Accountancy advise

[RFDAndy]

Hi folks,

I've been working on a contract for 4 months now, usinga Ltd company I set up specifically for it. I've been using one of the large (well known perhaps?!) accountancy services, after being recommended them by a couple of fellow contractors. I'm not overly impressed with this setup. Whilst I have found them to be quite helpful, I don't feel I am getting value for money, and their system seems to be very clunky, and not particularly easy to understand/use.

So, I've been looking at alternatives, and I think I have found a setup that I like the look of. It basically revolves around using an online, or cloud based interface to raise invoices, keep timesheets, track expenses and work out tax bills etc, and use an accountant to sign off the accounts and for advice when required. Examples of the interfaces I am referring to are Freeagent, Clearbooks, Kashflow, Sage to name a few. I was hoping that I could get a few recommendations as to the better software packages out there that people are happy with?

I'm looking for something that can handle me keeping timesheets against projects (i.e multiple clients), track invoices, reconcile my business bank account, do the payroll side of things (I'm the sole director btw), and also help with producing the year end accounts/tax VAT etc.

Also, can anyone tell me any disadvantages or limitations of doing my accounts this way?

I'm hoping that working this way will cut down my projected yearly accounting bill of £1800 to something that feels like it is better value.

Cheers
Andy

[northernladuk]

Accountancy advice

[RFDAndy]

Oops! In my defence, I am an engineer, not an English teacher

I should also add, I'm using the flat rate scheme for VAT too...

Andy

[backrubber]

Contractor Bookkeeping

The following two applications might help, or maybe not ....

MyBookkeepingManager
Earnings Tracker

I've been using Earnings Tracker for years to do my basic bookkeeping tasks. I also use a simple Excel spreadsheet (Bank Account Tracker).

I suspect the apps won't be good enough for what you need, but perhaps worth a look (they're not my apps by the way - I just use them).

[Clare@InTouch]

Check out Xero - similar to the ones you've mentioned.

[Kanye]

I went through a bunch of accountants. Most were rubbish (with the exception of Claire above).

Setup that works for me is now Free Agent + a brilliant Book Keeper + local accountant to sign off at year end.

A bit expensive but I hated doing the admin. I now have 2 pair of eyes on everything, full control of my own data via FreeAgent, and can sleep easy after failing to find a setup that works for a few years.

[philip@wellwoodhoyle]

Freeagent is probably the most user friendly for a contractor, especially the way it deals with your expenses and mileage claims, which I don't think the others do nearly as well.

Plenty of contractor accountants work with FAC, so you do the data entry, and they look over it all and confirm the VAT, payroll, EOY accs/tax etc. Several include the FAC subscription as part of their monthly fee and costs are generally comparable with other contractor accountants.

The FAC website has a directory of FAC accountants, so may be worth a look.

[zedAccounts]

>I was hoping that I could get a few recommendations as to the better software packages

You may wish to google zedAccounts to try a free accounting package. Version 1.3 just released.

ZED.

[colinmaine]

Although they might not be exactly what you are looking for, from experience Sage and Quickbooks are both good pieces of accounting software. in my opinion quickbooks is more user friendly and would be easier to pick up.

Cheers,