Anyone use Quickbooks?
Discussion
Evening guys
My missus has become a personal trainer. She will register as sole trader, so everything is above board, and needs to sort out her accounts. Hiring an accountant seems a bit overkill, as she isn't making mega money. Infact I'd be happy for her if she earned over the taxable threshold in her first year.
I've been looking at the Quickbooks site. All looks pretty straight forward, but as we've never tackled anything like this, I'm not sure what to expect. Theres also talk of Excel for spreadsheets (wouldn't know how to do a spreadsheet in the first place), which needs to be transferred to Quickbooks.
Anyone using Quickbooks for their taxes/acounts?
Cheers
My missus has become a personal trainer. She will register as sole trader, so everything is above board, and needs to sort out her accounts. Hiring an accountant seems a bit overkill, as she isn't making mega money. Infact I'd be happy for her if she earned over the taxable threshold in her first year.
I've been looking at the Quickbooks site. All looks pretty straight forward, but as we've never tackled anything like this, I'm not sure what to expect. Theres also talk of Excel for spreadsheets (wouldn't know how to do a spreadsheet in the first place), which needs to be transferred to Quickbooks.
Anyone using Quickbooks for their taxes/acounts?
Cheers
I assume that she's unlikely to be VAT registered and that transactions will be very simple? I'd think software might be a bit overkill for her initially.
I've not operated as a sole trader, but if I was to start I'd be looking at opening a separate bank account for all the business transactions, and export the data to Excel to do any reconcilliation you might need. As far as I know you would only have to state basic revenue/costs/profit on the self assessment?
I've not operated as a sole trader, but if I was to start I'd be looking at opening a separate bank account for all the business transactions, and export the data to Excel to do any reconcilliation you might need. As far as I know you would only have to state basic revenue/costs/profit on the self assessment?
How many transactions does she think she will be making per month?
How many "purchases" ie equipment, premises hire, new leggings etc
How many clients will she invoice & how - cash/credit card/Paypal?
Will she drive to clients?
It's usually worth at least a meeting with an accountant to point her in the right direction. Have a look at online services like Xero as they may integrate with your accountant & hopefully should cope with MTD (Making Tax Digital). There are also lots of add-on apps but I'm not sue if there is one for trainers - maybe she could ask other trainers what they use?
https://www.xero.com/uk/features-and-tools/account...
https://www.xero.com/uk/resources/small-business-g...
How many "purchases" ie equipment, premises hire, new leggings etc
How many clients will she invoice & how - cash/credit card/Paypal?
Will she drive to clients?
It's usually worth at least a meeting with an accountant to point her in the right direction. Have a look at online services like Xero as they may integrate with your accountant & hopefully should cope with MTD (Making Tax Digital). There are also lots of add-on apps but I'm not sue if there is one for trainers - maybe she could ask other trainers what they use?
https://www.xero.com/uk/features-and-tools/account...
https://www.xero.com/uk/resources/small-business-g...
Cheers for the replies
She's been taking bookings and doing one to one sessions for around 6 weeks now, and we reckon she will be on course to make somewhere between £1000/£1200 per month, going by initial take up. She takes cash as the session starts, and does a few online sessions, which are usually paid via PayPal.
We'd like to get a little Smart car and have it signwritten for promotion, and hoodies etc. Probably seems overkill for such a small entity, but we want to keep it legit, and have her earnings count when we look at another mortgage.
Do you think its as easy as sorting out a spreadsheet to document her earnings, and do self assessment at the end of the year? Is it as easy as adding up the years takings, then deducting outgoings on the gov website?
She's been taking bookings and doing one to one sessions for around 6 weeks now, and we reckon she will be on course to make somewhere between £1000/£1200 per month, going by initial take up. She takes cash as the session starts, and does a few online sessions, which are usually paid via PayPal.
We'd like to get a little Smart car and have it signwritten for promotion, and hoodies etc. Probably seems overkill for such a small entity, but we want to keep it legit, and have her earnings count when we look at another mortgage.
Do you think its as easy as sorting out a spreadsheet to document her earnings, and do self assessment at the end of the year? Is it as easy as adding up the years takings, then deducting outgoings on the gov website?
I use Xero which costs me £28.80 per month and is superb. Both the mobile app and desktop work well and integrate with my bank account. I was advised against Quickbooks by a couple of people I know, who all are switching to either Sage or Xero. As for the accountant side of things, I am damn glad I opted for an accountant too as I managed to get a tax refund of £4,200 which I would have missed out on had I been doing the whole process myself.
How does she take bookings, manage her diary, take payments, send clients their workouts, track clients progress etc?
Friend of mine is a PT and I've been evaluating various cloud based PT packages with him to allow him to do the above.
Might be an idea to approach the problem that way around - rather than look at an accounts package, look at what service she is offering her clients and what opportunities there are to use an online solution to help her and her clients, and see what accountancy packages the PT software integrates with.
Friend of mine is a PT and I've been evaluating various cloud based PT packages with him to allow him to do the above.
Might be an idea to approach the problem that way around - rather than look at an accounts package, look at what service she is offering her clients and what opportunities there are to use an online solution to help her and her clients, and see what accountancy packages the PT software integrates with.
I'm using Wave, it is free. Been using it for nearly a year now and it does everything I want. Only downside is it is not MTD compatible, yet, only an issue if you're VAT registered, I doubt she will need to be.
Worth setting up and testing, there's nothing tying you in.
https://www.waveapps.com
Worth setting up and testing, there's nothing tying you in.
https://www.waveapps.com
megaphone said:
I'm using Wave, it is free. Been using it for nearly a year now and it does everything I want. Only downside is it is not MTD compatible, yet, only an issue if you're VAT registered, I doubt she will need to be.
Worth setting up and testing, there's nothing tying you in.
https://www.waveapps.com
That looks pretty good.Worth setting up and testing, there's nothing tying you in.
https://www.waveapps.com
Does it do the link up with U.K. bank accounts?
loafer123 said:
megaphone said:
I'm using Wave, it is free. Been using it for nearly a year now and it does everything I want. Only downside is it is not MTD compatible, yet, only an issue if you're VAT registered, I doubt she will need to be.
Worth setting up and testing, there's nothing tying you in.
https://www.waveapps.com
That looks pretty good.Worth setting up and testing, there's nothing tying you in.
https://www.waveapps.com
Does it do the link up with U.K. bank accounts?
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