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start up accountancy software

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Recently set up a limited company but everywhere I go it says it's going to cost me around £500 for an accountant to sort the accounts (the company is t making much, there's no employees and no wages … Read More
weenat2008 Avatar
7m, 6d agoPosted 7 months, 6 days ago
Recently set up a limited company but everywhere I go it says it's going to cost me around £500 for an accountant to sort the accounts (the company is t making much, there's no employees and no wages or premises) so just looking for something straightforward that I can use to automate my balance sheet and p&l so I can submit to hmrc and companies house

Any suggestions would be gratefully received
weenat2008 Avatar
7m, 6d agoPosted 7 months, 6 days ago
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#1
I too would be interested to if you get some good recommendations because I wouldn't mind some software.

Personally I've just been using Excel and doing the work myself, although I am just a sole-trader.
#2
I think you need an accountant and they should charge based on the company turnover.I pay half the amount you quoted for my books to be sorted. Shop around or go further afield. You can do it all via post and email. Just find one that meets your needs at sensible money. Quick books online service may also work for you but I never used after thinking about it
#3
Xero - https://www.xero.com/uk/pricing/
Kashflow - https://www.kashflow.com/features/

Edited By: kiish on Oct 16, 2016 16:46
#4
There seems to be a lot of features that I don't need, I don't need invoicing or anything like that just basic bookkeeping and something that will create the p&l and balance sheet, any ideas?
#5
I use SAGE. It does take some getting used to, I have a VAT registered business and it's a doddle.
#6
It's not the balance sheet / profit and loss you will have any problems with, loads of software out there and with some care you can easily produce an accurate balance sheet and p&l.

I would say it's the disclosure that would give you the most problems. You will need to produce under frsse 2015 or FRS 102 etc etc, you will need accounting policies and correct disclosure.

You will also need a tax computation and a ct600 tax return.

I'm sure you are intelligent enough to do all these but if learning from scratch it's very time consuming and very easy to make mistakes.

I'd be inclined to get an accountant's advice and negotiate a fee. £500 seems ok for I presume, a full set of accounts, an abbreviated set of accounts, tax computations and a company ta return. Even better if they do your personal tax return too for the price.
#7
And for general software. Xero is decent, I quite like sage. QuickBooks is also popular.
#8
I've been using ths for years and it's very straightforward.

https://mybrightbook.com/
#9
What about Sage Cloud which would be ideal for your business or you get purchase Sage Accounts 50 for under £200.
Or you could outsource to a Bookkeeper who will charge less than accountant to manage your books and they will use their own software.
#10
You don't need an accountant, but you will have to comply with 'Generally Accepted Accountancy Practice' GAAP
#11
Thank you for all the advice
#12
weenat2008
Thank you for all the advice


where are you based
#14
nickster76
weenat2008
Thank you for all the advice


where are you based


Edinburgh nickster
#15
If needed I can give you a couple of contacts
#16
nickster76
If needed I can give you a couple of contacts


That would be a fantastic help

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