Looking for Bookkeeping / Accountant Software

[Sataana]

Hello everyone.

I am starting up a Sole Trader and am looking for some software.
I have recently gotten an accountant, but I want to try and do most of the book keeping etc myself.
How ever, I want to eliminate as much human error as possible.

I need something that will allow me to import easely (1 click?) from my Bank Account.
It also needs to be able to connect to PayPal which, also very important, has multiple currencies (EUR, USD and GBP)
I'd also like to be able to outgoing / incoming expenses, preferably in greater detail than just an umbrella term.

I can then present this to my accountant etc once a month / year.
Any software that is recommended?

Kind Regards

 

[blueprinthub.co.uk]

QuickBooks Online can link to your business bank account, and also do multicurrency.

I haven't done this myself, but I also believe it links to Paypal.
If not, it is at least possible to create a Paypal account and update manually.

 

[Sataana]

I've checked it out, unfortunately their paypal integration is more about sending invoices and getting paid through that.
The PayPal integration that I am looking for is simply being able to auto record / sync the incoming and outgoing amounts.

 

[blueprinthub.co.uk]

Some people (myself included) choose not even to have their business bank accounts linked to accounting software. Can be done by creating a CSV file and uploading

 

[MyAccountantOnline]

Hello everyone.

I am starting up a Sole Trader and am looking for some software.
I have recently gotten an accountant, but I want to try and do most of the book keeping etc myself.
How ever, I want to eliminate as much human error as possible.

I need something that will allow me to import easely (1 click?) from my Bank Account.
It also needs to be able to connect to PayPal which, also very important, has multiple currencies (EUR, USD and GBP)
I'd also like to be able to outgoing / incoming expenses, preferably in greater detail than just an umbrella term.

I can then present this to my accountant etc once a month / year.
Any software that is recommended?

Kind Regards

@Sataana have you asked your accountant for a recommendation? If not it's definitely worth asking; he/she will probably have at least one system they work with and know well, and may also be able to offer you a discount on the software.

 

[The Byre]

PayPal is just another bank account, so anything that will handle multiple currencies and bank accounts will do what you require.

Setting it all up will require effort and time of course. There are many, many cheap and even free packages that will do all you require - https://en.wikipedia.org/wiki/Comparison_of_accounting_software
But my recommendation is definitely GnuCash - https://www.gnucash.org/features.phtml

GnuCash does OFX (Open Financial Exchange) and HBCI (Home Banking Computer Information) but many UK banks have been deliberately dragging their feet implementing banking and accounting integration. You can convert the PayPal protocol to OFX.

As for asking your accountant - what accountancy firms are not telling you, is that they are becoming retail outlets for subscription based bookkeeping software - it's like the extended warranty game, they're on a large commission! Some are even creating their own packages, so that they get all their usual fees AND they get the monthly (often inflated) payments!

 

[MyAccountantOnline]

....
As for asking your accountant - what accountancy firms are not telling you, is that they are becoming retail outlets for subscription based bookkeeping software - it's like the extended warranty game, they're on a large commission! Some are even creating their own packages, so that they get all their usual fees AND they get the monthly (often inflated) payments!

Which software suppliers actually pay accountants commissions and how much are the commissions?

I personally use and generally recommend Accounts Portal because it's good. I dont get any commission from Accounts Portal whatsoever.

 

[Fair Price Accounting]

We use Reckon one for most of our sole traders and Ltd companies. For a businesses that don't need invoicing we use Xero Cashbooks.

As for commissions we don't get any. Although we do receive discounts which we pass on to the client.

 

[Bob Morgan]

Freshbooks pay USD 5 for a 'Referral' and a further USD 45 should it become a 'Conversion.' Monthly Subscription is USD 25 (50 Client Set of Accounts). Recently, it was being punted for Architects and Engineers - However, it lacks some fairly basic functionality (Date Format, Currencies, and VAT), being orientated towards the US Market. The Annual Charge of USD 300 seems a little hefty too, for something that merely mimics the functionality of Basic Freeware! – Invoicing is particularly ‘Dire’ and I would be reluctant to use it for ‘Real Clients.’ Our Invoicing is both Contractual and tends to be ‘Verbose’ – Thus, it falls well outside the capabilities of many ‘Off the Peg’ Systems. Often a Client Format ‘Tandem Invoice’ has also to be produced.

What you choose should be dictated by the 'Nature' of your business, and the way in which it 'Operates' – Otherwise the ‘Tail Wags the Dog!’ – The requirements of Service Businesses are very different to Retail/Inventory Operations – How is the software aligned? Are you following Cash or Accrual Basis for Accounting? Can the software deal with your VAT Scheme? Can it handle Multiple Currencies? Can you define you own ‘Chart of Accounts?’ Can it deal with Management Accounts, as well as Financial Accounts? – The list goes on!

Due to a low number of Monthly Transactions, Two Partners, Five Salaried Staff and being a simple ‘Money In and Money Out’ Service Business, I stick with Excel – The Bookkeeper and the Accountant having had an initial input to the setup.

 

[MyAccountantOnline]

...

Due to a low number of Monthly Transactions, Two Partners, Five Salaried Staff and being a simple ‘Money In and Money Out’ Service Business, I stick with Excel – The Bookkeeper and the Accountant having had an initial input to the setup.

With the Governments plans for Making Tax Digital many businesses are going to be forced to use dedicated software rather than Excel soon.

 

[Clearaccy]

Your accountant will most likely have a partnership with a software provider, it would be worth asking.

I would personally recommend Xero.

 

[Sataana]

After reading all the replies, I decided to give Xero a shot.
From what I can tell they support all the currencies I need, integrate with the Bank (although I have to get with a back that supports them)
And they apparently integrate with PayPal in such a way that all my incomings and outgoings will be synced up.

BUT.. I am afraid I am about to go down a deep dark rabbit hole.
I have been trying to read up on everything, with my limited knowledge and very poor understanding of the technical business lingo I landed on this page:

GovUk Self Employed Records

There the difference between Traditional Accounting and Cash Basis accounting is presented.
By the looks of it, I should be using Cash Basis accounting, however when doing a google search for Xero Cash Basis Accounting, there seem to be a lot of people with issues.

I am unsure if these issues are present in the UK, as most of the articles / forum posts reference US businesses, and I am also unsure if this would even affect me.

Anyone able to shed a tiny bit of light on this?

 

[Scalloway]

From this web page

https://www.gov.uk/self-employed-records

With this method, you only record income or expenses when you receive money or pay a bill.

How I deal with that is that transactions only go on the system when money actually changes hands. The issues with Xero seem to be when you run payroll using Xero's built in payroll software because it creates accruals for taxes due. If you don't have a payroll then the problem doesn't arise. If you do employ staff you can use other software and just post the actual payments as they are made.

 

[Sataana]

Ah so this only applies when employing someone! That puts me on ease as that will most likely never be the case, thank you very much!