Keeping simple accounts

sunshine_shell

Does anyone know where i can find simple easy help on how to keep accounts?

I would like to start a small business and the only thing i'm unsure of is the finance/account keeping side.

Thanks
Michelle

irisandalex

Hi Michelle,

Business Link is definitely the place to start. This link might help you:

http://www.businesslink.gov.uk/bdotg/action/layer?r.s=tl&r.l1=1073858805&r.lc=en&r.l2=1073859158&topicId=1073860617

Loads of useful stuff on the website, have you contacted your local business link office?

Alex

rao_2

Hi this is a common issue self-employed freelancers have so here's a few resources from a website I like all about freelancing (theres also often some great links/resources in the comments section):

http://freelanceswitch.com/the-business-of-freelancing/online-bookkeeping-for-freelancers-that-wont-cost-an-arm-and-a-leg/

http://freelanceswitch.com/money/7-online-invoicing-apps-for-freelancers/

New invoicing app "InvoiceMachine": http://forum.freelanceswitch.com/topic.php?id=5301

http://freelanceswitch.com/general/101-essential-freelancing-resources/

http://freelanceswitch.com/working/everything-you-need-to-manage-your-money-online/

Regarding tax and filing a tax return. The HMRC are really helpful in helping you get to grips with doing your own tax return After you register as self-employed they send a booklet for people new to the scene along with a helpline to call should you have any questions (which you'll probably have lots of!). You can also do your tax return online these days too which makes some things easier.

sunshine_shell

rao wrote: »

Hi this is a common issue self-employed freelancers have so here's a few resources from a website I like all about freelancing (theres also often some great links/resources in the comments section):

http://freelanceswitch.com/the-business-of-freelancing/online-bookkeeping-for-freelancers-that-wont-cost-an-arm-and-a-leg/

http://freelanceswitch.com/money/7-online-invoicing-apps-for-freelancers/

New invoicing app "InvoiceMachine": http://forum.freelanceswitch.com/topic.php?id=5301

http://freelanceswitch.com/general/101-essential-freelancing-resources/

http://freelanceswitch.com/working/everything-you-need-to-manage-your-money-online/

Regarding tax and filing a tax return. The HMRC are really helpful in helping you get to grips with doing your own tax return After you register as self-employed they send a booklet for people new to the scene along with a helpline to call should you have any questions (which you'll probably have lots of!). You can also do your tax return online these days too which makes some things easier.

To be honest non of that makes much sense to me... i'm a sewer so not big with 'online apps' But thank you anyway!

LaurieK

A very simple way to keep accounts is to keep a list of incomings and outgoings as below.

If you're not confident using a computer program like Excel or the free version OpenOffice then I would suggest an analysis pad or book. Keep your payments and receipts either in separate books or pages. (Or just rule some plain paper.)

Head the columns:

Reference (Numerical, ie 1st item is number 1 and write the same number on the corresponding piece of paperwork)

Date (Transaction took place)

Details (Who the payment was paid to or money received from)

Gross Amount £ (Amount paid or received)

If you want to separate things off ie different categories of things that you have sold or things that have been bought then use other columns for this.

For more indepth bookkeeping then I think you can buy Sage Instant Accounts for about £100. This would keep track of creditors, debtors and be able to do bank reconciliations.

Hope this helps.

scotsbob

There are lots of free programmes for keeping simple accounts

Here you go

http://lmgtfy.com/?q=freeware+simple+accounts

Annie_Other

Hi Michelle

Depending on where you live there is free training available, especially for women, check it out with business link.

Or you can contact your local tax office and they will be able to tell you what is the minimum requirement. All will depend on what type of business you are setting up, I am a trainer and use a simple book system 'monies coming in' and 'monies going out'.

Good Luck in your new venture
Annie

rao_2

Annie_Other wrote: »

Depending on where you live there is free training available, especially for women, check it out with business link.

On a similar note, when registering as self-employed I was told that I could go to advice workshops if necessary. Never took them up on it but may be able to get some extra support down that route if you ask them where these workshops take place.

EDIT:
If you're not keen on ones you have to be connected to the net with, for offline, there is popular commercial ones like Sage / Peactree, Quickbooks etc. Could look at this comparison list:
http://en.wikipedia.org/wiki/Comparison_of_accounting_software

Many just use Excel etc. as mentioned above. There are some in the turn £100 into £10,000 thread that I saw trade simple Excel spreadsheets. Or if you don't have a great deal of records to keep, plain old sticking invoices and paper notes into folders. You can probably get some pen and paper accounting books like you can business diaries etc. for that purpose.

Mint.com (UK option in the works), Wesabe, Yodlee, Quicken, MS Money, MoneyStrands (and its alternatives) though online is cool for general budget tracking though I haven't took the leap yet as I'd need to input bank details. But it can hook into alot of online stuff that automatically breaks down everything, and track your spending and other things outside of normal accounting.