Thinking of using Quickfile or Quickbooks instead of just excell

[jimster_s]

hi

i currently just send my accountant an excell spreadsheet i have created with all my purchases/sales etc.

i have a building & maintenance company that is a LTD company, and I also own some houses with my wife that we rent out to private tenants.

I have somebody input all my purchase receipts then allocate them to either the ltd company or to maintenance on the rentals. If one is inputted into the wrong section its very easy to just change a label in one of the cells in excell.

id like some advice on going over to either quickbooks or quickfile.
quickfile looks a little cheaper.
i also have a gocardless account which i use to collect rent payments from tenants.

would this make my life any easier or make doing my accounts any quicker?
would i have to have 2x seperate logins - one for ltd company and one for rentals?
if a receipt is input into the wrong accounts - it is easy enough to just swap it into the other, or would it have to actually be deleted from one and created in the other?

thanks for any help

 

[Alan]

With Quickfile, you would need two accounts I believe.

I use Quickfile (free) for my private rented properties. And Kashflow for my limited company. Happy with both. Here is my KashFlow affiliate link http://kf.cm/XX4UJC which does earn you some discounts if you sign up after the free trial.

Of course with two accounts, errors will need to be deleted from one and added to the other - but if you make payments from different bank accounts, the bank feeds will minimise that sort of error I tend to drive everything from the bank feeds / GoCardless feeds.

 

[Newchodge]

I would have a word with your accountant first, as you obviously want to use a system that they can access.

 

[STDFR33]

You could operate costcodes within the same package, but it could get very messy.

I would use two separate logins.

 

[UK Contractor Accountant]

Don't you have seperate bank accounts for the Ltd and rental business where you keep the seperate income and expenditure for each business?

 

[ffox]

id like some advice on going over to either quickbooks or quickfile.
quickfile looks a little cheaper.

Okay, so you are contemplating a change to business process. Your current process, using spreadsheets looks to be pretty sound, so the proposed change must deliver some business benefit. Otherwise it would not be worth doing.
Seeking advice on the two packages is a good move, but it won't tell you how well either works with your business model.
To get that you will need to test them both against your current model. Do the packages offer a trial period?
Remember when testing that you should be comparing apples with apples, or oranges with oranges, so break down the expected costs and benefits to pounds and pence.
I would think that the biggest benefit you are likely to get from this would come from downloading the transactions from the bank (bank feed) and bulk posting them into your spreadsheet or accounts package. That would reduce the manual input to a minimum and thus reduce cost.
If, for any reason, it's not possible to reduce manual input, keep in mind that a change from spreadsheet to accounts package will require a degree of re-training and that will carry a cost.

Hope this helps

 

[MyAccountantOnline]

hi

i currently just send my accountant an excell spreadsheet i have created with all my purchases/sales etc.

i have a building & maintenance company that is a LTD company, and I also own some houses with my wife that we rent out to private tenants.

......

id like some advice on going over to either quickbooks or quickfile.
quickfile looks a little cheaper.
....

Have you considered any other options?

You really do have lots of choice.

Quickbooks and Quickfile are just two of many.