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Educational IT Jobs Thread, Sole Trader Business in United Kingdom (UK) Specific Forums; Ammm....what should I do with all the receipts that I keep? And what are the purposes of keeping them? The ...
  1. #16
    IT_Master's Avatar
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    Ammm....what should I do with all the receipts that I keep? And what are the purposes of keeping them? The first question is vital. Thanks.

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    Quote Originally Posted by IT_Master View Post
    Ammm....what should I do with all the receipts that I keep? And what are the purposes of keeping them? The first question is vital. Thanks.
    You store them for 7 years I believe... and obviously record them in your expenses ledger so you can process your accounts..

    As to where you store them... Somewhere safe that won't get shredded, eaten by mice, or used for papier mache projects by children. Tax inspectors take a VERY dim view of anything like that...

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    Ok. I can live with that.

    Anyone here knows how to use Sage 50 Accounts?

  4. #19
    contink's Avatar
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    Quote Originally Posted by IT_Master View Post
    Ok. I can live with that.

    Anyone here knows how to use Sage 50 Accounts?
    I looked at it thanks to my wife being responsible for Accounting at one point and quickly decided it was too complicated.

    TBH, given what you're likely to be doing, it strikes me that Sage 50 is quite a bit of overkill. It's more for companies rather that sole traders, and even then for companies with more than 2 or 3 employees.

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    IT_Master's Avatar
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    O yes. It is complicated because I cant even customize the invoice. Im gonna try Quickbooks. If all fails...then its back to old excel and access for me.

  6. #21
    contink's Avatar
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    Quote Originally Posted by IT_Master View Post
    O yes. It is complicated because I cant even customize the invoice. Im gonna try Quickbooks. If all fails...then its back to old excel and access for me.
    FWIW... the Kashflow.co.uk offer of 2 months free is worth taking up... Oh and they were offering a free year if you sent in your old accounts software for them to burn (sage, Quickbooks, etc...).

  7. #22
    IT_Master's Avatar
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    Kashflow is a great software but will never pay for accounting software on a monthly/yearly basis.That's just waste of my money right there.

  8. #23

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    Don't know if its suitable for you, but what about GNUcash?

  9. #24
    IT_Master's Avatar
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    Tried it but... not may taste. I'll stick with Quickbooks for now. Thanks for your help though.

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    Remember you have to get the work first!

    Give us a buzz on the email mate, I've been side-tracked as of late

    Kind Regards

  11. #26
    IT_Master's Avatar
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    Hey, Steve, I was wondering where were you, but sure ill send some email.

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    Microsoft's accounting package good is pretty IME.

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    O yes. I may try that one and see if I like it.

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    I used to be a self-employed PC Field Engineer and I gave it up 'cos there wasn't enough work around...at the time. So, the best of luck to you

    A few tips I picked up which I found helped a lot:

    • Don't bother with full accounting software unless your business grows. Spreadsheets are fine for a Sole Trader. Quickbooks is good, but quite expensive.
    • Find yourself a good Bookkeeper or Accountant (the ones who advertise in the local paper are often best as they do a good job and don't charge a fortune).
    • If You need a dedicated business landline number get a BT Call Sign number which only costs a few quid a month and gives you a separate (business only) number and keeps your home calls on your original phone number. It works very well (assuming you are trading from home).
    • Have some basic stickers made with your name and contact details on them (you can print them yourself on a laser printer if you want to) and stick one onto every PC/Server you fix. You will be amazed at how much repeat work they generate.
    • Sign-up with a few of the 'Agency' sites as they can provide you with work on a fairly regular basis and they pay quite well.
    • Try to establish yourself as a the 'ICT guy' for as many small companies as you can and encourage them to call you with their problems. In my experience many small companies have no ICT strategy or maintenance provision and are delighted when someone offers to take on that role (for the appropriate fee, of course).
    • Avoid payment on 'Terms' as some companies/Government bodies seem to think it is perfectly acceptable to take up to 90 days to pay you. That can be a nightmare for you as a small business, believe me! Where possible get paid on the day in cash or cheque or within 7 days.


    Hope this helps?

    Andrew

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    CSNM-Carl's Avatar
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    Another KashFlow user here switched from Quickbooks to KashFlow over a year ago. Wish we made the switch sooner!

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