Vat
Requirements
Whether you have just started or have a business for years, you will have to keep the accounts. Some entrepreneurs have experience with accounting, however some might not have any idea on how to keep their company records.
House of Companies allows you to file your corporate tax return and submit your annual accounts yourself. However, if your company has traded, it should first be able to calculate its profits, and deal with other accounting matters.
It is not easy to choose the best accounting program. It takes some research to determine which package is best for you. The question is how you do that and on the basis of which you assess a package. Important starting points are to start with:
Did your company issue any sales invoices, and received purchase invoices?
Do you have the necessary accounting knowledge yourself? Or would you rather outsource it to an accountant?
What type of entrepreneur are you? For example, are you a self-employed person without any accounting knowledge who would like to do as much as possible himself?
Saving money: keep your records in Excel
Have you just started and don't you have many customers, and therefore invoices to send? Then Excel may be the best accounting solution for you. With Excel templates you create balance sheets and annual accounts.
An advantage is that Excel is free of charge and that the program, or variants thereof, is programmed on almost all computers.
The disadvantage is that you have to know a number of formulas and that your excel reports might not be compliant to shared with the T&CA if needed.
Save time: keep your records in accounting software
In case your company is operational and has more than 50-100 transactions per year, you might be able to save time by using accounting software.
The software might allow you to automate a large part of your accounting, such as filing the VAT return and create a bank connection. At the same time, you still have your accounting in your own hands. You have to pay for an online accounting program, but you often get the costs out quickly.
If you want to conduct a healthy and efficient online administration, you look beyond your financial administration alone. You may also want to track hours, record mileage, and make quotes. You also want to be able to work well with your accountant or accountant in your accounting package and be able to file returns. For every business activity there is a package that you can support. In that case, a good online accounting package is a package with which you can link other software or which may even partially replace the other applications.
Also consider whether you want to fully automate things, such as being able to automatically load your bank transactions. Or that you don't mind uploading them manually. Also determine which things you want to do yourself and what you want to outsource to an accountant or trust office, such as the VAT or income tax returns.
It is best to list your requirements and wishes with regard to the functionalities. With a good complete list, you can then search online for accounting packages that meet this requirement.
Examples of wishes and requirements for accounting software:
Corporate Income Tax Filing
Bank statements integration
Draft and Send (pro forma) invoices
Send payment reminders to debtors
debtor management
Process purchase invoices
Scan and recognize
foreign currencies
Working in the cloud
Data well provided ( strong security & well secured mobile app)
Possible integration with eg cash register system, CRM package, payroll, time registration, stock management.
The pricing of accounting software
There are of course very simple, inexpensive accounting programs and there are very extensive, professional and more expensive accounting programs. What is best for your business depends on what you want to do with your accounting program.
The software should especially suit your service. Also be critical in terms of functionalities. Don't pay for features you never use. But do opt for features that will save you a lot of time in the long run.
Try out a demo!
Do you have an accounting software in mind? Don't tie the knot too quickly. You can try out a lot of (free) accounting and other software before you take out a subscription. Do this to properly test all functionalities. Can you work with it as you intended? Is it practical and logical? Does the program also work well for your customers?
Try different accounting programs before making the real choice. Because the right choice for an accounting package ensures that you can work pleasantly and efficiently for years to come.
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