Accounting Systems

[XFS 70]

A bit of a boring topic. Sorry in advance.

Ok, so I am making a fresh start with a new Unit based business. We start trading early March with a stock of 12 to 15

I am looking for an easy way of make accounting and VAT easy.

My accounts recommend A programme. Cant remember which one, but it didn’t look particularly appealing to me.

Any recommendations ?

Thanks in advance

 

[Mark101 536]

1 hour ago, XFS said:

A bit of a boring topic. Sorry in advance.

Ok, so I am making a fresh start with a new Unit based business. We start trading early March with a stock of 12 to 15

I am looking for an easy way of make accounting and VAT easy.

My accounts recommend A programme. Cant remember which one, but it didn’t look particularly appealing to me.

Any recommendations ?

Thanks in advance

 

VT just google BBSOL

Works a treat for me.

[BHM 994]

1 hour ago, XFS said:

 

A bit of a boring topic. Sorry in advance.

 

 I thought that before I even opened up this topic.

[XFS 70]

12 minutes ago, Mark101 said:

VT just google BBSOL

Works a treat for me.

Looked great...then I read that it needs windows as an OS  I use Mac, but I will drop them a line in case there is a way round it.

Thanks for the info.

7 minutes ago, BHM said:

 I thought that before I even opened up this topic.

My posts are usually pretty boring, but I've excelled with this one

[justina3 518]

1 hour ago, XFS said:

A bit of a boring topic. Sorry in advance.

Ok, so I am making a fresh start with a new Unit based business. We start trading early March with a stock of 12 to 15

I am looking for an easy way of make accounting and VAT easy.

My accounts recommend A programme. Cant remember which one, but it didn’t look particularly appealing to me.

Any recommendations ?

Thanks in advance

 

Depends on your level of input required most accountants will offer an entry system and charge a nominal fee just picture snap the invoices wing them over and they do all the entry work, you may be surprised with the cost v work required.

Back in our car audio days we had close onto 30 staff and the accountant used to charge £50 a month to do payroll wasnt worth our effort or headache just emailed him hours last day of the month and payslips turned up within an hour job done. 

 

[XFS 70]

9 minutes ago, justina3 said:

Depends on your level of input required most accountants will offer an entry system and charge a nominal fee just picture snap the invoices wing them over and they do all the entry work, you may be surprised with the cost v work required.

Back in our car audio days we had close onto 30 staff and the accountant used to charge £50 a month to do payroll wasnt worth our effort or headache just emailed him hours last day of the month and payslips turned up within an hour job done. 

 

That may be a possibility. My accountant charges are very reasonable and I hate doing paperwork.

[trade vet 703]

1 hour ago, XFS said:

That may be a possibility. My accountant charges are very reasonable and I hate doing paperwork.

I take it you do know about signing up to a Making Tax Digital compliant provider.( that’s £20- £30 per month ). plus if you are like me, you will need somebody to upload all your invoices onto the system.Good Luck.

[justina3 518]

36 minutes ago, trade vet said:

I take it you do know about signing up to a Making Tax Digital compliant provider.( that’s £20- £30 per month ). plus if you are like me, you will need somebody to upload all your invoices onto the system.Good Luck.

A lot of dealers have no idea what info there sending off to the vat office with there mtd return, the revenue's ability to be able to drill down into any entry now is as clear as glass, going to be a lot of surcharges issued this year thats for sure.

 

[XFS 70]

1 hour ago, trade vet said:

I take it you do know about signing up to a Making Tax Digital compliant provider.( that’s £20- £30 per month ). plus if you are like me, you will need somebody to upload all your invoices onto the system.Good Luck.

I am aware yes. Even watched HMRC Youtube videos on the subject. Ten mins of my rapidly deminishing life I won't get back.

I will probably end up with my accountant doing it.

[Mark101 536]

Buy yourself a cheap dedicated PC with Windows (£300) and pay VT and Sage £500 in total per year and you are 100% sorted. 1 press of a button on the 7th of Feb and my VAT is done, I am compliant, my books are always up to date every single day before I leave work. Takes 10 mins per day and makes you feel so much better knowing your real financial standing.

[XFS 70]

6 minutes ago, Mark101 said:

Buy yourself a cheap dedicated PC with Windows (£300) and pay VT and Sage £500 in total per year and you are 100% sorted. 1 press of a button on the 7th of Feb and my VAT is done, I am compliant, my books are always up to date every single day before I leave work. Takes 10 mins per day and makes you feel so much better knowing your real financial standing.

My partner has a spare windows machine I can have. I had a look and looked at the tutorial. It seems very good, but possibly to complex for me. I will speak to them on Monday, but my current thought is just let the accountant do it all.

[RJEauto 18]

We use Xero, highly recommended

MTD compliant, easy navigation, bank feeds and we use payroll on there.. something like £30 per month

[Mark101 536]

2 minutes ago, RJEauto said:

We use Xero, highly recommended

MTD compliant, easy navigation, bank feeds and we use payroll on there.. something like £30 per month

I started using Xero but it doesn't have CDM which is why I switched to VT and Sage.

