New Business Accounting System

edited 30 November -1 at 1:00AM in Small Biz & Charities' MoneySaving
4 replies 236 views
sarah861421sarah861421 Forumite
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Hi all
We have just set up a new ( very small construction ) company. I have found WAVE which is a free online bookkeeping system. Has anyone heard of it ( reviews seem ok ) I have put the entries in but cant get the VAT return to make sense

Struggling a bit to start off Any thoughts or recommendations please

Replies

  • Savvy_SueSavvy_Sue Forumite
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    If you have an accountant, have you asked them what they'd recommend, and whether they have offers on it if it's a paid-for system, and whether they'll show you how they want things done?
    Still knitting!
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  • PennywisePennywise Forumite
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    Last time I checked Wave wasn't compliant with UK/EU GDPR (data protection laws) so isn't really suitable for a UK business these days. As it's Canadian, it's UK VAT functions are limited/basic and re GDPR they've virtually abandoned the UK market, so won't be developing VAT in the future either.
  • sarah861421sarah861421 Forumite
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    thats really helpful thankyou Havent got an accountant yet, as I said we have only just started, does any one have a free ( or very very cheap ) bookeeping system they could recommend. Looked at Sage and Quickbooks and they seemed quite a lot
  • gettingtheresometimegettingtheresometime Forumite
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    If you're VAT registered check that the package can be used for submitting VAT returns digitally.

    We went from using excel spreadsheets which our accountant was happy with for years to having to buy a package just for this very reason.

    Have a look at Money Manager - I think it costs about £100 - which is what we ended up with.
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card / JD Williams cleared :) thanks to the 1 debt v 100 day challenge
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