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I've been running a small online business for a couple of years - it doesn't make much money / but pays its own way. I know that after 2 years I have to register with Inland Revenue as self employed and need to submit accounts. Rather than bodging together spreadsheets that I'm going to have to pay an accountant I'd like to use a basic accounts programme so I can pull my revenue and expenses together. I don't need to generate invoices or receipts. Any recommendations?
I use Quickbooks.
Seems to work ok for me, one that glazes over quickly when confronted with any of that stuff.
I've done two years with it but still pay an accountant to collate everything and do my tax return.
I'm thinking about ditching the accountant though as it's over £500 and luckily I don't make much money so my accounts are fairly straightforward.
I use CountingUp as my small business account.
It runs through an app, photograph and classify all sales and purchases on it invoices etc.
Gives me a monthly/financial year snap shot of profit and loss account, pay myself through it and have given my accountant a log on so he does not have to ask me for anything.
All I need to do is stay on top of categorising in and out payments and photographing receipts.
Comes with a MasterCard debit card through the post office.
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There are quite a few services out there that handle SME and freelancers warehouse style. They basically have one or two qualified people with many lower paid admin staff doing the bulk of the heavy work, often overseas.
If your business is simple and you just want to avoid maintaining accounts yourself in Xero / sending forms off to CH / HMRC there is no need to use anything high end / on your local high street.
Check out Mazuma Money. They operate this kind of model at low cost from Wales.
I just use a spreadsheet. If you have a column that matches the HMRC categories then it's easy to add it all up to give the numbers to fill out online. Pretty simple. If your business is simple there is no need for an account or special software.
Oops, should read no need for an accountant or special software.