Accounting software?

[Sharpend]

so I have gone limited and thinking perhaps it was the wrong decision?????

My costs have gone through the roof, accountants want £3500 per annum! And want to force me to use cloud acounting software (Xero).

So does anyone have any suggestions? Is it benficial, cost efficient, does it make your accountants fees less, i gather theyll have a lot less to go through and sort?

Am I being over charged? theyre doing payroll (me and one other), the odd subbie or two, VAT returns (All Reverse charged or Zero rated), CIS and accounts?

Whats everyone else doing?

 

[johnb2713]

My I.T. business has a turnover circa £400k and the annual accountancy fees are around £2k including Payroll for 6 staff. My property business (established 18 months ago) has a turnover £70k, 3 staff on payroll) accountancy fees £650. I think you need to shop around. I've used this accountant for business and personal tax etc for 25 years, they've always been really good. They're happy with any of the known software eg Sage, Quickbooks etc.

 

[Andy™]

my accountant is around 1k per year. LTD company. payroll (just me). some jobs CIS / reverse VAT, some normal 20%

im lazy. i get them to do everything. each quater they get folders with all invoices & outgoings and they sort everything, i just get a phone call then letter confirming what taxes i have to pay / refund etc and that's it

 

[johnb2713]

my accountant is around 1k per year. LTD company. payroll (just me). some jobs CIS / reverse VAT, some normal 20%

im lazy. i get them to do everything. each quater they get folders with all invoices & outgoings and they sort everything, i just get a phone call then letter confirming what taxes i have to pay / refund etc and that's it

You definitely need another accountant

 

[Andy™]

You definitely need another accountant

unfortunatly im not a large enough company to afford dodgy accounts / lawyers who can tell HMRC they are getting **** all and im hiding everything in a different country so they are not getting anything

 

[Murdoch]

Under £500 - sole trader, no CIS , no employees and he sorts my tax return too

 

[binky]

The likes of Xero and QuickBooks can do all the figures for you, but a lot of the functionality is hidden when supplied by the accountant. Get your own copy of the software, and sack the accountant.

 

[NozSpark]

I have Xero and am pretty much in the same situation (LTD, VAT, main contractor CIS ,,,) and pay £1500 a year,,, they take all my figures out of Xero and stick them into their own software, do my VAT, corporation tax and personal tax return…. I do my own CIS returns as I only have 1 subbie

 

[novelsmike]

If you have a Natwest business account you can get the accounting software FreeAgent for nothing. No monthly fee and it does everything including VAT, HMRC payroll returns, invoicing, expenses etc. However you will still need (I think) to have an accountant do the yearly financial statement.

 

[KJC58]

If you have a Natwest business account you can get the accounting software FreeAgent for nothing. No monthly fee and it does everything including VAT, HMRC payroll returns, invoicing, expenses etc. However you will still need (I think) to have an accountant do the yearly financial statement.

FreeAgent will even do your financial statement and you can upload directly to HMRC
but probably worth having an accountant too but clearly not at that cost

 

[Sharpend]

If you have a Natwest business account you can get the accounting software FreeAgent for nothing. No monthly fee and it does everything includining VAT, HMRC payroll returns, invoicing, expenses etc. However you will still need (I think) to have an accountant do the yearly financial statement.

i am actually with Natwest and have been offered the FREEAGENT software, but accountant want it on Xero, probably their preferred choice, are these cloud accounting software predominately the same?
having always being used to doing my own accounts as a Sole Trader, its getting quite annoying having to use an accountant, never mind the costs!

 

[binky]

FreeAgent will even do your financial statement and you can upload directly to HMRC
but probably worth having an accountant too but clearly not at that cost

Is it not a legal requirement to have an accountant for LTD companies?

 

[MikeJhn]

No legal requirement to have an accountant if you are a limited company, Quickbooks did all my accounting when I was working although not limited, what I particularly liked was that most of the stupid double entry goop was hidden until it was needed on a VAT inspection, two inspectors, three days and they ended up owing me, what a waste of time that was.

 

[shaunuk]

I tried zero. Ok but not great. Currently on quickbooks, annoying terminology It’s all American and stupid bugs and crap support. Testing out FreshBooks at the moment. Looks and feels way better and more modern. Just need to get over the pain of moving systems again.

If your accountant is demanding you use a particular software, change the accountant. Use what’s best for the business. Or get rid completely and save the cash. The problem with outsourcing thinking to these people, like all trades is you loose the ability to learn for your self. Accounts is a pice of piss, it’s simply a number of lists of transactions wrapped in complicated words like ledgers and nominals. ******** words to create another bloated industry.

 

[Murdoch]

Been on quick books for over a decade.

Using the 2014 version on my pc - it does everything I need

 

[binky]

No legal requirement to have an accountant if you are a limited company, Quickbooks did all my accounting when I was working although not limited, what I particularly liked was that most of the stupid double entry goop was hidden until it was needed on a VAT inspection, two inspectors, three days and they ended up owing me, what a waste of time that was.

Are yes, you've reminded me, using an accountant means you are less likely to get a tax inspection. You can also get insurance against earnings losses should HMRC decide they want to inspect the business.

For the first few years of business I did find having an accountant useful for tax avoidance advice. Reckon they saved me more than they cost, but after that, I never really felt I got a lot from them.

 

[Sharpend]

I tried zero. Ok but not great. Currently on quickbooks, annoying terminology It’s all American and stupid bugs and crap support. Testing out FreshBooks at the moment. Looks and feels way better and more modern. Just need to get over the pain of moving systems again.

If your accountant is demanding you use a particular software, change the accountant. Use what’s best for the business. Or get rid completely and save the cash. The problem with outsourcing thinking to these people, like all trades is you loose the ability to learn for your self. Accounts is a pice of piss, it’s simply a number of lists of transactions wrapped in complicated words like ledgers and nominals. ******** words to create another bloated industry.

I started out in accountancy many moons ago so I know what you’re saying only I’m not up to speed with all the changes.

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