I am definitely not getting the most out of Quickfile. Currently, I use it to create and send one-off and recurring invoices. I also run a spreadsheet that I maintain adding my incoming and outgoing to, which my accountant uses to build up my accounts each year.
I run a one person limited company on flat rate VAT. My accountant sends me my payslips each month and prepares my end of year accounts. I have to work out my VAT and submit those each quarter and also complete my self assessment. Each quarter I have another spreadsheet that I populate for VAT so I know how much I have taken and how much I need to pay. At the same time, I mark invoices that are paid in quickfile, so an invoice can appear to be outstanding for up to three months before I update it.
I bank with Barclays Business Bank.
Each quarter it takes me several hours to go through my incomings and outgoings, updating my various spreadsheets and submitting the results.
My accountants have also just increased their prices again.
Which leads me in to thinking about making more out of Quickfile.
Can it simplify what I am doing and reduce my dependancy on my accountant? I guess I’m looking to see whether I can;
- hook up to Barclays so it knows that an invoice has been paid
- work out my quarterly vat and submit this
- work out my end of year accounts and submit this
- generate my payslips each month
- handle any dividends I take out
Many thanks for any info.
It can be hooked up to a bank feed but you will need to tag the entries to the invoices
Quartly vat if in a frs will need some manual adjustments for it to work.
It can generate end of year accounts for an extra fee
It won’t generate your payslips.
Dividends will need to be recorded manually. It does not create dividend vouchers.
Personally I’d seek a more reasonably priced accountant because if all youve used it for is generating invoices it may end up being out of your league. You have to be very careful with a Ltd company as to what your doing and getting it wrong could cost your more in the long run.
Also think about what your accountant does for you behind the scenes you may be unaware of, such as writing back unallowable expenses, putting through allowances available to you, adjusting your salary/dividend split to reduce your tax liability. It’s not just a case of preparing accounts with the data you provide.
Thank you for your reply, I think my issues do relate to my accountant as they don’t seem to do anything other than the very basics which is all I thought I needed but since posting I also talked to a business owning friend who tells me what his accountant does, including putting through expenses I had no idea I could put through, such as use of home.
I’ll use more of the Quickfile features I think even if just for me so I can avoid my spreadsheet situation for my own records of incoming and outgoings and to save me many hours each month.
Sounds like you should seek a new accountant, use of home may depend on a few factors such as your type of business etc but if they haven’t even considered it youre probably right to ditch them.
If you were using Quickfile fully then you could certainly streamline what you are doing now, and all of the info would already be in place for your accoutant to use. It seems as though as well as Quickfile you are also running a manual system and then your accountant is also separately manually compiling the figures, which is craziness.
I would work on getting the most out of Quickfile and then approach your accountant to ask for a quote if you were providing him with fully completed bookkeeping each year and see what difference that makes. Alternatively, look for a Quickfile friendly accountant who can help you with all of the above Either way it is important to have an accountant on board to make sure that you are claiming everything that you should be and not accidentally falling foul of any rules that you may not know about.