Accounting software.......Recommendations please

[johnwatters]

Hi everyone,

Just a few questions,

I have just started a new business (first one). It involves long term hire of equipment. My customers will pay every month for the hire of equipment over 36-60 months. Payments are to be made by direct debit.

Question: How will I have to invoice them for these payments?? Will it be every month as per direct debit payments? The fact that it will be paid by direct debit do I just have to send a invoice and mark it paid??

Question 2: I currently don't have any accounting software (pen, paper and shoebox at the mo) what software would you recommend?? I have seen free software on google chrome webstore but not sure about it.

I have a meeting with my accountant comming up so will ask him for advise also just want to get a headstart on what is out there and what I need


Thanks for your time and info guys. Would appreciate replies from people who actually have first hand experience of the above situation and software

Thanks
John

 

[Nutso]

Hi,
Just noticed that no-one has replied to this yet. