Bookeeping

lyniced

My husband has just set himself up as a smal company (IT consultant) and wants me to do the bookeeping. His accountant was going to charge £1000 a year for it, so he said that could I do it. Eeek! Where do I start? I have no time to do a course, but maybe some kind person could help me, either recommending a book, or web-site. Thank you.

terrierlady

;)Sage is the best known software and most used , Tas software is quick and easy and also has an easy help section on it, look around the local PC software section or how about looking in local paper, lots of people stuck at home ie accounts clerks etc set up at home to do small traders books at a fraction of the costs you mention.Im sure a bright person like you will have no problems good luck.

iBusiness

Hi Lyniced,

Moved this topic to small business which should increase your chances of replies on this subject

Hope it helps

lyniced

Thanks moderator - I wasn't sure which topic to put this under.

Thanks Terrierlady for your help. Can I get this software on the internet, such as Amazon?

I have never done bookeeping in my life, so am a complete novice.

Savvy_Sue

I have never done bookeeping in my life, so am a complete novice.

It is not quite an "any fool can do it" area, but it certainly doesn't deserve the mystique surrounding it.

I have kept quite complicated books using Excel spreadsheets, and so does the treasurer of the charity I work for. If you're interested, PM me and I will send you an annotated example! What the auditors use to check they're right I don't know.

I confess I know NOTHING about capital depreciation and write-offs, but concentrate on the easy stuff first. As I understand it, you want to be able to answer two things with your books: How Much and What For?

1. How much: how much money have you got? Not just in the bank right now, but in the bank and not already committed. How much more are you expecting in, and in what timeframe?

2. What for: where's the money coming from, and what's it being spent on? How you split this needs thought: the income can be split into who it's coming from, or what kind of projects it's coming from, or both, so your husband can consider whether he needs to specialise in one kind of project over another, that kind of thing. Expenditure - some things will be obvious, like business stationery. Others won't be so much actual expenditure as things you can allow as business expenses - look on the Inland Revenue site for help here, like use of home for business.

As well as being able to answer those two questions, you also need to be able to demonstrate that the answers you have arrived at are correct. So the vital thing is to be methodical, keep meticulous records, and never ever throw a receipt away. Little and often is a good plan: updating the records at least monthly will save grief later, and you might find weekly or fortnightly easier to begin with.

Good luck: just think what this will add to your cv in the future!

123sl456

Just my subject - I'm a boring accountant!!!

Far too much to answer in a short email, but as someone else said I think - keep meticulous records!!! Every receipt, invoice, cheque stub, lodgement, etc, etc, should be treated like gold dust. Set up spreadsheets and/or manual books and keep good records of everything you have spent and received.

You may want to check with Customs and Excise if your husband needs to register for VAT. You haven't given details of whether your husband is starting as a sole trader or has set up a limited company - in any case it is likely that he will need to submit a tax return at the end of the year.

I appreciate that your husband doesn't want to shell out a grand for his accountant to do his books, but it's probably worthwhile keeping the accountant informed and asking for advice on an ongoing basis - this may cost you more than if the accountant had no involvement at all, but at least you'll have a better idea whether you're doing things right or wrong.

Good luck - it's great fun!

Savvy_Sue

Just my subject - I'm a boring accountant!!!

Are you really? Do you know, despite their reputation, I've never met a boring accountant? The ones I know are all lovely people, and they all seem to have an enormous sense of humour!

But maybe that's just when they're off duty!

lyniced

Hi there,

My husband has set up as a Limited Company and is awaiting VAT registration.  Just taken out company insurance, which our account said was very important, only to find out that other people have no company insurance and don't deem it necessary.  Thats £800 we forked out!!  

So as an accountant, what are the areas that you slap on fees.  What I really want to know is how we can avoid any unecessary bills?

Can I pm you both with questions over the next few weeks, whilst I'm learning?

bridiej

I do my own book keeping using Excel, then at the end of the year send it to my accountant who charges £50 to check the lot over and do my final year accounts, tax return etc.

If you keep on top of it it's easy, just have different sheets for bank expenditure, petty cash, credit cards and income - saves a fortune on Sage!!

reedi

My husband has just set himself up as a smal company (IT consultant) and wants me to do the bookeeping.  His accountant was going to charge £1000 a year for it, so he said that could I do it.  Eeek!  Where do I start?  I have no time to do a course, but maybe some kind person could help me, either recommending a book, or web-site.  Thank you.

Get in touch with your local Business Link or Inland Revenue office, they can book you in on a short FREE bookkeeping course......they're only about 4 hours or so......Im booked in for one end of september.

Greenstuff_2

reedi,
Nice one, I had a look and they also had a link to Learn Direct.
They do a bookeeping course that you do from home for £29.95, it is for the SAGE package reccomended by Terrier Lady and they provide a free 6 month trial of the software, you can learn from home at your own pace.
Thanks everyone, just what I needed!