New business: Book Keeping

Hi Folk's
Hope someone can help...I have set up a small gardening business and was wondering what I should be doing as regards tax.
Is there a web site that guides you through basic book keeping for small businesses..

Oasis.ie have provided some information but I would like to be able to keep basic books for presentation to an accountant at the end of the year..

Appreciate any advise on this.

Thanks

Re: New business:Booking Keeping

My husband started out on his own as a truck driver last September and he met with an accountant beforehand to go through all this information so as to be informed as to the correct way of doing things. We keep the basic receipts and do the general book keeping ourselves but find the services of a trained accountant to be very helpful at least in getting us off the ground. I am still employed as a paye worker and so tha accountant was ablle to sort all the revenue out for us. Our accountant is a family member and so came recommended to us in this way! I would urge you to at least meet for a once-off consultation with an acconutant to see what is required from you.

Thanks Fobs.

I Might pay the accountant a visit.

Would a basic Excel based accounting system be ok for book keeping or
should I be investing in an accounts package of some sort..
It is a gardening business so I dont image the accounting side can get too complicated ..

I use Sage Tas books. It's a little bit of effort to get to know what to input but it's essential. Excel is ok to start with but you'll need to move to an accounts package.

You could use Excel but it easier to start with an accounts package. I started with SolutionsPlus (after Excel !) but will use QuickBooks for 06 as this is what my accountant uses - so I only have to give him the file at the end of the year.

The accounts package is easier to use than Excel - queries, reports etc. Also to do bank reconcilations - I found by doing my reconcilations each month it keeps my accounts up to date and no panic at the end of the year.

I would use an accountant - we found that what he saved us payed his fees plus some left over. I would bargain on the fee - that fact you will provide him/her with the books in good condition should get you a discount.

Also do you have to register for VAT ? We did not have to register until year 2 but bought most of our equipment in year 1. It might be worth registering earlier to get VAT back. Again I find the VAT easy to do using an Accounts Package and once you have the Bank reconcilations done.

Good Luck !

The Big Red Book is supposed to be the easiest bookkeeping package as it's designed to mimic the actual red books that people keep. I have no experience of it myself, but like the idea.

Having said that, I think that you will have so few transactions that you should keep a very simple Excel spreasheet of receipts and payments and you should be ok.

Unless you have some training, you probably won't be bothering with formal bank reconciliations. Of course, you should check your bank statements in detail.

I think you or your accountant can make your VAT returns on an annual basis, so again, Excel should be fine for that.

Brendan

Oh God....Now I am confused....VAT.

The business is a small time gardening gig with two lawnmowers ,van and a few other bits a pieces.

I was under the impression that an excel spreadsheet tracking expenses and customer payments would be sufficient.
There is nobody else employed in the business so I was under the impression that such a small operation would require basic book keeping.

I dont want to spend money on an accounts package for such a small operation..

Am I being stupid ???

Hi there

Yes, my other half is in business, not in Ireland though, we use the big red book, its very simple to use, best though to keep it up together each week, costs about 20 - 30 euros, first thing you need to do is, get an accountant, mention the red book system, he will show you how to use it, if you keep this up together, then at the end of each tax yr, give him the book, and all reciepts for work carried out, and all invoices, he will then sort it out for you from that point, VAT, not sure about Irelands, but in UK there is a threshold, where you can earn up too 55,000 approx per anum, if you go over that, you must register for VAT, hope this helps, the plus side of VAT is, you can claim it all back, what ever you buy when you start up your business in the first yr. Not sure though if that applies to Ireland.

A lot of people are required to do their vat returns on an every second month basis for at least the first year in my experince. My husband has 1 trucka nd thre expenses he has are deisel and truck payments etc... and then he invoices his client and must keep track of all vat etc...Even with a small business you would need to keep simple accounts and would advise a consultation at least with an accountant to establish what is required of you and then you can decide if you can do this yourself or not!

Thank's Guy's its off to the accountant's office for me.....

Zegar,

Based on what you say then Excel should do the trick. You only have to keep four worksheets - bank receipts, bank payments (cheques etc), credit cards transactions and invoices.

I think once you go over 40K then you have to register for VAT.

Gallantman

The turnover points for mandatory VAT registration (plus other details) can be found [broken link removed].

Will an accountant accept excel spredsheets .

If so I will be sorted..Its not a complicated business.
Just buying petrol a van ,lawnmowers and then charging people for gardening services...

fyi vistaprint.com are great value for business cards. Free is you are OK with their logo on the back or you can pay to have without. I think they have also introduced an irish site so you can get a euro invoice. Cards are shipped from the US.

Gallantman