Income/Outgoing Spreadsheet

[tICG]

Please, does anyone here use a spreadsheet to record their incomings and outgoings ready for the end of the year that they use with success and would like to share rather than me having to make one from scratch (with the errors of a newbie no doubt).

A very simple one should be fine as this is a brand new business just starting up.

Thanks.

If not I will have to make one and hope not to make any glaring commission's from the design.

[Rolo Tomasi]

I really would recommend against using a spreadsheet. More often than not they contain errors which makes preparing annual accounts more difficult (and costly).

There are plenty of cheap, or even free, bookkeeping packages out there. Have a look at:

VT Cashbook
Kashflow
Accounts Portal
Xero
Tas

I'm sure others will post recommendations.

[MyAccountantOnline]

Originally Posted by Rolo Tomasi

I really would recommend against using a spreadsheet. More often than not they contain errors which makes preparing annual accounts more difficult (and costly).

There are plenty of cheap, or even free, bookkeeping packages out there. Have a look at:

VT Cashbook
Kashflow
Accounts Portal
Xero
Tas

I'm sure others will post recommendations.

I agree entirely for something really simple (and free) I think VT cashbook is hard to beat, but for just a few pounds you can get a good package which will do so much more.

[KM-Tiger]

Originally Posted by tICG

A very simple one should be fine ...

And therein lies the problem. If your business grows you risk having to change just at the point when you can least afford the time to do so.

I think with bookkeeping you should start as you mean to carry on, so choose a software package that is affordable now, and scalable as you grow. The other advantages of using bookkeeping software are:

• You eliminate the risk of errors
• VAT, if you ever need to deal with it, will be easy
• Your accountancy fees will be lower
• You can get proper and full financial reports any time.

[tICG]

All the above points seem very valid indeed.

So even starting out from day one with self-assessment you recommend investing some time to learn an accounting package so I am able to use it when the order books are more full in the future and I may need to use an accountant?

If that is the case can anyone tell me what their personal preference is for free accounting packages and which ones to avoid - from their point of view.

At least that way I can get to grips with the basics of using a package before moving on to an accounting package in the future I will pay for as the business grows.

[elainec100@cheapaccounting]

I always suggest agreeing the use of your system with your accountant - it can help to reduce fees!

[Arithmo]

There is nothing wrong with a spreadsheet but they can be prone to errors. Simple software could be the answer. There are many option both PC and web based. Everyone has their favorites, I am sure you will get a few recommendations from forum members. Try a few, most offer a free trial, to find the system that best suits your needs.

Thanks

[MyAccountantOnline]

Originally Posted by tICG

All the above points seem very valid indeed.

So even starting out from day one with self-assessment you recommend investing some time to learn an accounting package so I am able to use it when the order books are more full in the future and I may need to use an accountant?

If that is the case can anyone tell me what their personal preference is for free accounting packages and which ones to avoid - from their point of view.

At least that way I can get to grips with the basics of using a package before moving on to an accounting package in the future I will pay for as the business grows.

My view as an accountant I think VT cashbook is a super way to start its easy to use, gets you into the habit of keeping good records and isnt too daunting when you start. Some people will stick with it and use it for many years (we have many clients who do) others will want to try full accounting packages and like the features of a 'full' package saving time on invoicing, debt collection, etc.

My personal preference for a full package is Accounts Portal - I think its greta value for money, has super support and works extremly well but it depends on what you want from a package. Their is certainly a huge amount choice. I'd get some free trials if you want to take that option and see which you like.

Whether you use an accountant is up to you, again my professional opinion - a soletrader can muddle through and probably complete a Self Assessment tax return but for a limited company the rules, regulations and requirements need an accountant. Bear in mind bookkeeping (ie keeping an accurate record of in's and out's) isnt the same as dealing with year end accounts and tax returns. A good accountant will save you tax and hassle!

[DeanCo]

Originally Posted by tICG

Please, does anyone here use a spreadsheet to record their incomings and outgoings ready for the end of the year that they use with success and would like to share rather than me having to make one from scratch (with the errors of a newbie no doubt).

A very simple one should be fine as this is a brand new business just starting up.

Thanks.

If not I will have to make one and hope not to make any glaring commission's from the design.

If you really want a spreadsheet we have a professionally produced profit/loss account for excel, which has been certified error free. If you pm me your email address I will send you a free copy without any obligation.

[tICG]

Originally Posted by DeanCo

If you really want a spreadsheet we have a professionally produced profit/loss account for excel, which has been certified error free. If you pm me your email address I will send you a free copy without any obligation.

Many thanks PM sent ( I will of course be looking into the other suggestions too).

Thanks guys :O)