Accounting Software Strengths
Easy to use by non accountants requiring no previous accounting knowledge and is basically a list of sales and a list of purchases on preset excel spreadsheets. Each workbook is arranged as 12 monthly spreadsheets with preset columns and uses an entry code letter to analyse both sales and expenditure.
Cash and bank spreadsheets are included as optional extras for those businesses that require them with a built in automated bank reconciliation. Entering bank transactions and a bank reconciliation has been arranged so the bank statements can be listed and when the statement total is entered the bank reconciliation is automated.
Monthly profit and loss account also includes a financial health check based upon an automated tax forecast to enable businesses to monitor their financial performance. By entering drawings the package then compares the net profit made with the likely tax liability plus the drawings.
Quarterly vat returns are generated for vat registered business and is also suitable for non vat registered business. Producing a vat rteurn is very easy. Simply click the vat file to open and click the date required from the drop down box and the vat return is produced.
The vat calculations can be disabled by non vat registered small businesses by simply changing the standard vat rate from 17.5 to zero making the accounting software suitable for both vat registered and non vat registered businesses.
The accounting package includes a stand alone sales invoice generator which requires invoices generated to be manually input into the sales sheet.
Capital allowances are automnated on the fixed asset schedule by simpoly listing assets bought. Depreciation is also automatically calculated with preset percentages that can be changed as required.
A major benefit of using this small business bookkeeping software is the templates are arranged in such a way to automatically generate an excel copy of the self assessment tax return. The excel self assessment tax return is arranged in the same layout as the official inland revenue form with the same box numbers making it easy to copy the figures from one to the other for submission.
Accounting Software Weaknesses
The Self-employed accounting software UK is based upon single entry of transactions and does not produce a balance sheet which is an optional requirement for self employed and therefore not a problem for the vast majority of businesses. DIY Accounting actually recommend clients who are self employed and wish to produce a balance sheet to use their Limited Company accounts package which does produce a balance sheet being based not on single entry but on double entry principles. The small business accounting software is suitable for a single tax year, the latest being 2007-08 and does not cater for accounting periods other than April to April. There are benefits in anyone self employed adopting the standard April to April financial year as this avoids tax allowances from two separate years being a feature of the accounts. When used by small businesses using the cash accounting system the bookkeeping entries to the sales and purchase sheets must be entered according to the dates money is paid or received rather than the dates invoices were issued. At the end of the financial year any invoices not yet entered require to be listed to adjust the final profit and loss account figures. This a major disadvantage if using the vat cash accounting scheme rather than the Accounting Software being reviewed.
Very Low Priced
At £12.99 the accounting software is basically available for loose change and will save many businesses the need to employ an accountant potentially saving hundreds of pounds in professional fees. For the financial year 2006-07 the basic package for non vat registered business is available at just £9.99 and the standard accounting software for vat registered small business is £12.99.
Other Features
The product has a stock control feature to monitor any stock losses. The small business accounting software contains a wages interface that fully integrates the DIY Accounting Payroll Software when those files are saved into the same folder as the accounting software files. A major advantage of the package is that being on excel spreadsheet all transactions can be seen, no hidden databases, and easily changed as required. The sales and purchase spreadsheets include columns for entering CIS tax deductions and payments and the certificate numbers. The CIS tax being then automatically entered on the self assessment tax return. it is essential that users have a version of excel from 1998 onwards installed to use the program which is written on excel spreadsheets. The accounting software also works fine with an Open Source spreadsheet package.
Conclusion: to Buy or not to Buy
Exceptionally good value, very easy to use and produces exactly what every small business requires, automated accounts requiring no bookkeeping skills and no previous accounting experience with the valuable end product of a fully automated self assessment tax return.
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
I was wondering if anyone knows bout any kind of ...
By: cattman | 14-07-2008
I was wondering if anyone knows bout any kind of software that i could use to see a car in 3-D and beable to change the paint job, the rims, the tint, and ext.
Hi, im Adam Im opening up a custum car shop and ...
By: cattman | 14-07-2008
Hi, im Adam
Im opening up a custum car shop and im looking for a computer software that I can use to see what the car will look like before I actually remodel it. I need it to beable to change the tint, paint, rims, neon, ext.
If u have any idea of any softwear like this let me know please.
What lottery Software seems to have given the ...
By: Neil Wiggin | 14-07-2008
What lottery Software seems to have given the greatest returns?
Fanuc CNC repeat command
By: Magnetool | 14-07-2008
Programming a Fanuc Machining Center help repeating a command line.
AOL software conflict with Sony Vaio
By: kcpammy | 14-07-2008
I have a 2 yr old Sony Vaio LGV-LS1. The first year everything worked well with AOL. In the last 6 months or more, randomly while I am working with AOL the screen freezes, goes blurry and I get multiple black lines horizonally across the screen. You have to manually shut down the computer and re-start. This can happen up to 20 times a day. Sony has replaced the motherboard and Sub LCD, but it is still doing the same thing. At their recommendation I removed AOL 9.1 and dowloaded AOL 9.0VR, guess what? still the same thing. AOL is blaming Sony, Sony is blaming AOL and I am stuck in the middle. Any suggestions?
