Quick question regarding VT Final Accounts (inc. T+)

Moominyak

Hi all,

I see that VT Final Accounts / T+ seem to be the MIP weapon of choice

Is the annual upgrade (licence renewal) essential, or is it like Sage, QuickBooks etc where unless there's some new 'feature' one desperately needs, there's no need to fork out every year?

I can see the (obvious) point of upgrading payroll s/ware and tax s/ware annually - but bookkeeping and accounts prep software?

VT state that the user doesn't HAVE to upgrade each year, I'm not worried about the support side of the software.

As an aside (sorry - quick question becoming longer) - I'm currently using QB at my work, and can carry on using that for P/T MIP work as well - is there any real advantage to purchasing VT unless I really need to (personal software preferences aside)?

Many thanks

Moominyak

Where is Monsoon when I need her?!

I thought this was a straightforward question (ok, two questions)... but perhaps not as straightforward as I'd hoped!

Newbie

In my opinion you need the updates on the final accounts to reflect changes in accounting standards/acts etc on transaction plus probably not although you will miss out on some of the new features if applicable

Monsoon

Monsoon reportin' for duty, Ma'am!

I honestly don't know re annual upgrades. I think you have to. Actually yeah, I think the software stops working if you don't have a licence. It really is worth it though as they make improvements all year round.

It's final Accounts that the licence attaches to; T+ is yours for life once you've got it.

You want accounts prep software. VT is the best there is (at this price level). That is all.

Moominyak

Thank you kindly, Monsoon

You're absolutely right, the Final Accounts requires a licence renewal - I just hadn't read that far in the small print, silly me.

Looks like I'll be forking out for that then... when I get a client!

Is VT quite straightforward to learn? I've had to teach myself Sage and QuickBooks as I'm the only finance person in my office, and I've been playing with 12Pay and Moneysoft Payroll Manager the past couple of days (veering towards PM rather than 12Pay, I must admit - am planning on running the April payroll in both though, to make sure), so I'm pretty computer literate. Any weird quirks I should know? Is the 'Help' button helpful?

anniem

In my view the upgrade is essential for Limited Companies accounts, the upgrade gives you peace of mind on new legislation. If you're doing sole traders and partnerships then you could probably manage without it.

BIG WAL

If your'e producing final accounts, why would you not renew ? - it's costs so little that it's well
worth it to ensure you are fully up to date.

I would say for final Company accounts it's pretty well essential, because of the tax comp as well as
updated notes. In addition you will also be able to download the latest changes to the programme.

And support is excellent if you really do run into trouble. I had a major issue with a CT rejection using
VT accounts with HMRC tax software, and was able to refer it to VT. (Error was with HMRC, but they
initially insisted it was the accounting software).

PGM

BIG WAL wrote: »

If your'e producing final accounts, why would you not renew ? - it's costs so little that it's well
worth it to ensure you are fully up to date.

Agreed, I do a fair bit of IT, and cutting corners with support and updates is usually a bad thing, apart from not being up to date, who can you shout at if it all breaks?!

deanshepherd

Annual upgrade was not essential on VT previously but is now as the iXbrl function stops working when you are out of licence. Sneaky.

Moominyak

Thanks very much for all feedback. I will definitely be investing in VT then

I anticipate that most clients will be sole traders and community groups (not necessarily incorporated charities), but I certainly wouldn't want to limit myself if other opportunities come along.

Thanks again all.