Accounting Advice

[fattony]

I'm struggling to find the best solution possible here this is the situation:

Electrical Contracting Limited company with 2 directors, there is no office so both directors work from home PC sending out quotes / invoices and keeping receipts.

We have an accountant and at the time neither of us were taking a salary or dividend and the advice was expenses to be listed in an excel spreadsheet relating to receipt numbers.

Things have progressed and 1 director is working full time for the company PAYE and dividends will be paid to the 1 director, the 2nd director will work part time but does not need too earn any money from the company at this stage.

We both need to send out quotes and invoices and we'll both have receipts, ideal world I'd like to use something like quickbooks as you can view outstanding invoices create invoices and view profit / loss easily but this becomes difficult when there is no office as we couldnt both use the same program, we'd have to save the details and email each other the file - could this work?

The next alternative is to use Kashflow - I like this option but the £15.99 + VAT puts me off, I dont mind paying £100 for software but kashflow is going to be continuous every month every year.

Could I use something like quick books and email over the files, does the program save it as 1 file?

Thanks looking forward to having a solution for this!

 

[musicbusiness]

At our business, we are using an ERP (Enterprise Resource Planning) software. It's like very advanced accounting software, but not limited to this!!

You can set up one PC to be the host for the ERP which will contain the main database. You can then have a remote PC connect to the ERP system - therefore it creates a server, in effect.

Unless you are VERY IT literate, you will probably need to get some help to set this up - the cost of the software is free but setup costs may be incurred, plus it takes a bit of time to organise it to your business nees, etc.

 

[accountancyextra]

If you are running QB on two PC's I', not sure that you won't need two licences - you'll need to check with them.

The main issues you'll have is version control - who has the master copy at any one time, what happens if director B isn't available to e mail the file when director A needs it etc......Personally, I've seen companies try this approach and give up fairly quickly as it proves to be so stressful. I'd also say that the learning curve for QB is higher than Kashflow.

I'd go with the Kashflow option, if I were you. £15.99 a month really is not a lot when you consider the benefits, which by the way, includes support for any issues you have. I'd bet QB charge extra? The flexibility and constant updates re well worth the money IMO

The other option would be to install QB on one machine and use logmein or gotomypc to login remotely. Of course, the "host" PC always needs to be turned on and not in use when you logon from the second machine. If you want to print remotly etc, there is a fee

 

[musicbusiness]

You also have to look into the future of your business too. Too many companies revolve around accounting/book keeping, mainly due to the ease and simplicity of accounts, ledgers and the rest.

But accounts don't paint a business picture (they only paint an overview), whereas moving into the field of Business Intelligence incorporates advanced accounting features and MORE IMPORTANTLY gives you the tools in which to scale your business.

Just a thought.

 

[Carsie]

I've just installed a very large project control and accounting system (ERP) into a firm of building contractors who have several divisions and had some of the issues you describe.

The simple answer is you can achieve what you want very easily but it depends, as ever, on what your business objectives are and how much cash you want to throw at the problem.

You could for example use a remote hosted Microsoft Office solution. Effectively you are using a web based version of Outlook, Excel etc. My Client uses this very succesfully within their business albeit they have the software on their own servers. You may hear an emerging expression called "Cloud Computing" and this is what this refers to.

If you're using XP then RDC (Remote Desktop Connection) is listed under Programs/Accessories

The IT bods will probably correct me on some technical points but the central point of functionality is there

Secondly you could use a web based project centric accounting software system, I recommend a couple of really good companies. Its functionality is higher than just standard MS Office but you get more better business practices and and a more robust business flow; loads of benefits.

Finally you can go down the ERP route and implement a proper Project/Job Mngt/ CRM and Accounts system. The cost may actually suprise you! its not as prohibitively expensive as you may be led to believe and the impact on your business will pay back many,many times over with a lot of very peaceful nights sleep in between.

Happy to give you some guidance - hope this helps