Bookkeeping software recommendations

[QuickHomeBuyers]

I am looking for a Bookkeeping software which would work fine with least amount of data entry and should be able to download statements from the internet. UK £ currency only, paypal support would be helpful.

My accountant has recommended Xero, welcoming other recommendations as well before I start with Xero.

 

[MyAccountantOnline]

I am looking for a Bookkeeping software which would work fine with least amount of data entry and should be able to download statements from the internet. UK £ currency only, paypal support would be helpful.

My accountant has recommended Xero, welcoming other recommendations as well before I start with Xero.

I think Xero is one of the top-end online packages and this is reflected in the price.

Most online packages will import data to some degree.

I personally like Accounts Portal but Xero does have more features.

The best thing to do is to have a go and see how you get on.

 

[London Bookkeepers]

Yes, there are quite a few options. Clearbooks is quite good for comparison. Sage One is very basic but it's inexpensive.

 

[Luke Desmond-1stCA]

It depends how complex your finances are. If they are fairly straightforward then Free agent is very good, reasonable price and I believe it ties in with PayPal (although I personally haven't tried this bit out).

 

[kevin.doran]

Isn't Kashflow quite good when working with PayPal?

 

[QuickHomeBuyers]

I will be building the shop with Paypal checkout and will not introduce payment gateway due to costs involved unless T/O gets enough to warrant a gateway.

 

[QuickHomeBuyers]

I have just checked out a bit more in detail, do I have to enter Every paypal transaction in the book keeping software or paypal do end of month report

Sales Gross: £100
Paypal Fee: £3.40
Net Sales: £96.60

Then I will enter £100 as sales in the system and £3.40 as an expense?

 

[David Griffiths]

Most of the online packages will import your Paypal transactions for you, but you still have to work through the individual entries allocating them to sales and costs etc. That can be a fair bit of work, although it can be done at intervals through the month to make it easier

Unless you need that detail, many people simply post the figures up from the monthly report. As you can imagine, that's much less work but it does mean that your sales figures in the accounts are up to date only once a month.

 

[QuickHomeBuyers]

Just had a confirmation from Solar, they don't have the ability to import CSV unless it has been formatted according to their style, having checked with HSBC and another high street bank their CVS file are miles different.

Need to find something very soon.

 

[Tom McClelland]

Just had a confirmation from Solar, they don't have the ability to import CSV unless it has been formatted according to their style, having checked with HSBC and another high street bank their CVS file are miles different.

Need to find something very soon.

It is a fairly trivial act (in Excel) to reorganise columns of the electronic bank statement to fit requirements of accounting software. Once you know what to do this takes about 30 seconds once a month (or however often you import the statement)

 

[QuickHomeBuyers]

Thanks everybody, I have downloaded the trial of Solar and its very easy to use. Can do nearly everything with it. I like the fact that you can straight away record the income if its a cash sale, don't even have to raise an invoice. As Paypal transactions are no longer a need, I feel confident that Solar would be a great package (subject to successful statement imports).