which accounts software for new business partnership

[will892]

HI all
This is my first post and I was wondering if someone here can give some guidance on what is the best software for a new partnership for a part-time business.

Last September my wife and I decided to start a part-time business as wedding photographers, we both work full time and do this at the weekend and on holidays. It will take a couple of years before we become profitable as we need to offer some very good deals to get initial clients to build a portfolio word website and advertising etc.

We have worked out in 3 years’ time we will be turning over around 25k with around 20K profit so it’s a very small side-line for us but we really enjoy it.

We have now both registered for self-assessment and set up another HMRC self-assessment tax account for the partnership so 3 in total. Bearing in mind we started last September we will need to do a set of self-assessment returns for all three by October of this year.

Between September last year and April this year it was all expenses setting such as equipment costs but we are starting to take bookings now. Our monthly costs are £180

So my question is what is the best software for tracking this? I have looked and “Quickbooks simple start” @ 12pm and “sage accounting start” @ 12pm but can see no reference to partnerships? I would appreciate any advice on these, I am fine with learning software.

Also whilst I know we will need an accountant moving forward I am not sure if we need one at this point with such a small amount of turnover etc but I am happy to be corrected on this?

 

[fisicx]

I earn less than that an use an accountant. He saves me far more in tax than he costs so everybody wins.

 

[NicoJ]

SAGE & Quickbooks are bookkeeping software. They will not produce the accounts for you.

I'd also advise that you speak to an accountant, it may not be as much as you think and will help you with things you may not have even considered.

 

[Scalloway]

I have looked and “Quickbooks simple start” @ 12pm and “sage accounting start” @ 12pm but can see no reference to partnerships?

Partenrship accounting is the same as a sole trader. The only difference is that there will be two or more capital accounts. I am not aware of any software that is specifically designed to automatically allocate the profit share to each partner.

For a small business like yours the most cost effective solution is free software like VT Cashbook. Invoicing can be done using a word processor.

Then hand everything over to an accountant to do the tax at the end of the year.

Free accounting software

Free accounting software from VT Software

www.vtsoftware.co.uk

 

[UK Contractor Accountant]

VT cash book or QuickFile for book- keeping. Both free for small businesses.

QF is in the Cloud.

 

[MyAccountantOnline]

HI all
This is my first post and I was wondering if someone here can give some guidance on what is the best software for a new partnership for a part-time business.

Last September my wife and I decided to start a part-time business as wedding photographers, we both work full time and do this at the weekend and on holidays. It will take a couple of years before we become profitable as we need to offer some very good deals to get initial clients to build a portfolio word website and advertising etc.

We have worked out in 3 years’ time we will be turning over around 25k with around 20K profit so it’s a very small side-line for us but we really enjoy it.

We have now both registered for self-assessment and set up another HMRC self-assessment tax account for the partnership so 3 in total. Bearing in mind we started last September we will need to do a set of self-assessment returns for all three by October of this year.

Between September last year and April this year it was all expenses setting such as equipment costs but we are starting to take bookings now. Our monthly costs are £180

So my question is what is the best software for tracking this? I have looked and “Quickbooks simple start” @ 12pm and “sage accounting start” @ 12pm but can see no reference to partnerships? I would appreciate any advice on these, I am fine with learning software.

Also whilst I know we will need an accountant moving forward I am not sure if we need one at this point with such a small amount of turnover etc but I am happy to be corrected on this?

You've got lots of choice with software, with MTD (Making Tax Digital) looming I'd make sure whatever software you use will cope with that.

I personally like FreeAgent and Accounts Portal, both suit your requirements. It's worth bearing in mind Freegent is free if you have a business bank account with NatWest, RBS or Mettle.

Don't confuse bookkeeping with dealing with accounting and tax; it's not the same. Bookkeeping is recording transactions. Dealing with the accounts and tax properly needs knowledge and experience to ensure you deal with all necessary requirements and pay no more in tax than is legally required.