DarrenW
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| posted on 19/3/09 at 09:40 PM |
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Sole trader book keeping package
Ive just started a partnership company with a mate. Like a sole trader type but partnership. Not VAT registered, no employees. Was offered a detailed
accounts package by the bank (Sage or Quickbooks) but at £20 a month it will be simply far too detailed and expensive.
Does anyone else have similar style of company? What do you use? Im thinking of setting up Excel spreadsheets fpr sales, purchases, profit and loss
etc, but wondering if there are any templates or simple software available first. Prefer something free so i can have a play before committing to
something more useful later.
Im a typical hands on type, can set up files etc, can use a computer but normally shy away from money and accounts.
Anyone ever set up a deed of partnership? Is it easy to do?
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StevieB
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| posted on 19/3/09 at 09:47 PM |
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I bought sage small business and found it to be far too OTT for my business.
Deoends what your business does though - if you have lots of transactions then Sage could work well.
Beware of the hidden costs though - annual upgrades packages etc. are quite expensive. I resorted to a simple excel sheet as I can edit it to tell me
whatever I want to know really quickly.
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fov
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| posted on 19/3/09 at 09:53 PM |
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Excel did me for a couple of years. QB when you grow is good for smaller businesses. Sage is expensive and complicated.
I would say talk to your accountant though. Your situation my make one option better for you than the others.
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DarrenW
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| posted on 19/3/09 at 09:56 PM |
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Wont be a lot of transactions, so like you think the commercial packages will be too detailed.
I use Quickbooks pro at work and that is extremely way OTT for my needs.
Happy to use excel, but being an accounts numpty not sure ho to do to keep on right side of tax man. I might buy a book if i can claim back the
cost
Next stage is to work out what we can and cannot claim for ref mileage and expenses.
Im confident that i can set up a file for purchases and a file for invoices to record what is paid and due etc. Given time i know i could devise
several tabs on excel with formula to take data from one to another - however time would be better spent getting some work in. Any good free download
templates out there?
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SWW84
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| posted on 19/3/09 at 09:58 PM |
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I used Excel for a year and then found that it was getting easier to make mistakes with more and more info being added.
I moved to Sage Instant Accounts (version 12 at the time). It cost about £70 and has been well worth it.
Sage doesn't have to be complicated unless you want it to be.
My advice would be to buy a book keeping package and then spend a bit of money on getting a book keeper to show you how YOU can input it yourself.
Saves lots of money in the longrun.
Hope this helps
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mookaloid
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| posted on 19/3/09 at 10:02 PM |
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U2U sent 
"That thing you're thinking - it wont be that."
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DarrenW
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| posted on 19/3/09 at 10:14 PM |
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U2U replied.
SWW84 - good advice, i can understand that.
Im not averse to the cost element as long as it adds value. I wont publically go into the reasons etc, but i know what im looking for - just not sure
what it looks like.
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JoelP
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| posted on 19/3/09 at 10:14 PM |
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i do all my own accounts, and just have an accountant to do the PAYE for the employees. Did it on paper for 5 years, then moved onto spreadsheets when
i went vat registered. Dead simple, i'd never used one and within an hour had made a detailed one to keep track of vat totals.
When you pass a certain turnover, you need to keep categories of expenses seperate, so its easier if you do this from the beginning. And also the
asset pools where you knock big purchases off over a few years.
[Edited on 19/3/09 by JoelP]
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DarrenW
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| posted on 19/3/09 at 10:22 PM |
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Joel - i think i know what you mean, but as of 1 hour ago i didnt know what expenses / sales ledgers / purchase ledgers etc were, so i need to start
at the beginning and work up. I like the idea of having the basic elements covered though even if i dont have much to put in the sections at the
moment.
As i say - ask me to develop a master timing plan and track product approvals, supplier development , PPAPand SOP dates etc and its like a walk in the
park. Ask me to submit mileage and expenses on time and i shudder at the thought Im going for the manual ish accounts route to shock me into putting
on the FD hat
Plain english is good at the moment.
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Pdlewis
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| posted on 19/3/09 at 11:30 PM |
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Microsoft Accounts is free and very good runs an enterprise back end and dose alot of stuff very well
Build Photo Album
Updated 05/02/2009
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Robertf
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| posted on 20/3/09 at 07:09 AM |
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Been running 2 businesses 6 years on simple MS excel.
Buy a book (you can make it the first entry on your spreadsheet!)
As has already been said, try to categorise your expenses and although you don't have to, I keep every receipt so there won't be arguments
about whether I did or did not incur an expense.
For a partnership, tax liability is very straightforward as well, just a simple partnership tax return, then each partner declares their share on
their own tax rtn.
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designer
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| posted on 20/3/09 at 08:35 AM |
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Money manager is the one for us numpty's.
http://www.moneysoft.co.uk/index.htm
Try the trial. It's cheap. it's easy, and it did me for years AND kept the VAT man happy.
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Jasper
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| posted on 20/3/09 at 09:18 AM |
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I just use Excel, have done for years, use it for purchase invoices, turnover figures, profit and loss accounts, etc, etc, never use anything else.
I've tried, but always found them unnecessarily complicated and not suited to my business (retail).
My best bit of advice would be to get yourself on your local Business Link free courses. They will set you up with one of their accountants to advise
you what you need to do, and they run excellent courses on book keeping and money management, and will be around to keep checks once things are up and
running if you want them to.
The next thing to do is get yourself a good local book keeper. Don't need a full on accountant, preferably some semi-retired guy/lady who will
charge a small amount to do 1/4 accounts and will almost certainly save your more they cost. Mine does all my expenses and definitely finds many more
legitimate ways to claim than I would know. I just hand them a stack of receipts ever 1/4 and they do the rest
And I'm sure you know this, but be VERY careful setting up a partnership with a mate. Get everything in a proper legal partnership agreement
drawn up by a solicitor (costs about £300-500). Almost every business advisor will tell you they are the first business type to fail, usually with the
loss of the friendship as well.
[Edited on 20/3/09 by Jasper]
If you're not living life on the edge you're taking up too much room.
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