Accounting software for contractor

[Danglekt]

Having just spent the entire weekend catching up on last years accounts I would like to be more prepared this year!

So I was wondering for those of you that use a cheap and cheerful accountant who does end of year stuff only (rather than booking-keeping via online portal at £££ per month) do you use an accounting package to keep on top, or excel spreadsheets.

I could just update the spreadsheets more regularly going forward, which wouldn't be an issue, as it's all pretty straight forward, but I figured anything to make it easier for not a lot extra is worth asking about.

I am specifically after keeping on top of dividend counterfoils, tracking income and outgoings (via bank account ideally rather than manual typing) and being able to have something more professional than my dodgy spreadsheet for calculating my dividend that I can justify as not being "illegal" (I have a reasonable rainydayfund/warchest so no real concern here, but it needs to be tracked so may as well put it on the wish list.)

So, oh wise and mighty brains of contractor UK, bestow your wisdom!

I have googled it and can't find much that isn't a high cost accountancy service who want just 20% of my turnover to help me manage my accounts

[AJ1982]

Freeagent, but with an accountancy. Getting mine for well under £100 pm.

[northernladuk]

Sounds like Freeagent is what you need. Auto bank imports that allow you to explain each transaction linking to your expenses and invoices and an instant view of what's paid and outstanding. Profit and loss is shown with distributable funds. All VAT unprepared and can submit to HMRC by clicking a button and putting in your gateway account. RTI just as quick. Sounds like exactly what you want. I believe it does have a free trial option but don't know what that comprises of. Some accountants offer it as part of their package which to make the deal more attractive.

I was a big fan of the spreadsheets and probably still would be fine was using them but have to say I'm pretty pleased with freeagent

I'm with Gorilla Accounting who offer this and the double bonus they are used to the spreadsheets from someone the staffs SJD days and have no complaints.

[Danglekt]

Just looked - at £29 per month that is not far off what I pay my accountant...

vs. spreadsheet etc, any ideas on the time difference/saving?

[northernladuk]

Just looked - at £29 per month that is not far off what I pay my accountant...

vs. spreadsheet etc, any ideas on the time difference/saving?

Not sure if you are not going to use an accountant. The SJD spreadsheet didn't have year end and stuff (or it was hidden) where freeagent does so I'd expect plenty of time saving there and with submissions. I used to spend a lot of time over mine so couldn't help you when it comes to minimum time to do X and y. I feel a lot more in control with freeagent though as I can see it all rather than my accountants finishing the last step.

Not very useful for you I'm afraid sorry.

[TheCyclingProgrammer]

Just looked - at £29 per month that is not far off what I pay my accountant...

vs. spreadsheet etc, any ideas on the time difference/saving?

Your accountant sounds ridiculously cheap. I pay £96/month inc VAT and I know some charge even more.

[TheFaQQer]

Just looked - at £29 per month that is not far off what I pay my accountant...

vs. spreadsheet etc, any ideas on the time difference/saving?

I have a referral code for 10% off each month.

Or rather a friend of mine does.

[Alan @ BroomeAffinity]

Your accountant sounds ridiculously cheap. I pay £96/month inc VAT and I know some charge even more.

There's no chance (in my view) you'd be able to get looked after properly for this. I reckon it costs £500-£600 to look after a contractor client. Either you've got a huge year end bill coming or you're not getting looked after properly.

[TheFaQQer]

There's no chance (in my view) you'd be able to get looked after properly for this. I reckon it costs £500-£600 to look after a contractor client. Either you've got a huge year end bill coming or you're not getting looked after properly.

The original post says that the accountant only does the end of year return, and it looks like the accountant gets a lot of data handed to him directly by the contractor.

£400 isn't that bad if that's all they are doing.

[Alan @ BroomeAffinity]

The original post says that the accountant only does the end of year return, and it looks like the accountant gets a lot of data handed to him directly by the contractor.

£400 isn't that bad if that's all they are doing.

I really should read the thread better before replying!! You're right y/e only at £400 isn't too bad.