Recommendations for book keeping software for soletrader

[adders]

Hello All

I've just setup as a soletrader, I have an online shop.

So I have a lot of receipts and invoices, more than say a self employed contractor.

So my question is how should I be keeping my records?

I can keep them on a spreadsheet or should I use specific software?

The tax office has told me that I just fill a form in at year end so the spreadsheet option seems simple to me but maybe I'm missing something.

I expect to turn over more than £15k, so apparently I will have extra questions to answer (I don't know how relevant that is).

Cheers

Adders

[tkessex]

You could invest in packages such as Sage and Quickbooks, but having had experience of both as an accountant I wouldn't recommend either.

If you are disciplined enough I would suggest keeping your own records. File all of your receipts, invoices and sales invoices in date order - separate folders for purchases and sales - and maintain spreadsheets/cash books as required (note that 'cash book' is a general term and entries don't necessarily have to be limited to cash only transactions).

[adders]

Thanks TKEssex

I spoke to the the Inland Revenue as well and they pretty much said the same.

I'll be using a spreadsheet to keep track of things.

Cheers

[sitewonders]

I have been using Quickbooks - its a NIGHTMARE.

I am now moving to www.kashflow.co.uk

TRUST ME - Take the free 2 month tour, their support team reply to all questions within 15 minutes!!!

Its simple to use too!!

Gary
(NOT affiliated with them)

[ShibShuan]

This is a great book that helped me set up effective record-keeping systems and prepare financial statements for my business.
Keeping the Books: Basic Record Keeping and Accounting for the Successful Small Business by Linda Pinson.

[CSnotepad]

I've found Sage ok in the past although I'm not so close to it now. They appear to be one of the leading brands.