loss" to be wrongly credited.

[MASSEY]

thats bookeeping Nick - just leave the accounting to the accountant at the end of the year, you don`t want your "loss" to be wrongly credited.

Thats part of the reason im inclined to do it, gotta keep an eye on my, "loss":cool: