Which accounting software for a start up business?

sand_hun

Hi, are there any reccomended computerised (ideally web based) accounting packages that could be used for a start up business (partnership).

Or do most start ups tend to start off with paper based records?

moneypooh

It depends on what your requirements are but either using MS office or other office suites are cheap and free, and an acceptable form for accountants.
I don't know anyone who uses paper records anymore.

Are there specific requirements for it being web based?

sand_hun

moneypooh wrote: »

Are there specific requirements for it being web based?

Because it's a partnership and the partners live a few hundred miles apart. That's why we were hoping to look into a system that allows us both to update/amend as and when is required.

moneypooh

Thanks, I thought that might be the case.

Pennywise

We're an accountancy practice and use two web based systems being

https://www.kashflow.co.uk
and
https://www.freeagentral.com

Both are excellent and easy to use. The second is more expensive but it does have better facilities for the recording of claiming "out of pocket" expenses and provides running totals of all taxes with due dates etc.

Please don't use a home made spreadsheet unless your affairs are VERY simple and even then, make sure you build it to show both date of invoice and date of payment for each item, analysis columns to match the tax return boxes, and separate columns for different methods of payment, i.e. business bank account, cash, credit card, private bank account.

Why not ask your accountant what system they'd recommend - if you don't have one yet, why not talk to a few now instead of next year, so that they can set you up properly from day 1 instead of you being on your own for a year and then finding you've made mistakes or havn't been claiming everything you could.

moonpixiewitch

In my experience, over the last 18months setting up and running my hobby business, I have learned the following.....
1. avoid quickbooks - i could not find any accountant that even used it let alone recommends it !
2. zoho is a great web portal for CRM ,Invoicing/quotes, email etc , it has just introduced zoho books - but it does charge after the 30 day trial. I use the free version of everything and just pay for the invoicing part . you can have upto 3 users for free .
3. avoid sage unless you have enough money to pay for a course and the support contract
4. shop around for an accountant , Mine did my books and submitted my tax return for £50 last year , all I did was sort my receipts into envelopes for the different catagories he uses (which are pretty standard) and dropped them off once every few months along with my invoices and p60 from my job . This year I have input all my expenses into zoho , and given him access to that and the invoices , so i dont even need to drop off the receipts so often!

villabadger

Kashflow is the one to use - have used it for 2 different businesses. It's completely web based and your data is held on their servers which is great if you are useless at backing up your own pc.

I do all of the accounts including vat returns and it is very simple to use. I give our accountant access to my account which means there are no hassles with paperwork etc (apart from receipts etc). You do have to pay a monthly fee but I think it is reasonable. They allow you a free trial period - worthwhile giving it a go.

I did try quickbooks in the past which took a bit of time to understand - not very user friendly.

LinuxAllTheWay

As you and your partners have internet connectivity you can still set up your accounts in, say, Excel, and save the file(s) in to Dropbox (www.dropbox.com) Dropbox enables you to share a folder/file with other people.

This is exactly what I do for my Ltd company and it works very well. Granted mine is a pretty simple company with basic cash in/cash out recording. Anything more complicated and you'd need to look at the recommendations above.

Rich

paddyrg

I also use Excel, but Erply.(com?) Is an online ERP, will suit some businesses.

mizzbiz

Kashflow is excellent although quite expensive. It would do everything you need it to and can be accessed by your accountant too.

paddyrg

Just a thought which may be worth bearing in mind - how 'up' on accounting are you? I tried a few bits of software like MYOB, etc., and got very frustrated that it would hide the intricacies from me, I never quite knew what it was recording where, etc., so ended up going back to a few spreadsheets which I maintain (low volume high value business, so it is quite easy), and seem to maintain well enough for my accountant to do me a decent price on my books each year for 2 limited companies. I hated quarter end with MYOB, now I just resent a few hours with Excel with the tv in the background...