Nothing such thing as a daft question, people should never be scared of asking questions. I am interested to know what you are going to use the accounts package for ( stock control, job costing ), the volume of transactions ( eg 100 supplier invoices ).
Difficult to say but it's likely to be for a Subway store, and if I decide not go ahead with subway, then probably a smaller quick service franchise.
I'd probably use it for the expense tracking, maybe some invoicing although the EPOS system may do some of this (probably not in as much detail though), general cash flow analysis, maybe some stock control (that's done by the till with a "Weekly Inventory and Stock Report" or WISR but if accounting software gives me better details then I'll use that too) and some staff/labour costing.
I'm also looking in to HR software so I don't need to maintain employee documents in seperate Word documents (because Excel doesn't allow encrypted password protection of individual sheets which is annoying) but if the accounting software can provide the main features of a HR system too, then bonus.
Transactions, difficult to say, depends what is meant by "transactions" but overall on the lower end of the scale
I can only tell you how I use FeeAgent.
It is my copy and I grant access to my accountant. So, it is all my data. I do my own bookkeeping and use FreeAgent feeds to import bank and credit card transactions. It also "guesses" the right explanation (i.e. accounting code). This works really well. I just have to agree the guess or, rarely, change it.
I also use receipt bank to record invoices. Many of these are imported automatically. Others I just email to my Recieipt Bank email address. They are then automatically added to FreeAgent as Bills.
For expense (like taxi fares) I just use the Receipt Bank app on my phone to photo the receipt. These are then automatically sent to FreeAgent as expenses.
FreeAgent submits my MTD VAT returns for me. I just need to reconcile the bank statements and it does the rest.
At year end my accountant logs in to my FreeAgent account to prepare the accounting stuff. He usually sends me a few journal entries which I need to apply to FreeAgent.
All very eay to use. No confusing accutnacy jargon. Lets me concentrate on the business.
Thank you very much for your insight, good to see that it sounds like software can be shared to limit misunderstandings or one side having more or different records than the other.
Handy email feature, I like the sound of that and I will definitely test it. Definitely sounds like accounting software is the way to go, to be used alongside an accountant to check over things.
Not daft questions at all.
Their are many advantages to you doing your own bookkeeping (which isn't the same as accounting by the way) as you say ''you'll have control and be in the know''.
I look after the accounts and tax affairs for lots of new and small businesses who use a variety of software for bookkeeping, including QuickBooks and Freeagent, although my preference is Accounts Portal. Ultimately they all do the same thing and a lot is very much personal preference in my opinion. As an accountant I am very happy to be added to clients systems which enables me to download the reports I need or I can ask clients for the reports I need.
I didn't know they were different, thank you. I've done some rounds on Google!
Definitely is preference, I don't know about Accounts Portal, but the apps for the other two seem to be helpful. The apps of some other large software packages were badly rated so I discarded them, as in the kind of business I'll be going in to - quick service restaurants - being mobile is helpful.
As a thought bear in mind some accountants can give clients discount codes to use. I can for Accounts Portal which is £6 + VAT per month for my firms clients.
Good tip, thanks!
