I am in the process of setting myself up as a self employed book keeper. I have had a meeting with an accountant who is going to do my year end books and sort out my tax.
The accountant told me that in order to keep my own bookkeeping time down to a minimum, I should get a cathedral style book and split it into two colums per month, one for purchases and one for sales costs. Do you think that this is enough of a record to keep? I have been studying manual double entry so it goes against everything that I have learned.
Does anyone have any advice for me please? I am thinking about setting up my own accounts on the computer using either Microsoft Office Accounting, the Bookcert Cashbook, or using VT. Any suggestions?
All I could suggest is that whatever system you choose it has to be one that you are comfortable with, be it manual or computerised.
I think at the early stages of setting yourself up it has to be as uncomplicated as possible so a basic manual system as suggested by your accountant is OK and if you want to try computerised, then the bookcert cashbook is also OK (this is one I use).
Its only as you progress, gain clients and experience doing their books that you try and test as you go along.
As Julie rightly says, it should be something you are comfortable with though I think you mightn't be instantly comfortable and confident but can see yourself becoming this.
I'd suggest at very least to look at computerised, and Microsoft Accounting is perfectly fine as a start if it runs ok on your computer (it can be slow on some).
The benefits of computerised are far too numerous that I'd not even consider anything manual these days. These benefits are things you should also be wanting to pass onto clients too!
I have only recently qualified and set up as a self-employed bookkeeper. I started using sage because most companies/accountants expect this, but have found I am doing a lot of work from one accountant who asked me to try VT as he uses it for most of his smaller companies.
I downloaded the software free until 2010 and have found it very quick and easy to use , to the extent that I have transferred most of my clients on to this. I would definitely recommend giving a computerised system a go - it is so much quicker and easier I think for clients to see where they are. Good luck!
