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Do you do your own bookkeeping?

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danielmeade

Free Member
Aug 13, 2010
151
28
London SE1
As a small business owner, do you do your own book keeping?

Or do you outsource? Employ someone to manage the accounts for you?

What software do you use?

Let's hear your thoughts.

Daniel
 
I'm in retail (sole trader) and do all my own bookkeeping with the help of Sage. I only use an accountant for the payroll which cost very little.

VAT is really very easy via Sage.

Self assessment once year is not to difficult, just time-consuming.

Can't really see the need to pay someone to do it for me, but it all depends on how big your business is and how much paperwork it generates.
 
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Ltd Company.

My Mrs does all the book keeping and payroll, I just hand the receipts in and do the purchase orders.

We have an accountant that prepares the profit and loss etc at the end of the year and they are on tap for any queries.

Luckily the other half knows what shes doing, otherwise I would have definately had to outsource it.
 
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danielmeade said:
As a small business owner, do you do your own book keeping?

Or do you outsource? Employ someone to manage the accounts for you?

What software do you use?

Let's hear your thoughts.

Daniel
Click to expand...

Hi Daniel

I do my own bookkeeping and accounts;):)
 
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Hi everyone.
I am new here and do not know how to start a new Thread. Sorry, for posting it here. I have just started using Sage Instant Accounts V16. Is there anyone who can help me with some issues?
Thanks.
 
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Zuzana said:
Hi everyone.
I am new here and do not know how to start a new Thread. Sorry, for posting it here. I have just started using Sage Instant Accounts V16. Is there anyone who can help me with some issues?
Thanks.
Click to expand...


Hi welcome to the forum - you just click on the 'new thread' button near the top left of the screen.

I am afraid I cant help as I dont use Sage Instant sufficiently to answer any questions but there are quite a few Sage people here and I'm sure someone will help:)
 
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Zuzana said:
I do not have one. Is it possible, that as a new member I am not allowed to post new Thread for a while?
Click to expand...

Not that I know?

You should see a box 'New Thread' from the main screen and you just click on it.
 
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Just to chip in - I don’t think there’s a right answer on how to do your bookkeeping.

There are those who do their own bookkeeping. Some prefer to outsource a little and others who outsource everything.

If you want to do your own, I’d definitely recommend online software programmes like Xero, KashFlow or FreeAgent Central. They’ve been built for the user, rather than the accountant, so they’re really straightforward to use.

If you want to outsource a little, there are services like Receipt Bank (who I work for), which scan and process receipts and input the expenses data for you.

And for those who want to outsource everything, There are lots of great book-keepers out there. Here is a directory - bookkeepers.org.uk

I hope this is useful.

Thanks,

Sophie.
(Disclosure: Receipt Bank integrates with KashFlow)
 
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i still use paper, simplex double entry and do it to trial balance,simply ins and outs bit of vat and stufffffff doesnt leave much for the accountant and he does the rest over a pie and pint.

how hard does it have to be? starting balance,monies in,monies out weekly.balance brought forward and start again.
obviously not everyone has it that easy and need computer aided software but i guess a lot of people can get away with a simple two colume book (or two books):D
 
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davezzr said:
i still use paper, simplex double entry and do it to trial balance,simply ins and outs bit of vat and stufffffff doesnt leave much for the accountant and he does the rest over a pie and pint.

how hard does it have to be? starting balance,monies in,monies out weekly.balance brought forward and start again.
obviously not everyone has it that easy and need computer aided software but i guess a lot of people can get away with a simple two colume book (or two books):D
Click to expand...

Wow that takes me back to the 1980's I honestly havent seen a Simplex D book since my early days in accountancy......thanks I do feel very old now:rolleyes::D

Their are many accountants (some in my office) that wouldnt even know what one was!
 
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MyAccountantOnline said:
Wow that takes me back to the 1980's I honestly havent seen a Simplex D book since my early days in accountancy......thanks I do feel very old now:rolleyes::D

Their are many accountants (some in my office) that wouldnt even know what one was!
Click to expand...

ohhh yes simplex D . but they did throw me a bit when they added a vat box in the corner and added a few more lines to include fuel and stationary.:)
nearly dropped my glass of babycham over my showoddywoddy LP:mad:
 
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hi welcome to the forum i had this problem give them a ring and they will sort it or if you have only just registered try tommorow they sometimes need to authorise it
 
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hi only just starting out im useing Kashflow and it seems ok most of it anyway.

im unsure of how to set up a system for my paper work tho at the moment i have 2 box folder 1 for incoming bills and 1 for outgoing sales they only go in once they are settled

they both have plastice sleeves with each of the 12 months lables on them. and put the paperwork in the relevent plastic sleaves

limited company by the way

right guys tell me im a plonker and doing it wrong:)
 
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I guess it all depends on how complex your transactions are and how competent you feel doing such admin.
For me - limited company and self employed accounts, plus 2 x VAT, plus formal company accounts, personal tax return and the annoying CT600 .... I do it all on a simple spreadsheet - and that's only because I'm a non-smoker and so haven't got a fag packet.
Have had my fair share of revenue & customs / VAT inspections over time - all is fine .... just make sure that you spend the extra time up front organising the spreadheet to do everything you want it to .... accounts, tax calc, VAT calc etc.
 
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I use FreeAgentCentral as I find it easy to use and it generates most of the information I need for my self assess.

Kashflow is also a great package to use.
 
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We outsource it to a professional bookkeeper, It's a mundane task and this way it frees me up for more important things. Of course I make sure I am regularly updated.
 
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