DIY accounting

[WoodYouLike]

I buy equipment, do jobs for people, get paid and that's it. Yeah I have a van and tools, diesel etc. What I don't want to happen is for me to do my books, give all the stuff to the accountant and for them to say "yeah that's ok" and just send it off.

Hi Gcol

Can I recommend 'Mind Your Own Business'?
MYOB for short. I'm a qualified (Dutch) bookkeeper, tried Quickbooks and Sage and found both of them lacking (and expensive). MYOB is very easy to use, creates very simple reports to keep YOU updated (which is an important business tool, however small you are) and my accountant loves it (which saves me a lot of money. well my accountant is not your typical: yes that's fine, here's my bill, sort of guy and I still feel I get more out of it than I pay for )

Even if you don't have that much bookkeeping experience or skill, from the moment of installing the program it takes you 'by the hand' and guides you through the basic set-up etc. Invoices are easy to make (and to change!), purchases also, you can track revenue and costs per job, bank bookings are very simple, plus you can keep tracking what you've booked where, when and how (and still are able to change any booking you've made without going to the process of crediting, correct debiting every thing!)

 

[WoodYouLike]

Something else just occorred to me; tax law changes periodically and if you were to make full use of your allowances you would have to keep up with all the new legislation each year. Youe accountant is paid to do this for you.

Did your accountant tell you to file PAYEE files to the Inland Revenue on-line to get up to £ 850 pounds back fron IR over a few years? Just reveiced official notice from IR we've been credited £250.00 for filing on-line the year reports of 2004/2005.
How many of (small) businesse here have been told by their accountant about it Mine did, but like I said before, he's good.

 

[hermes]

Something else just occorred to me; tax law changes periodically and if you were to make full use of your allowances you would have to keep up with all the new legislation each year. Youe accountant is paid to do this for you.

Did your accountant tell you to file PAYEE files to the Inland Revenue on-line to get up to £ 850 pounds back fron IR over a few years? Just reveiced official notice from IR we've been credited £250.00 for filing on-line the year reports of 2004/2005.
How many of (small) businesse here have been told by their accountant about it Mine did, but like I said before, he's good.

Yes, I'm sure we do this.

I hope we do this.

In fact, I'll ask my wife when she comes in to work later.

 

[WoodYouLike]

In fact, I'll ask my wife when she comes in to work later.

Just something I notice in this thread: you're the third 'bloke' who's wife's doing the books

 

[gcol]

Hmmm ok you convinced me. I'll give this accountant mush a call later and see what he has to say.
Thanks for the advice,
Gcol

p.s. thanks woodyoulike, I'll have a look at MYOB and see what this accountant would prefer me to use.

 

[hermes]

Just something I notice in this thread: you're the third 'bloke' who's wife's doing the books

It's a good arrangement all round, except when she makes a mistake, then I can't give her a bo*****ing because she then points out all the mistakes I make!

 

[WoodYouLike]

That sound so familiar

 

[hermes]

Did your accountant tell you to file PAYEE files to the Inland Revenue on-line to get up to £ 850 pounds back fron IR over a few years? Just reveiced official notice from IR we've been credited £250.00 for filing on-line the year reports of 2004/2005.
How many of (small) businesse here have been told by their accountant about it Mine did, but like I said before, he's good.

Yes we do this and we did it last year as well, but apparently we were informed of it by the IR themselves, and not by our accountant.

 

[WoodYouLike]

Yes, so were we, but friends of ours don't always look at all the post etc they're getting (lack of interest?) When I asked them if their (pretty expensive) accountant hadn't mentioned it either to them they said no (and are no thinking very hard to switch to my accountant

 

[hermes]

Point taken, it can be expensive not to read your mail properly as I'm sure you know. Anything remotely official looking goes straight into my wife's in-tray, she's got to earn her keep after all!

 

[WoodYouLike]

This might end up in a two-way correspondence, but are you doing your own payroll?
We are by using an Interent Payroll program (which is supported by Inland Revenue and enables you to file online) which only costs us £5.00 a month.

 

[hermes]

I know we use Sage Parroll, which links in with the Accounts program. I don't know anything about filing online, is that to do with the secretarial filing of fingernails?
I can't ask my wife because she's gone home again. It's so difficult to get good staff nowadays don't you think?

 

[WoodYouLike]

(Don't have any fingernails left, so it's 'secretarial' filing ask the wife, she'll know.)

 

[masona]

In fact, I'll ask my wife when she comes in to work later.

Just something I notice in this thread: you're the third 'bloke' who's wife's doing the books

Sounds like a fiddle or checking their partner earning

 

[Thermo]

gcol,
didnt think you were beliitling accountants/bookeepers at all, just wanted to point out some things my wife sees on a regular basis and groans at when she thinks if only they'd asked or come to me. Doing your own books is fine, but speak to your accountant to make sure your using a system they are compatible with. As was said by hermes, they keep up with all the legislation and tax rulings, my wife goes on update courses etc as it is forever changing.

shes not in at the moment but if you want ill ask here for a list of things most people dont realise they can claim if you want!