Accountancy advice

[Reece^B]

What's the point in using quick books over an accountant (for LTD) or do you need both?

 

[Freelanzguy]

Using a software package like quick books enables you to maintain your books on a monthly basis and track your cash, P&L and balance sheet. Doing this yourself or using a bookkeeper will be cheaper and more efficient than once a year using an accountant to put everything together in one go. I maintain my accounts myself and produce a monthly overview so I can track all income, costs, cash and know how much I owe HMRC at any point in time.

You can then use an accountant once a year to check and file your accounts + tax if not comfortable doing it yourself. Having all the data in quick books should reduce their fee compared to having them doing all the work. If you have a straight forward business and have used an accountant for the first submission you should be able to do all the work afterwards yourself.

 

[Reece^B]

Thanks for the reply, can you recommend a good template or free resource for bookkeeping such as pre-built excel spreadsheet?

 

[Bainzee]

I personally use Wave Accounting. Its a cloud based service. very easy to use and its free

 

[Reece^B]

Thanks all - so providing I do my own books what would I be looking at for accountant fees?

 

[LiveNetworks Ltd]

Another vote for wave accounts, very good.

Accountancy fees depending on how much work you give them and how big the firm is, larger firms tend to have higher chargeout rates.

 

[Reece^B]

One man LTD - keeping on books. Maybe require payroll unless I figure out how to do myself haha.

 

[Freelanzguy]

I use Basic PAYE Tool for my payroll - free on HMRC's website. Easy to set up and use.

 

[Mr D]

Thanks all - so providing I do my own books what would I be looking at for accountant fees?

Few hundred to a couple of grand maybe?
A lot depends on how much you require them to work and what you are asking them to do.

 

[MyAccountantOnline]

Thanks all - so providing I do my own books what would I be looking at for accountant fees?

Accountants fees vary a lot just like any other service provider.

Fees also depend on exactly what you want from an accountant.

Some accountants myself included show what we charge on our websites.

 

[GillespieBS]

Don't confuse bookkeeping and accounting. If you do your own bookkeeping (correctly) then you will probably need someone to prepare your end of year accounts and corporation tax return, payroll and pension compliance and perhaps VAT returns.

Life will be easier though if you devote some time to get your bookkeeping slick and well kept. I'd invest in a software like Xero that gives you so much guidance in their embedded video guides and only costs about £10 a month.