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Bookkeeping

Discussion in 'Electrical Forum' started by blackstock, Jan 10, 2017.

Discuss Bookkeeping in the Electrical Forum area at ElectriciansForums.co.uk.

  1. blackstock

    blackstock New EF Member

    Location:
    Wiltshire
    Business Name:
    Blackstock
    Hey

    Help please? I'm wondering how other Sparks are doing their bookkeeping.
    A mate is telling me to look at online bookkeeping software as it will save me a % of my accountancy and bookkeeping costs.

    Who uses software, or excel, or pays for a bookkeeper to do it?

    Appreciate the help. Thank you

    Darren
     
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  3. Midwest

    Midwest Electrician's Arms

    Location:
    Oxfordshire
    Keep an excel spreadsheet, documenting income & expenses, keep receipts, bills & invoices and then give them to an account. Frees up your time to do more work, and you offset your accountancy fees, with the money you save on tax. :)
     
    blackstock likes this.
  4. Taylortwocities

    Taylortwocities Electrician's Arms

    Location:
    Oxfordshire
    Spot on, thats what I do.

    I log all my expenses on one spreadsheet

    All income on another

    Send them off to an accountant, he does my annual company P&L figures and does my self assessment tax return.
    He has saved me more than he costs, as he knows how things like capital expense allowances work, etc...
     
    blackstock likes this.
  5. telectrix

    telectrix Appreciated Member Trusted Advisor

    Location:
    cheshire/staffordshire
    Business Name:
    Telectrix
    i use a free software called qiuckfile. does all the sales and expense accounts, keeps track of what's owing, etc. and even does a profit/loss sheet.above a certain turnover though you have to pay a small fee.and it's so easy to use, even i can do it.
     
    blackstock likes this.
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  7. blackstock

    blackstock New EF Member

    Location:
    Wiltshire
    Business Name:
    Blackstock
    THANK YOU, appreciate that. Excel how im currently running
     
  8. polo1

    polo1 Electrician's Arms

    Location:
    Glasgow
    Business Name:
    GW Electrical & Security
    Yep, I use QuickFile too and pay about £60/annum. Can vouch that it is easy to use and covers all the bases. You can use it to create and email invoices etc.
    Like all accounts, it's best if you log invoices, purchases little & often; like others I just get the accountant to check I'm not missing anything to reduce tax liability.
    Hope all you self employed out there have submitted your 15/16 returns
     
    blackstock likes this.
  9. Murdoch

    Murdoch Electrician's Arms

    Location:
    Woking
    I use quickbooks which is a customer database and accounting system all rolled into 1 package.

    I can locate customer transactions or invoice numbers from suppliers for jobs really easily!

    I last upgraded a couple of years ago which was about £120.00 - so no ongoing costs until I replace the laptop as the version I have won't run on Windows 10!
     
    blackstock likes this.
  10. blackstock

    blackstock New EF Member

    Location:
    Wiltshire
    Business Name:
    Blackstock