DO I REQUIRED ACCOUNTING SOFTWARE APPLICATION FOR MY SMALL COMPANY?
You’ve discovered out concerning ‘Cloud Software application’, nevertheless do you need it for your solution? In this video clip Dan resolves the issue.
Dan covers topics including:
Do you need software program application as a single investor/ self made use of private
Do you call for accountancy software program application
Do you call for bookkeeping software program application as a marginal service
Does accountancy software program application preserve time
Does audit software program application preserve tax obligation
Generating income quicker
Email invoicing
Financial institution feeds
Xero
Quickbooks
Sage
… as well as even more!
#selfemployed #directors #limitedcompany #book- maintaining.
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Telephone call: 02392 240040.
Email: [email protected]!.?.!
You’ve located out regarding ‘Cloud Software application’, nonetheless do you need it for your solution? In this video clip Dan resolves the issue.
Mohamed Salahudeen
great videos keep it up
Heelan Associates
Glad you enjoy!
Edward Tamas
very useful info in your videos. Can you make a video relating self employment with Deliveroo, UberEats etc.
Heelan Associates
Any particular questions you’d like covered?
Edward Tamas
If you work with two different apps (Deliveroo, UberEats) is it ok to make one earnings spreadsheet for both or they have to be filed to hmrc under two different businesses as well?
If in one tax year i was employed then stopped my employment and went self employed for the rest of the year, do i have to declare my employment income from that year as well?
Hope my questions make sense, thank you in advance.
Sheila Lau
Thanks for your numerous informative videos on Ltd companies!
Currently (Jul-2021), FreeAgent accounting software comes subscription-free with a business account with Natwest and RBS (same banking group).
In your opinion, how does it compare to Quickbooks and Xero?
Note – I’m reviewing the market in order to open a business account for my Ltd company. The free software is enticing. But are there any downsides from choosing the bank because it offers free software?
Heelan Associates
If you are a really straightforward service based business, FreeAgent is ok. If you are anything more in our opinion it’s not as good as the other two (at the time of writing).
slimbob
I’ve just discovered your videos. They are all extremely helpful. And straight to the point. Would you mind answering this…. What is your opinion on bookipi? It saves a sheet as CSV would this be acceptable to you as an accountant? Thank you
Heelan Associates
Hi James, we’ve not used it but having looked at it briefly, seems to have good features for invoicing. It’s not a complete solution though from an accounting point of view as it doesn’t do bank reconciliation or expense capturing, so you’d need that as well for the tax return.
Tatam Davidson
Fast paced, quality information for a girl in Oz, just starting out! All relevant, now have some direction for what I need to further look into in Australia… Thanks so much 😁🙏🏼
Heelan Associates
Glad you enjoyed!
Leila Yousefi
Thanks for the informative video.
I have got two questions:
I have a limited company and registered in April 2020 and now I have a deadline to file accounts by the end of this month. I have not traded and not earned yet. I was wondering if it is better to change the activity of my company as dormant before filing my accounts or after that?
Also, I have put some money on my business account as a director loan as I needed to pay my gym membership and mobile from my business account. Is there any problem if I pay from my business accounts once the company has registered as dormant?
Heelan Associates
Hi Leila, did you have a bank and bank transactions during the year of account you need to submit?
Faizan Nasir
Has the HMRC now said that by April 2024, MTD will become law right?
Heelan Associates
For over £10,000 turnover that’s the current idea yes, although it’s been changed plenty of times…
Geri Game
@Heelan Associates hi, is there an update on this MDT for a sole trader that’s vat free. What kind of app/ software u need to use- can u use a spreadsheet n then send to an accountant?
Global RodicaGazii
THANK YOU FOR GREAT HELP BUT MAI I KNOW HOW TO CONTACT YOU PLEASE ?REGARDS GR
Heelan Associates
Hi there, contact details for our firm are in the description.
Heelan Associates
Hi there, contact details for our firm are in each video description.
