Q & A: I’m a Sole-Trader, how can I do my Accounts DIY ( Do-It-Yourself)?

This is easily answered, you have to answer one question: Do I know how to do bookkeeping, Yes or NO?

If YES - you can go and get an off-line (Intuit, Sage) or online accounting system and get started. WinWeb’s OnlineOffice includes a free forever - no strings attached - full accounting system, including free 24/7 live support.

If NO - you need to find a system that allows you to record all your transactions, without having to do the “Double-Entries”, you can leave that to an bookkeeper or an accountant, in other words outsource the tricky bit. The good thing here is that you will save most of the money you would have to pay someone else to do your accounts, because you do the labour intensive stuff yourself. WinWeb also covers this version of bookkeeping.

A good side effect here is that you will have to look at your expenses and cost again, and may be able to make a judgement if that was good or bad money spent - you know what I mean - the hindsight thing.

One thing is for sure getting involved in your bookkeeping/accounting, however little, will have a very positive effect on your business, no matter which kind of small business or start-up business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer- or Personal business, like professional, contractors, freelancer, self-employed, sole-trader and virtual assistants, you run - I’m all for DIY.

Remember, if you have any specific questions on our bookkeeping/accounting software you can always use our 24/7 support. ST.

Disclaimer: As with any of my readers questions, I do not have all the answers and here on my blog I can only give you some ideas, since I know very little about your small business. If any of you can add anything here do so for the benefit of my reader, who asked the question and everybody else, leave a comment below - I’d be most grateful.

3 Responses to “Q & A: I’m a Sole-Trader, how can I do my Accounts DIY ( Do-It-Yourself)?”

1. Terry Cartwright
   http://www.diyaccounting.co.uk
   
   Said on October 30th, 2007 at 6:59 pm

   Product Review DIY Accounting Small Business Accounting Software UK

   DIY Accounting small business accounting software UK package is a series of templates written on excel spreadsheets, suitable for any self-employed business whether vat registered or not producing an automated monthly profit and loss account and an excel copy of the self assessment tax return form as the end products.

   Accounting Software Strengths

   Easy to use by non accountants requiring no previous accounting knowledge and is basically a list of sales and a list of purchases on preset excel spreadsheets. Each workbook is arranged as 12 monthly spreadsheets with preset columns and uses an entry code letter to analyse both sales and expenditure.

   Cash and bank spreadsheets are included as optional extras for those businesses that require them with a built in automated bank reconciliation. The sheet is designed to be completed by copying the figures from the bank statement into the bank spreadsheet and the bank reconciliation is achieved by also entering the statement total which is automatically checked against the entries made.

   Monthly profit and loss account also includes a financial health check based upon an automated tax forecast to enable businesses to monitor their financial performance. By entering drawings the package then compares the net profit made with the likely tax liability plus the drawings.

   Quarterly vat returns are generated for vat registered business and is also suitable for non vat registered business. To produce a vat return clients simply go to the vat file and select the quarter end date from a drop down menu and the figures for the vat return are automatically generated.

   The vat calculations can be disabled by non vat registered small businesses by simply changing the standard vat rate from 17.5 to zero making the accounting software suitable for both vat registered and non vat registered businesses.

   The accounting package includes a stand alone sales invoice generator which requires invoices generated to be manually input into the sales sheet.

   The fixed asset schedule is preset with the capital allowance tax rates to automatically calculate capital allowances when fixed assets are entered. Depreciation is also automatically calculated with preset percentages that can be changed as required.

   A major benefit of using this small business bookkeeping software is the templates are arranged in such a way to automatically generate an excel copy of the self assessment tax return. The excel self assessment tax return is arranged in the same layout as the official inland revenue form with the same box numbers making it easy to copy the figures from one to the other for submission.

   Very Low Priced

   At £12.99 the accounting software is basically available for loose change and will save many businesses the need to employ an accountant potentially saving hundreds of pounds in professional fees. For the financial year 2006-07 the basic package for non vat registered business is available at just £9.99 and the standard accounting software for vat registered small business is £12.99.

   Terry Cartwright is a qualified accountant in the UK designs Accounting Software on excel spreadsheets providing complete Bookkeeping solutions for small to medium sized business with Payroll Software for 1 to 20 employees that automates the revenue payroll tax returns.

2. Cola Tax & Solutions
   http://colatax.com
   
   Said on April 17th, 2008 at 4:53 am

   It is always important to understand the basic concepts of your business’s accounting. If your bookkeeping starts to get overwhelming either hire an employee or outsource the work.

3. derek morgan
   
   Said on June 3rd, 2008 at 1:13 am

   I am sole trader.i am vat registered. I own a franchise for gas & elec testing.will this spreadsheet be of help ?? i have an acountant.

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