Income/Outgoing Spreadsheet

Discussion in 'Accounts & Finance' started by tICG, May 10, 2011.

  1. tICG

    tICG UKBF Newcomer Free Member

    Posts: 128 Likes: 30
    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. :|
    Posted: May 10, 2011 By: tICG Member since: Apr 30, 2011
    #1
  2. Rolo Tomasi

    Rolo Tomasi UKBF Newcomer Free Member

    Posts: 150 Likes: 33
    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.
    Posted: May 10, 2011 By: Rolo Tomasi Member since: Nov 19, 2009
    #2
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  3. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    Posts: 9,754 Likes: 1,908
    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.
    Posted: May 10, 2011 By: MyAccountantOnline Member since: Sep 24, 2008
    #3
  4. KM-Tiger

    KM-Tiger UKBF Legend Full Member - Verified Business

    Posts: 7,868 Likes: 1,930
    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.
    Posted: May 10, 2011 By: KM-Tiger Member since: Aug 10, 2003
    #4
  5. tICG

    tICG UKBF Newcomer Free Member

    Posts: 128 Likes: 30
    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.
    Posted: May 10, 2011 By: tICG Member since: Apr 30, 2011
    #5
  6. elainec100@cheapaccounting

    elainec100@cheapaccounting UKBF Newcomer Full Member

    Posts: 13,271 Likes: 2,877
    I always suggest agreeing the use of your system with your accountant - it can help to reduce fees!
    Posted: May 10, 2011 By: elainec100@cheapaccounting Member since: Nov 4, 2005
    #6
  7. Arithmo

    Arithmo UKBF Newcomer Free Member

    Posts: 78 Likes: 15
    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
    Posted: May 10, 2011 By: Arithmo Member since: Apr 3, 2009
    #7
  8. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    Posts: 9,754 Likes: 1,908

    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!:)
    Posted: May 10, 2011 By: MyAccountantOnline Member since: Sep 24, 2008
    #8
  9. DeanCo

    DeanCo UKBF Newcomer Free Member

    Posts: 460 Likes: 104
    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.
    Posted: May 10, 2011 By: DeanCo Member since: Feb 19, 2011
    #9
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  10. tICG

    tICG UKBF Newcomer Free Member

    Posts: 128 Likes: 30
    Many thanks PM sent ( I will of course be looking into the other suggestions too).

    Thanks guys :O)
    Posted: May 10, 2011 By: tICG Member since: Apr 30, 2011
    #10
  11. DeanCo

    DeanCo UKBF Newcomer Free Member

    Posts: 460 Likes: 104
  12. tICG

    tICG UKBF Newcomer Free Member

    Posts: 128 Likes: 30
    Got it, thanks once again, if I can ever be of assistance to you, you know where I am.
    Posted: May 10, 2011 By: tICG Member since: Apr 30, 2011
    #12
  13. apacarada

    apacarada UKBF Newcomer Free Member

    Posts: 91 Likes: 20
    Posted: May 10, 2011 By: apacarada Member since: Aug 27, 2010
    #13
  14. Estimator

    Estimator UKBF Newcomer Free Member

    Posts: 470 Likes: 98
    If you are just a small concern you can set up a simple spreadsheet easy enough. If you use an accountant, he will probably have one tailor made anyway which he should let you have for free to record your figures.
    I don't see why excel should be classed as 'prone to errors' - is somebody selling software? ;) it's only adding up a list of numbers. A simple click on the cell will show you what's happening. If you can cross check and link this to your bank balance you are well on your way to keeping good records and limiting your accountants time and expense.
    Posted: May 10, 2011 By: Estimator Member since: Feb 22, 2008
    #14
  15. Philip Hoyle

    Philip Hoyle UKBF Ace Free Member

    Posts: 2,012 Likes: 1,012
    Last edited: May 11, 2011
    Posted: May 11, 2011 By: Philip Hoyle Member since: Apr 3, 2007
    #15
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  16. David Griffiths

    David Griffiths UKBF Legend Moderator

    Posts: 10,327 Likes: 3,280
    I take it that you don't have much experience of extracting information from other people'sspreadsheets then?;)
    Posted: May 11, 2011 By: David Griffiths Member since: Jun 21, 2008
    #16
  17. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    Posts: 9,754 Likes: 1,908
    Fantastic post Philip -thank you:)

    I couldnt agree more.
    Posted: May 11, 2011 By: MyAccountantOnline Member since: Sep 24, 2008
    #17