[MrC 142]

I just pay the account to do everything. £130 + vat a month.  

VAT

Tax returns 

Book keeping 

Banking.

He has all my logins for ebay, paypal credit card accounts. So any invoices I have not taken a pictures of they find them.

No brainer as far as I'm concerned. It's like having our own accounts department. 

 

[Colin 0]

I don't do a lot of volume and can find my way round  a spreadsheet. This costs me £35 a year and works out my VAT and year end. https://www.easybookkeepingspreadsheets.com/small-business-accounting-vat-templates/23-used-car-dealer-accounting-spreadsheets.html 

 

[XFS 70]

I’ve decided to go with having my accountant do everything for a few months and see how it goes. Thanks for the replies.

[Arfur Dealy 823]

1 hour ago, XFS said:

I’ve decided to go with having my accountant do everything for a few months and see how it goes. Thanks for the replies.

With "making tax digital" that's exactly what I did, found a local accountant to do everything, I just hand him my paperwork every quarter and he does the rest. It's worth every penny XFS, good luck with the new venture 

BTW, it was the wife who previously my accounts and she's a very happy bunny too 

[XFS 70]

1 hour ago, Arfur Dealy said:

With "making tax digital" that's exactly what I did, found a local accountant to do everything, I just hand him my paperwork every quarter and he does the rest. It's worth every penny XFS, good luck with the new venture 

BTW, it was the wife who previously my accounts and she's a very happy bunny too 

Thanks. Looking forward to it. Should give me new lease of life I reckon. I’m so glad to get out of my previous full time business even though I have it to thank for giving me the money to invest in this. To be fair I,ve also done pretty well out of part time trading over the years and learned a lot of important lessons along the way.

[trade vet 703]

Sorry guys gloom and doom again but you need to use a chartered accountant.Good record keeping may be a boring subject but it is very important should you in future be randomly selected for some inspection where they go back years.You newbies should also bear in mind that in the event of your accountant messing up ( and even the best do)  HMRC will hold you responsible for their actions.I found this out after trading for many years and there is a price to pay.

[XFS 70]

18 hours ago, trade vet said:

Sorry guys gloom and doom again but you need to use a chartered accountant.Good record keeping may be a boring subject but it is very important should you in future be randomly selected for some inspection where they go back years.You newbies should also bear in mind that in the event of your accountant messing up ( and even the best do)  HMRC will hold you responsible for their actions.I found this out after trading for many years and there is a price to pay.

I don't think sound advice is doom and gloom TV, but I'm not sure who it is directed towards. Obviously not me

You can't be that much my senior. I have had a 40 year working life, mostly in some form of business, often with a number of employees, usually VAT registered. I have used the same firm of (Chartered) Accountants since 1997. The main difference between you and I is that although I have been buying and selling car for 40 odd years, previously the most cars I have had in stock is half a dozen and my accounts were so simple, even I could do them...and I hate numbers and bookwork with a passion.

I have endured VAT inspections before it was virtual. At one point the VAT man was camped at my place for 3 days. We ended on first name terms and I used to phone him up for advice.

I know no better than most not to give HRMC any excuse, hence why I want to make sure that I give myself the best chance possible of avoiding errors.

[trade vet 703]

36 minutes ago, XFS said:

I don't think sound advice is doom and gloom TV, but I'm not sure who it is directed towards. Obviously not me

You can't be that much my senior. I have had a 40 year working life, mostly in some form of business, often with a number of employees, usually VAT registered. I have used the same firm of (Chartered) Accountants since 1997. The main difference between you and I is that although I have been buying and selling car for 40 odd years, previously the most cars I have had in stock is half a dozen and my accounts were so simple, even I could do them...and I hate numbers and bookwork with a passion.

I have endured VAT inspections before it was virtual. At one point the VAT man was camped at my place for 3 days. We ended on first name terms and I used to phone him up for advice.

I know no better than most not to give HRMC any excuse, hence why I want to make sure that I give myself the best chance possible of avoiding errors.

Sorry XFS I was just directing my experience to the newbies and some of them often refer to my posts as doom and gloom.Clearly you are not one of them.

 

[XFS 70]

1 hour ago, trade vet said:

Sorry XFS I was just directing my experience to the newbies and some of them often refer to my posts as doom and gloom.Clearly you are not one of them.

 

I used to confuse reality and sensible caution with doom and gloom myself in my younger day.

It cost me a lot of money and some painful lessons.

[Casper 272]

3 hours ago, trade vet said:

Sorry XFS I was just directing my experience to the newbies and some of them often refer to my posts as doom and gloom.Clearly you are not one of them.

 

I would refer to it as experience . I had friend an older gent used to come about the place before his sad passing he used to say some of the younger generation could live to  100 and then live an other 100 years and still they wouldn't listen to advice . 

Edited February 3, 2020 by Casper

[justina3 518]

Nothing changes i never listened to my dad now my son doesnt listen to me and the circle of life continues.

[Casper 272]

6 hours ago, justina3 said:

Nothing changes i never listened to my dad now my son doesnt listen to me and the circle of life continues.

Then you get to an age when you wish you had listened and realise what they were saying was all true