Looking fr replica desighner hand bags
By: sheila | 13-07-2008
Can someone please help me i am trying to find chanel and ther name brand replica handbags so i can stay home with my new baby but yet make money.They seem to be s hard t find at a price were i could make money.please help thank yu sheila please e-mail me at parettbay@aol.com
Q&A Powered by:
Latest Business Articles
15 Ways to Improve Your Closing Ratios and Sales Presentations
By: Katrina Sawa | 26/07/2008
It is not enough to do launching effective marketing campaigns to obtain new customers and to continually market to your existing database for more referrals and repeat business. In addition, you must be able to ask for and close the sale. Otherwise, it is a waste of time and money!
In Searching for Cost Reducitons, Look at Total Cash Flow Costs Rather Than Accounting Costs
By: Donald Mitchell | 26/07/2008
If you are a privately held company, look to reduce overall cash costs when considering alternative cost reductions, rather than the impact of reported earnings.
The More Trust, the More Time to Succeed
By: Andrew Cox | 26/07/2008
Bill Oncken, in his book Managing Management Time, says that the more trust you have with your "universe " of people, the more time you have to do the things that lead to success. Trust is hard to earn. Once lost it's hard to regain. It's the most precious asset in any relationship - at any level - at any time. Read on to see how a successful Division President builds trust.
10 Tips on the Issues With Selling Professionals
By: Drew Stevens | 26/07/2008
The world of professional selling is rich with information related to selling skills, sales training and techniques to assist professionals. However, after much rhetoric and information I am finding something completely different...a problem with selling professionals.
India - the Next Economic Powerhouse
By: Paul Hata | 25/07/2008
India is one of the fastest-growing countries in Asia. In 2006, India recorded a 1.2% of world trade share overall. The stat was picked out from WTO. The growth is mainly due to the liberalization that took place in India way back in 1991. Ever since then, there's no looking back.
Customer Service Toolkit
By: Drew Stevens | 25/07/2008
All businesses make money, yet those that are customer focused are more profitable.
Top 10 Brain Training Future Trends: New Mind/body Focus, Brain Trainers, and More
By: Alvaro Fernandez | 25/07/2008
In an emerging, dynamic, high growth market, like brain training, it is difficult to make precise projections. But, we can observe a number of trends that executives, consumers, public policy makers, and the media should watch closely in the coming years, as brain fitness and training becomes mainstream, new brain trainers appear, and an ecosystem grows around it. Here you have the Top Ten trends I predict.
Commercial Loans and Working Capital Financing Special Reports
By: Steve Bush | 25/07/2008
A prudent approach to working capital management is becoming more difficult for most commercial borrowers. Commercial loans have always been more complicated than realized by most business owners. Recent financing difficulties involving commercial mortgages, SBA loans and business cash advances have added significantly to the complexity of the entire commercial...
More from Terry Cartwright
Accounting and Audit Exemptions for Small Companies in the UK
By: Terry Cartwright | 23/07/2008 | Finance
Small and medium sized companies in the UK can take advantage of supplying abbreviated year end accounts to Companies House which have not been audited by independent accountants. This guide sets out the conditions under which abbreviated accounts can be submitted.
Beat the Credit Squeeze With Flexible Business Finance
By: Terry Cartwright | 13/07/2008 | Finance
Five proactive steps a business can take to beat the credit squeeze including business finance, planning and taking a positive approach to meeting and solving the problems that might arise.
Cost Accounting for Profit With Accounting Software
By: Terry Cartwright | 13/06/2008 | Finance
Small business often accepts business expenses as inevitable and while some effort is usually made to keep expenses down it is often done without reference to the accounts. Maintaining a regular system of bookkeeping using suitable accounting software can assist the cost accounting for profit exercise by providing the source and extent of the actions to be taken.
Sales Accounting for Profit With Accounting Software
By: Terry Cartwright | 11/06/2008 | Finance
Many small businesses concentrate on the job in hand and treat bookkeeping as an administrative burden. By adopting suitable accounting software as an essential tool of the business the financial performance can be improved by taking positive management action on the sales and profit generated.
Tax Investigations Are An Uneven Match Between Small Business And The Tax Inspector
By: Terry Cartwright | 08/06/2008 | Taxes
The vast majority of tax returns are not enquired into by HMRC and are accepted as reasonable. When HMRC investigate the tax return of a small business the inadequacies of the accounting, lack of knowledge by the enquired and professionalism by the tax inspector often results in a higher tax bill.
Accounting for Profit With Marginal Costing
By: Terry Cartwright | 07/06/2008 | Finance
Marginal costing is an accounting term in which costs and expenses are identified by their variability according to the volume of goods bought or produced. By analysing costs according to the variability in prices can significantly improve profit efficiency levels within a business.
Cash Accounting or Accrual Accounting
By: Terry Cartwright | 05/06/2008 | Finance
Every business is required by the tax authority to keep bookkeeping records to enable the net taxable profit or loss to be calculated. While complex accounting systems can be appropriate in some circumstances the choice for small business is basically cash accounting or accrual accounting.
What to Do in a Tax Investigation
By: Terry Cartwright | 05/06/2008 | Finance
The vast majority of tax returns are not enquired into by HMRC and are accepted as reasonable. When HMRC investigate the tax return of a small business the inadequacies of the accounting, lack of knowledge by the enquired and professionalism by the tax inspector often results in a higher tax bill.
Business 