Amateur Torque
Thank you Dan, I’ve been using Excel for years, but now I need to bite the bullet and use accounting software to do limited accounts.
Heelan Associates
Welcome to the future 😄
Laura B
I’m in the UK, and have been keeping things in order for my accountant the old school way (spreadsheets, physical receipts etc) for a few years now. I’d like to make the jump to cloud software, but I am a little confused as to which would be the best one for me as a freelancer / sole trader. I don’t need anything complicated, just income and expenses, possibly being able to categorise expenses, and the ability to generate invoices (with a business logo). I’d like a nice user interface too ^_^ Which would you recommend – Xero, Quickbooks, Freshbooks, Wave or FreeAgent?
Heelan Associates
Xero or QuickBooks would be our go to. Both will do what you are after!
Wave is probably going away for UK customers, and was always a little buggy from our experience (could of improved lately).
Freeagent is ok, but functionally (at the time of writing) not better than the other two; feedback from clients is they find it restrictive. Can be free with a natwest business account though.
Bimble Design UK
Loving the videos! 🙂
Just out of curiosity: does the Starling app not give you a lot of the functionality you’re referring to? I know you won’t get the full set of accounts; but you can upload photos easily to every transaction and it also pre-determines the cost category based on supplier (e.g McDonalds automatically categorised as food & bev’). I only ask as an accountant friend as recommended we use cloud accounting software …. but it sounds like a lot of the benefits are already free with Starling (fyi we’re under the VAT threshold so not VAT complications!).
Thanks in advance 🙂
Baillie O'Grady
I’ve got the exact same set up and I agree, for £7 a month (currently) Starling takes care of my invoices, reconciling income and categorises expenses. The theory being, all the ground work is complete ready to hand to an accountant to generate the annual accounts (hire someone on Upwork). All in all it’s going to cost me ~£140 (£84 for Starling and about £40 for the accountant).
Heelan Associates
If you are non VAT registered sole trader, our initial look says it could be ‘ok’. It’s not a full accounting package though (currently), so doesn’t give you some of the key reports needed for say a LTD, doesn’t plug into other apps etc.
It’s not something (at the time of writing) we recommend, but these things are always developing!
Lisa Brown
Hi Dan – thanks for such a clear video!
My husband and I own a convenience store based on a showground that is only open when events are on. We’re a partnership and we’ve just registered for VAT on the Flat Rate Scheme. I’ve looked at some of the accounting software and have been reading comments on various forums and the general opinion seems to be that the software/apps aren’t typically particularly useful for retail businesses. The main niggle seems to be that revenue isn’t from invoicing but daily till takings. Also, most of the main players seem to be a bit clunky when it comes to the FRS. Any advice?
Thanks
Lisa
Heelan Associates
Xero – QuickBooks both handle it quite well now. Years ago used to be a pain, now it’s just an option to turn on.
Takings wise you can deal with it in various ways in the software, but it’s honestly not a lot different. It might be you just have to translate a manual print from your till into app, but honestly it’s really quick.
We’ve a ton of retail clients all on these. Retail book-keeping tends to be one of the harder things to book-keep generally though, just because of things like card machines and the like.
But software wise totally suitable.
Lisa Brown
@Heelan Associates Thanks Dan. What about the Flat Rate Scheme? Is that easy to handle?
darren doolan
Does ebay uk remit taxes on our behalf somebody please answer this for me. its stupid how google does not answer this very simple question
Heelan Associates
Which taxes is the problem? They may have some interaction with VAT, but not other taxes.
Kalila Valezina
Hi, thanks for these informative videos. I’ve been doing my bookkeeping with a physical book (and pencil!) for the past 12 years. I think it’s time I upgraded. 😄
Can I use Xero to input my current tax year’s information to complete my tax return? I’m really confused how to get started. Thanks!
Heelan Associates
Might be worth doing your tax return from old info, the starting fresh from April data. You can bring the old stuff in but might be a little overwhelming!