Accounting software

[TruWFP]

Morning fellas, 

I’d be interested to know what software you all use/recommend for your accounts? 

Since starting it’s a side of the business I’ve foolishly ignored. I went to see an accountant the other day (with an Asda bag full of receipts ?) and he was trying to explain the obligations I have to meet as a Ltd company and to put it bluntly I’m now sh*ting it lol. 

My 3 options of software at the minute- 

1) squeegee app 

2) Countingup business/accounting bank account 

3) pay for something like quickbooks 

My business bank account seems to be the best option as every transaction I do with my card I can snap a picture of the invoice and attach it, then add what category the expense is. (See picture) 

Before any of you tell me off for sticking my head in the sand on this. I was flat out broke when I started 5 months ago sinking more & more into debt every month so I just jumped straight into it and concentrated on getting customers & making money. 

 

[Tuffers]

I had a meeting with my accountant last week. Due to the new 'making tax digital' coming in in 2020 he offered me a free licence for quickbooks. As he was demonstrating it to me I was thinking 'I can't be arsed with all this.' Taking photos of all receipts inputting earnings and expenses on a weekly basis and then sending them to HMRC every quarter. I just want to get on with the actual work side of my business. Paperwork is a friggin hassle for me. So, half way through I turned round to him and asked if he could send my paperwork off for me. No problem he said, all you need to do is print off earnings and expenses every week and get them to me every quarter. It's going to cost me probably 10% more in fees but it'll save me the hassle.

I don't think I've answered OP's questions have I? At least I've got that off my chest ?

 

[kevinc250]

for accounting I use an app called 1tap. its linked to my accountant and for all that I pay just under £300 per year, basicly I take a photo of the receipt and then at some point the accountant prepares the return from the info on the app, (i'm sure its way more technical than this) this'll be my third tax year using the app and from a technophobe like me its very easy and simple to use I think the app is a mere £15 a year (mines free as its built in with accountancy fee).

 

[Iron Giant]

@Tuffershas covered it really, I use Cleaner Planner so like Tuffers I just print off my profit and loss reports all transactions are logged just as they would be in a written accounting book or quick books just pay for one thing instead of two as your accountant should have the software for the new digital system 

 

[TruWFP]

Cheers lads I’ll deffo take a look at that 1tap app probably make my life so much easier, I need to tackle these millions of receipts at some point ??

 

[Cleanco]

Quick books for me. Only been using it for a short while but it’s great. Everything’s automated and if you have it connected to your bank account there’s hardly anything to do bar a few mins here and there reviewing your transactions. The only thing I have to do manually is input  my fuel receipts as that’s the only thing I pay cash for and that’s as easy as taking a photo. 

 

[DJT]

Quick books for me. Only been using it for a short while but it’s great. Everything’s automated and if you have it connected to your bank account there’s hardly anything to do bar a few mins here and there reviewing your transactions. The only thing I have to do manually is input  my fuel receipts as that’s the only thing I pay cash for and that’s as easy as taking a photo.

Just signed up last night to quick books on your recommendation. Wow! What a great bit of kit. One question. What do you do about your mileage. It has tracking facility but I only ever do business miles in van? Can you just deduct cost at pump or do you do 45p per mile?

 

[Part Timer]

If you're paying for the Insurance, Road Tax, servicing etc you can claim 45 ppm on the first 10,000 miles. If you claim for everything then you can put the cost of fuel through. 

 

[Cleanco]

Just signed up last night to quick books on your recommendation. Wow! What a great bit of kit. One question. What do you do about your mileage. It has tracking facility but I only ever do business miles in van? Can you just deduct cost at pump or do you do 45p per mile?

I claim expenses as I don’t do that many miles so it works out better for me so I’m not sure on that one.  It’s easy enough to work out yourself what works best for you but if your unsure ask your accountant and he will do it for you.  Beware though that the app automatically thinks your going to be claiming miles rather than expenses so if you put any vehicle expenses in the designated section they will go towards disallowable excesses. If you want to claim expenses and not milage then put them in travel expenses so they count in your allowable expenses. They have a good enquiry and troubleshooting service built in to the app. It sometimes takes a while for them to get back to you but problems always get resolved reasonably.