A Contractor that wants more! Give me an online Accountancy!
Discussion
Is it me or are Accountants still in the dark ages? Mine only got a computer a few years ago and I would have thought they'd be first to embrace technology for number crunching!
I started to look around for options for an online Accountancy and they are very thin on the ground. I've just registered my interest at this website :
www.inniaccounts.co.uk
Straight away it appeals to me and surely going down this route has got to be worth a look? All admin handled online, live snapshot of business finances so you can see how rich (or poor) you are, no more back and forth of info to the accountant plus, I probably wont miss a VAT or PAYE cheque again! I like the idea of having real paylsip and dividend slips which I'm sure everyone is doing anyway!!
Lot to gain and little to loose in my mind ...... what are your thoughts?
I started to look around for options for an online Accountancy and they are very thin on the ground. I've just registered my interest at this website :
www.inniaccounts.co.uk
Straight away it appeals to me and surely going down this route has got to be worth a look? All admin handled online, live snapshot of business finances so you can see how rich (or poor) you are, no more back and forth of info to the accountant plus, I probably wont miss a VAT or PAYE cheque again! I like the idea of having real paylsip and dividend slips which I'm sure everyone is doing anyway!!
Lot to gain and little to loose in my mind ...... what are your thoughts?
).I've been using computers in my accountancy work since 1981. However, there are still legal issues surrounding non-paper filing (especially Self Assessmenmt) compared to paper filing so all is not perfect in the "paperless" world.
Having siad that, most of the Self Assessment tax returns I submitted up to January 2008 were filed on-line and there is no doubt that theis will become thre norm for most transactions over the next few years.
Paper authentication of original documentation is still requitred in many, many areas of tax and accountancy so it won't be possible to go completely "paperless" for quite a few years to come (if ever).
Accounting practices have to cater for all sorts of clients. Some will be very computer literate and some will by techno-phobes. It's not really possible to run a practice using different filing systems and approaches for all your different clients.
Having siad that, most of the Self Assessment tax returns I submitted up to January 2008 were filed on-line and there is no doubt that theis will become thre norm for most transactions over the next few years.
Paper authentication of original documentation is still requitred in many, many areas of tax and accountancy so it won't be possible to go completely "paperless" for quite a few years to come (if ever).
Accounting practices have to cater for all sorts of clients. Some will be very computer literate and some will by techno-phobes. It's not really possible to run a practice using different filing systems and approaches for all your different clients.
Edited by Eric Mc on Wednesday 20th February 22:44
yer I know what you mean ... the proof is in the use (lets hope for a demo soon). Hopefully you can take your existing business to them rather than setting up with a clean sheet.
I reckon the time to transfer or join would be recovered pretty quickly if all the admin, quarterly stuff etc can be done online
fingers crossed!
I reckon the time to transfer or join would be recovered pretty quickly if all the admin, quarterly stuff etc can be done online
fingers crossed!
Eric .... impressive number of posts!!
I understand what you mean and you've obviously had a lot of hands on experience of this!
I think where I'm coming from is that as a Contractor the admin element of the business has room for improvement plus I'd like to know a bit more about my businesses finances. I not looking for miracles in terms of everything being paid and authenticated online but it is a nice thought to think that with this type of setup I could have an easier life. If I was told by such a system how to fill out my VAT form I'd complete and sign it without having to go through my accountant. Bad example cos I know the VAT is easy!
The other thing I like is that this service appears to be focused on Contractors ..... a tailor made product will inherently have real benefits rather than a generic, fit all solution that would confuse the hell out of me!
Anything for an easier life!!
I understand what you mean and you've obviously had a lot of hands on experience of this!
I think where I'm coming from is that as a Contractor the admin element of the business has room for improvement plus I'd like to know a bit more about my businesses finances. I not looking for miracles in terms of everything being paid and authenticated online but it is a nice thought to think that with this type of setup I could have an easier life. If I was told by such a system how to fill out my VAT form I'd complete and sign it without having to go through my accountant. Bad example cos I know the VAT is easy!
The other thing I like is that this service appears to be focused on Contractors ..... a tailor made product will inherently have real benefits rather than a generic, fit all solution that would confuse the hell out of me!
Anything for an easier life!!
Edited by square-eyes on Wednesday 20th February 22:56
square-eyes said:
Rephrase ..... Flat Rate VAT is easy!!!!
Ahem - I thgink "blimey" is appropriate for that comment too.Do not be fooled. Flat Rate VAT, whilst a simplified form of accounting for VAT, is so alien and different to traditional VAT and book-keeping methods, that it throws up all sorts of complications and implications for the accounts and record keeping of a business.
There is a thread on the Business Forum (started by me about a month ago) asking people's opinions of how they are coping with Flat Rate VAT and it developed into quite an interesting discussion.
For the preparation of final accounts (especially limited company accounts, Flat Rate VAT can make life more difficult, not easier.
I'm sure that vat be it flat rate or not has its challenges but not for me personally. I'm sure it is just as easy for the vast majority of other contractors and freelancers.
What I'm seeing with the service offered at the beginning of this thread is something that is focused on contractors needs and I don't think we are that difficult in terms of accounting. All I'm after and the purpose of the thread is a better service and this may or may not be it!
I also trust that the service offered has accountants behind the scenes that know what they are on about!
What I'm seeing with the service offered at the beginning of this thread is something that is focused on contractors needs and I don't think we are that difficult in terms of accounting. All I'm after and the purpose of the thread is a better service and this may or may not be it!
I also trust that the service offered has accountants behind the scenes that know what they are on about!
