accountancy software for a newbie
Discussion
i thought i had a post like this before or someone else had written one and i'd bookmarked it, but i can't find it now.
So i put forward the question:
What is the best/easiest accountacy software for a small, limited company, business.
At the moment i have invoices within Excel and i am only now starting to buy and sell part to clients so i will need something that will cater for this.
I've looked at Sage and i don't get on with it and MS Money, i think, may be too simple as i used to use this for my home expenses.
hope to hear some suggestions.
thanks
dj
So i put forward the question:
What is the best/easiest accountacy software for a small, limited company, business.
At the moment i have invoices within Excel and i am only now starting to buy and sell part to clients so i will need something that will cater for this.
I've looked at Sage and i don't get on with it and MS Money, i think, may be too simple as i used to use this for my home expenses.
hope to hear some suggestions.
thanks
dj
We use MYOB. Available for both Mac and PC's (I think). Pretty simple to use, and fairly cheap. There are 3 different levels of the program depending on what facilities you need, and most accountants seem happy to use the files.
http://myob.com/
http://myob.com/
It's the basic method by which financial transactions are recorded in a book-keeping or accounting system - whether computerised or manual.
It essentially says that there are always too sides to a single transaction.
An example is issuing a sales invoive. Once you issue a sales invoice, you do two things, you create a sale in your accounts, and you craete a debtor (amount owed by a customer)
The follow up transaction would be when the sale invoice is paid. The dual aspect of that transaction is the money received goes into a bank or cash account, and the debtor's balance is cleared.
All transactions can be viewed in this two handed way.
It essentially says that there are always too sides to a single transaction.
An example is issuing a sales invoive. Once you issue a sales invoice, you do two things, you create a sale in your accounts, and you craete a debtor (amount owed by a customer)
The follow up transaction would be when the sale invoice is paid. The dual aspect of that transaction is the money received goes into a bank or cash account, and the debtor's balance is cleared.
All transactions can be viewed in this two handed way.
I've taken a look at quickbooks and there are 3 versions. I don't think that i need the simple version and i don't believe that i need to spend close to £400 for the top end version.
There are two version in the middle though, payroll and without that i am not too sure on. Any reason why i would need Payroll? Would this only be needed if i had someone else working in the company?
There are two version in the middle though, payroll and without that i am not too sure on. Any reason why i would need Payroll? Would this only be needed if i had someone else working in the company?
What's the problem with the simpler version of Quickbooks?
Are you a limited company?
Regarding payroll, in my opinion, all limited companies should register for payroll - even if its only to ensure that the correct PAYE returns are made for the directors. That does not mean, however, that specific payroll software is necessary. In theory, payrolls and PAYE can be run manually. Obviously, if you do have employees (whether you are operating as a limited company or sole trader) you should run payroll calculations on what you pay these individuals.
Be aware, however, that in a few year's time the Revenue are BANNING the submision of annual payroll details to them on paper. EVERYBODY who operates a payroll system will HAVE to do it on a computer. There will be no manual option. Once this comes in, all employers will have to use computerised payroll systems - whether they want to or not.
Are you a limited company?
Regarding payroll, in my opinion, all limited companies should register for payroll - even if its only to ensure that the correct PAYE returns are made for the directors. That does not mean, however, that specific payroll software is necessary. In theory, payrolls and PAYE can be run manually. Obviously, if you do have employees (whether you are operating as a limited company or sole trader) you should run payroll calculations on what you pay these individuals.
Be aware, however, that in a few year's time the Revenue are BANNING the submision of annual payroll details to them on paper. EVERYBODY who operates a payroll system will HAVE to do it on a computer. There will be no manual option. Once this comes in, all employers will have to use computerised payroll systems - whether they want to or not.
You used to be able to download a trial copy of MYOB. It's definately worth a look if you are not accountancy minded. Compared to the likes of Sage it's style and layout are very straightforward. It's also reasonably priced and I was very impressed with the feature set. It has some features I take for granted as a user of hardcore big business accountancy software (Oracle/Peoplesoft etc), such as being able to run reports at cost centre level, which much more expensive versions of Sage seem to be missing.
I'm actually not that well up on Quickbooks. I actually don't use it myself (I find it TOO basic) however, I have a number of clients who use it and I always find that their records are fairly useable by me without too many major "fixes" required. ALL the versions I've come across have been OK.
On the other hand, I have seen some total disasters from Sage users (it's just too complex for the non-accountant).
On the other hand, I have seen some total disasters from Sage users (it's just too complex for the non-accountant).
I'm a QB and SAGE professional advisor.
If you go the QB route, get someone to show you how to enter transactions properly right from the word go. It will save both you and your accountant time and money.
I wouldn't recommend SAGE unless you are totally familiar with double entry book-keeping.
Excel is much more powerful than people think. I have one client using a fully equipped, double entry system with reporting, that runs from excel.
Ask your accountant, who will know better than most, as to what software is best suited to your needs.
Good luck
If you go the QB route, get someone to show you how to enter transactions properly right from the word go. It will save both you and your accountant time and money.
I wouldn't recommend SAGE unless you are totally familiar with double entry book-keeping.
Excel is much more powerful than people think. I have one client using a fully equipped, double entry system with reporting, that runs from excel.
Ask your accountant, who will know better than most, as to what software is best suited to your needs.
Good luck
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