Finance Tracking

Discussion in 'Accounts & Finance' started by APORTER910, May 2, 2017.

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  1. APORTER910

    APORTER910 UKBF Newcomer Free Member

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    Hi all,

    What is the best way to track finances without an accountants department - i.e. if you are just starting up
     
    Posted: May 2, 2017 By: APORTER910 Member since: May 2, 2017
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    14,610 3,121
    Get accounting software. There are dozens to choose from, free, one off payment or monthly subscription.

    Or hire a freelance bookkeeper.
     
    Posted: May 2, 2017 By: Scalloway Member since: Jun 6, 2010
    #2
  3. billmccallum1957

    billmccallum1957 UKBF Ace Full Member

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    How much are you turning over?

    We turn over around £150K and between a spreadsheet and a bank statement, I can track our finances accurately, usually getting within 10% of year end profit.
     
    Posted: May 2, 2017 By: billmccallum1957 Member since: Feb 11, 2016
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  4. Chart Accountancy

    Chart Accountancy UKBF Regular Full Member

    180 21
    You can start with a spreadsheet as mentioned above, if you do not want to pay for a subscription whilst you are at the start up stage. There are also some free softwares. We have a free Excel program which calclulates profit, tax and vat. If you are interested in receiving a copy, send me a PM. Otherwise, the best software for a small business is FreeAgent but you will have a monthly subscription.
     
    Posted: May 3, 2017 By: Chart Accountancy Member since: Apr 18, 2017
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  5. UK Contractor Accountant

    UK Contractor Accountant UKBF Big Shot Full Member - Verified Business

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    With the move to Making Tax Digital (MTD) and quarterly returns to HMRC on the cards it no longer makes sense to use spreadsheets for book-keeping/tracking finances.

    HMRC have not yet ruled out spreadsheets but have indicated that you would need some sort of third party integration software to link up with their systems.

    If you are small business with limited transactions then Quickfile is worth a look at for free book-keeping software.

    https://www.quickfile.co.uk/home/pricing
     
    Posted: May 3, 2017 By: UK Contractor Accountant Member since: Sep 18, 2013
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  6. Chart Accountancy

    Chart Accountancy UKBF Regular Full Member

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    MTD has been delayed and not being considered until 2019. Many accountants are not advanced skilled with Excel hence lack of utilising it. We use macros and advanced programming so our spreadsheet runs as a program producing detailed P&L and VAT returns. Many of the accounting softwares are Excel based including VT, Thomson Reuters and many others. The advantages of using a software is the intigration with HMRC for VAT submissions directly through the software and additional functions. However, the good softwares are paid. With a free software, there is no guarantee how up to date is with tax rates and you may not get a good support or completely lack it unless you pay for an upgrad. If wanting to use something free, a well developed Excel spreadsheet can suffice perfectly especially for the small business or a start up. HMRC will never rule out spreadsheets, these are used by the largest companies to maintain different records for complex transactions where a software wouldn't be available or not worth developing.
     
    Posted: May 3, 2017 By: Chart Accountancy Member since: Apr 18, 2017
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  7. UK Contractor Accountant

    UK Contractor Accountant UKBF Big Shot Full Member - Verified Business

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  8. Chart Accountancy

    Chart Accountancy UKBF Regular Full Member

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    Making tax Digital has been dropped from the Bill. The draft bill was amended, you need to check the final bill. MTD has been put on hold until 2019.
     
    Posted: May 3, 2017 By: Chart Accountancy Member since: Apr 18, 2017
    #8
  9. UK Contractor Accountant

    UK Contractor Accountant UKBF Big Shot Full Member - Verified Business

    4,469 749
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