Cut the Cost of Counting with BBX
Learn how to run simple book-keeping on a spreadsheet and file your own accounts £500BBX
If your accounting needs are simple, you can do all your book-keeping on Excel and file your own accounts. Save a fortune.
Most of you will know Bill Warry as a supplier of wine, but his main income when he was living in the UK was the provision of accounting services and systems with a speciality in helping foreigners set up business in the Uk.
He also project managed the creation of two accounting programmes, one for the motor trade in the days before IBM standardisation, the other a general system for small businesses running on Windows XP.
Accounting programmes have grown in sophistication and they can do all sorts of clever things, but they perhaps just complicate matters for a small start-up company that might not even need to be VAT registered.
One of the first benefits of using an accounts package is that you automatically keep track of debtors and creditors just by entering sales and purchases invoices and corresponding payments/receipts. VAT is worked out automatically and if you deal in foreign currencies they make it easy for you to keep track of exchange differences. All sorts of analytical reports of interest to the larger company are also provided by modern sophisticated systems.
But what if you a start-up not big enough to need to be VAT Registered or even for it to be worth being voluntarily VAT registered? What if your sales are paid instantly as they arise? What if you pay your invoices in one go? Some businesses are like that. In such cases a simple spreadsheet will suffice for your accounting needs.
What your £500 BBX covers:
- An initial skype chat of up to an hour to learn about your business and define your accounting needs.
- The set-up of a tailored spreadsheet specifically for you. This will follow the principals of double-entry book-keeping. These resemble Newton’s Law of Motion that “Each action has an equal and opposite reaction”. In accounting when money comes from somewhere it goes somewhere and when it goes somewhere it comes from somewhere and we must record both. This is what enables us to keep an accurate running balance of everything.
- Guidance in preparing your accounts to satisfy HMRC and in the case of companies to satisfy Companies House also.
- Periodic checking of how you are going along, if you wish.
- A further Skype chat of up to an hour at year end to make sure that the guidance for accounts preparation has been understood.
If your company grows as you will hope, there will probably come a time when your accounting needs will no longer be simple. Bill will be on hand to advise you on the choice and set-up of a more sophisticated system.
Initially, you should be able to run your book keeping and fulfill your accounting obligations for £500 BBX for the year! If you want the actual filing to be done for you that is also possible for a small additional fee.