I think this a great idea. I assume you mean more an online "bookkeeper" ?
So plug in your invoice details, records are kept for you, then monthly reports can be generated and VAT amounts run etc. At the end of the year your info is all easily sent to your accountant.
You could put in some basic forecasting, to keep on top of of tax and dividend amounts..
Obviously it couldn't be massively complicated, but compared to most small ltd companies, contractor accounts are pretty simple.
So plug in your invoice details, records are kept for you, then monthly reports can be generated and VAT amounts run etc. At the end of the year your info is all easily sent to your accountant.
You could put in some basic forecasting, to keep on top of of tax and dividend amounts..
Obviously it couldn't be massively complicated, but compared to most small ltd companies, contractor accounts are pretty simple.
timskipper said:
I've had the same accountant for 9 years, and we've only met 9 times even though his firm is local! Mostly we just exchange spreadsheets and emails and the odd form that needs a real signature now and then.
Couldn't be much simpler IMO.
+1Couldn't be much simpler IMO.
Though I think I've met my accountant more often outside the local butchers or by being in the same pub as I have professionally.
john_p said:
I think this a great idea. I assume you mean more an online "bookkeeper" ?
So plug in your invoice details, records are kept for you, then monthly reports can be generated and VAT amounts run etc. At the end of the year your info is all easily sent to your accountant.
You could put in some basic forecasting, to keep on top of of tax and dividend amounts..
Obviously it couldn't be massively complicated, but compared to most small ltd companies, contractor accounts are pretty simple.
The website appear to give an insight into what the service will offer and it seems to cover everything, invoices, payroll, dividends, expenses, bookkeeping, tax, accounts etc etc etcSo plug in your invoice details, records are kept for you, then monthly reports can be generated and VAT amounts run etc. At the end of the year your info is all easily sent to your accountant.
You could put in some basic forecasting, to keep on top of of tax and dividend amounts..
Obviously it couldn't be massively complicated, but compared to most small ltd companies, contractor accounts are pretty simple.
I know what people mean that things are easy enough with a traditional accountant but I reckon it could be a whole lot easier and reckon there are loads of other benefits to online services like this.
Online accountants are a poor substitute.
Now they may not all be bad, but, one of our chaps uses an online accountant, and pays slightly more than I do for an old school one.
He gets zero service and poor advice and he fills in all the forms! You get the feeling it's being done by the office junior.
Benefits of a real accountant are, in my case, proper established west end address for your accountant, adds credibility. Known locally by the revenue and has contacts. If the s
t hits the fan you can always get hold of him or pop down to sign something.
Now they may not all be bad, but, one of our chaps uses an online accountant, and pays slightly more than I do for an old school one.
He gets zero service and poor advice and he fills in all the forms! You get the feeling it's being done by the office junior.
Benefits of a real accountant are, in my case, proper established west end address for your accountant, adds credibility. Known locally by the revenue and has contacts. If the s
t hits the fan you can always get hold of him or pop down to sign something. Trying to turn what should be a professional and personal relationship into an automatic process is always a bad idea.
Proper accounting and tax services are not just "box ticking" and "form filling" exercises.
Discussion, advice, help and assistance should be all part of the service provided by an accountant to his/her clients.
Proper accounting and tax services are not just "box ticking" and "form filling" exercises.
Discussion, advice, help and assistance should be all part of the service provided by an accountant to his/her clients.
I'm an IT contractor, and i use http://www.accountsnet.com/
I just fill in invoice amounts, expenses and how much i want to pay myself in dividends and they do the rest - they are available on the phone and have proved themselves willing to put up with the most inept financial f*ckwit (i.e. me) with patience.
all for about £15 /week (this figure includes year end tax return) + they will do your self assesment for about 60 quid
I just fill in invoice amounts, expenses and how much i want to pay myself in dividends and they do the rest - they are available on the phone and have proved themselves willing to put up with the most inept financial f*ckwit (i.e. me) with patience.
all for about £15 /week (this figure includes year end tax return) + they will do your self assesment for about 60 quid
Glad to hear from a contractor and not just accountants who just criticize such services. It is almost as if they feel threatened by this new breed of accountants!
I am convinced that this type of service has a lot of mileage and if they do provide the service that traditional accountants provide but in a more efficient manner then it is worth a look.
I will almost certainly make the move at the end of this financial year.
Thanks for the link.
I am convinced that this type of service has a lot of mileage and if they do provide the service that traditional accountants provide but in a more efficient manner then it is worth a look.
I will almost certainly make the move at the end of this financial year.
Thanks for the link.
I like tradition.
There are good accountants and bad accountants.
There are good internet accountancy services and bad internet accountancy services.
What type of accountant you want to use is a very personal choice and if you prefer to deal with your accountant using a keyboard and mouse rather than face to face or over the phone, that is your choice.
There are good accountants and bad accountants.
There are good internet accountancy services and bad internet accountancy services.
What type of accountant you want to use is a very personal choice and if you prefer to deal with your accountant using a keyboard and mouse rather than face to face or over the phone, that is your choice.
I think its very much a horses for courses thing - contractor accounts are hardly complex, these sort of accounts can surely be done by relatively junior accountants and book keepers.
This is my first year with accountsnet, so i'll reserve any real judgement until april, but up to this point i'm happy with them - i used MSC's previously, which were brilliant - fill in timesheet - withdraw money from cash machine.
but Gordon know best
This is my first year with accountsnet, so i'll reserve any real judgement until april, but up to this point i'm happy with them - i used MSC's previously, which were brilliant - fill in timesheet - withdraw money from cash machine.
but Gordon know best
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