New Business Accounting System

edited 30 November -1 at 1:00AM in Small Biz & Charities' MoneySaving
4 replies 236 views
sarah861421sarah861421 Forumite
207 Posts
Part of the Furniture 100 Posts
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


  • Savvy_SueSavvy_Sue Forumite
    43.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    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!
    Completed: TWO adult cardigans, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees, 2 sets of handwarmers, 1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 3 balaclavas, multiple hats and poppies, 3 peony flowers, 4 butterflies ...
    Current projects: pink balaclava (for myself), seaman's hat, about to start another cardigan!
  • PennywisePennywise Forumite
    13.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    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
    207 Posts
    Part of the Furniture 100 Posts
    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
    6.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper I've been Money Tipped!
    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
This discussion has been closed.
Latest MSE News and Guides

Energy price cap could be extended beyond 2023

New plans have just been announced by the Government

MSE News

Cheap contents insurance for tenants

DON'T assume your landlord covers you

MSE Guides

Summer sizzlers round-up

Incl £2ish sun cream & £1.50 disposable BBQs

MSE Deals