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MIP just starting

almanalman Just JoinedRegistered Posts: 3
Hi everyone,

I just got my MIP licence, starting to practice part time.

I already got one client, a taxi driver who jsut started self employment. I may also be able to get few local shops..

My first question is what software is best to use for clients so that I can buy, I know how to use sage, but is a bit expensive to buy..is there another software better than sage and value for money?

Secondly: while promoting my business I came across taxi drivers saying, that they only pay yearly fee of around 150 pounds and the accountant does everything! which means they do not provide any supporting documents, i.e. proof of earnings and expenses. How does this work?

Thank you for your advice

Ali

Comments

  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,440
    Can't help on the Taxi driver one as I've never done a set of accounts or ITR for one. I assume though that there should be prime records for Income and at least motor expenses which should be the majority anyway?!

    As for software.

    Instead of Sage have a look at Solar Accounts (www.solaraccounts.co.uk). Jenni will tell you a lot more about it but it's a good product and at only £100 you can't really go wrong.

    Most simple accounts though for the likes of taxi drivers can be done on Excel quite simply and then out into an accounts production software. If you don't have one then have a look at VT (www.vtsoftware.co.uk) as there's not much better for a start up.

    As for £150 well, it's pretty cheap and what's to say they won't go elsewhere once someone cheaper comes along.
    Regards,

    Burg
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    Congrats on getting your licence.

    1. Have a look at Solar Accounts (20% discount here). It's easy to use and is multi-company so you pay once and that's it for as many clients as you want.

    2. Have a look at VT Accounts which will do the accounts production like a dream, and includes VT Transaction+ which I've never used but is highly rated for bookkeeping I believe.

    Frankly, ignore Sage.

    DO NOT get sucked into charging less than you are worth.

    You cannot produce accounts from nothing, so that's crazy.
    Moreover, if they provide a 'bag of receipts' type job, you are looking at way more than £150.

    If they provide all the figures and simply want you to fill in the tax return with their figures (no accounts production) then you are onto a winner if you charge £150.

    If they aren't providing any primary records, god alone knows how their accounts are getting done.

    If they are paying £150 for everything (from no records) then they are getting a bargain and should stick with whoever is offering it for that, because I wouldn't!! :)

    Price the job the way you want to price it. Don't be tempted to be really cheap as it's much harder to raise your prices once you realise you can't work for that... Good clients will pay a good going rate.
  • almanalman Just Joined Registered Posts: 3
    Thanks for your prompt reply, I really appreciate it.

    I will keep in touch for help and support, I hope you dont mind..

    Thanks Again..

    Regards

    Ali
  • MVTMVT Feels At Home Registered Posts: 41
    HI, I am also a new MIP and I was wondering what accounts software to use.

    My licence allows me to do management accounts, bookkeeping, Vat returns and Self assessments. Would Solar Accounts allow me to do this or would I need VT too?

    Many thank.
    Michelle
  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,440
    There are various software types depending on the work you are doing. Below are some examples. The first being by recommendation and then some others to consider:-

    Bookkeeping & VAT Returns - Solar, Sage, Kashflow, Quickbooks
    Payroll - Moneysoft, 12pay, Sage
    Accounts Production - VT
    Tax software - Tax calc, Drummorh, HMRC Online,

    There are also then integrated packages that do accounts production and tax returns and help to eliminate the time it takes entering duplicate information such as names and addresses. Some of these can be used as standalone as well:-

    Digita, Iris, PTP, Keytime

    Theres lots to consider where comparing the different software and price is only one thing. Do consider what you want and what you want to pay to get it.
    Regards,

    Burg
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    For Me
    Sage Bookeeping
    VT - Accounts
    Theasurus Payroll
    ACCA PM Manager - dates and deadlines
    Excel - Bank Statement analysis
  • MoneySavingBankMoneySavingBank Well-Known Registered Posts: 143
    ACCA PM Manager and VT Transaction+

    "ACCA PM Manager - dates and deadlines" What is this and how can I check this? Can I download a Trian Version?

    What about VT Transaction+ ? How do you evaluate this software for bookkeeping?

    Cheers,

    MSB
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    "ACCA PM Manager - dates and deadlines" What is this and how can I check this? Can I download a Trian Version?

    What about VT Transaction+ ? How do you evaluate this software for bookkeeping?

    Cheers,

    MSB

    ACCA Practise Manager its mainly a client data base that tracks and calenders y/e deadlines Good for Company accounts prep ect (however quite expensive and idea for pratices over 200 to 350 client base)

    http://uk.accaglobal.com/uk/members/support/public_practice/practice_manager/

    there is a link for a 30 day trial version

    I only ever use VT for final accounts i use sage for bookkeeping to TB then tranfer to VT so i couldnt comment
  • deanshepherddeanshepherd Font Of All Knowledge Registered Posts: 1,809
    alman wrote: »
    Secondly: while promoting my business I came across taxi drivers saying, that they only pay yearly fee of around 150 pounds and the accountant does everything! which means they do not provide any supporting documents, i.e. proof of earnings and expenses. How does this work?

    I believe taxi accounts (certainly in London anyway) are calculated in the main from the mileage travelled in the year. Fares, tips and diesel costs can be calculated pretty accurately as long as you know the agreed rates. Hence why specialist firms charge so little and taxi drivers don't keep receipts.
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    I believe taxi accounts (certainly in London anyway) are calculated in the main from the mileage travelled in the year. Fares, tips and diesel costs can be calculated pretty accurately as long as you know the agreed rates. Hence why specialist firms charge so little and taxi drivers don't keep receipts.

    Thanks for clearing that up Dean. Makes so much sense now you say it!
  • acsacsacsacsacsacs Feels At Home Registered Posts: 43
    I use IRIS for my tax/accounts production, but this is not cheap at all!!
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