| Accounting Software Strengths | | | | sheet to use their Limited Company accounts |
| Easy to use by non accountants requiring no | | | | package which does produce a balance sheet |
| previous accounting knowledge and is basically a | | | | being based not on single entry but on double |
| list of sales and a list of purchases on preset | | | | entry principles. The small business accounting |
| excel spreadsheets. Each workbook is arranged | | | | software is suitable for a single tax year, the |
| as 12 monthly spreadsheets with preset columns | | | | latest being 2007-08 and does not cater for |
| and uses an entry code letter to analyse both | | | | accounting periods other than April to April. There |
| sales and expenditure. | | | | are benefits in anyone self employed adopting the |
| Cash and bank spreadsheets are included as | | | | standard April to April financial year as this avoids |
| optional extras for those businesses that require | | | | tax allowances from two separate years being a |
| them with a built in automated bank reconciliation. | | | | feature of the accounts. When used by small |
| The sheet is designed to be completed by | | | | businesses using the cash accounting system the |
| copying the figures from the bank statement into | | | | bookkeeping entries to the sales and purchase |
| the bank spreadsheet and the bank reconciliation | | | | sheets must be entered according to the dates |
| is achieved by also entering the statement total | | | | money is paid or received rather than the dates |
| which is automatically checked against the entries | | | | invoices were issued. At the end of the financial |
| made. | | | | year any invoices not yet entered require to be |
| Monthly profit and loss account also includes a | | | | listed to adjust the final profit and loss account |
| financial health check based upon an automated | | | | figures. This a major disadvantage if using the vat |
| tax forecast to enable businesses to monitor their | | | | cash accounting scheme rather than the |
| financial performance. By entering drawings the | | | | Accounting Software being reviewed. |
| package then compares the net profit made with | | | | Very Low Priced |
| the likely tax liability plus the drawings. | | | | At £12.99 the accounting software is |
| Quarterly vat returns are generated for vat | | | | basically available for loose change and will save |
| registered business and is also suitable for non vat | | | | many businesses the need to employ an |
| registered business. To produce a vat return | | | | accountant potentially saving hundreds of pounds |
| clients simply go to the vat file and select the | | | | in professional fees. For the financial year 2006-07 |
| quarter end date from a drop down menu and | | | | the basic package for non vat registered business |
| the figures for the vat return are automatically | | | | is available at just £9.99 and the standard |
| generated. | | | | accounting software for vat registered small |
| The vat calculations can be disabled by non vat | | | | business is £12.99. |
| registered small businesses by simply changing the | | | | Other Features |
| standard vat rate from 17.5 to zero making the | | | | The product has a stock control feature to |
| accounting software suitable for both vat | | | | monitor any stock losses. The small business |
| registered and non vat registered businesses. | | | | accounting software contains a wages interface |
| The accounting package includes a stand alone | | | | that fully integrates the DIY Accounting Payroll |
| sales invoice generator which requires invoices | | | | Software when those files are saved into the |
| generated to be manually input into the sales | | | | same folder as the accounting software files. |
| sheet. | | | | Being written on excel spreadsheets all |
| The fixed asset schedule is preset with the capital | | | | transactions are visible and capable of being |
| allowance tax rates to automatically calculate | | | | changed by for example overwriting any errors |
| capital allowances when fixed assets are entered. | | | | as opposed to a database system that requires |
| Depreciation is also automatically calculated with | | | | new transactions to be entered to reverse |
| preset percentages that can be changed as | | | | previous entries. The sales and purchase |
| required. | | | | spreadsheets include columns for entering CIS tax |
| A major benefit of using this small business | | | | deductions and payments and the certificate |
| bookkeeping software is the templates are | | | | numbers. The CIS tax being then automatically |
| arranged in such a way to automatically generate | | | | entered on the self assessment tax return. As |
| an excel copy of the self assessment tax return. | | | | the small business accounting software is written |
| The excel self assessment tax return is arranged | | | | on excel spreadsheets then it is essential that |
| in the same layout as the official inland revenue | | | | users have a version of excel from 1998 |
| form with the same box numbers making it easy | | | | onwards installed to use the program. The |
| to copy the figures from one to the other for | | | | accounting software also works fine with an Open |
| submission. | | | | Source spreadsheet package. |
| Accounting Software Weaknesses | | | | Conclusion: to Buy or not to Buy |
| The Self-employed accounting software UK is | | | | Exceptionally good value, very easy to use and |
| based upon single entry of transactions and does | | | | produces exactly what every small business |
| not produce a balance sheet which is an optional | | | | requires, automated accounts requiring no |
| requirement for self employed and therefore not | | | | bookkeeping skills and no previous accounting |
| a problem for the vast majority of businesses. | | | | experience with the valuable end product of a |
| DIY Accounting actually recommend clients who | | | | fully automated self assessment tax return. |
| are self employed and wish to produce a balance | | | | |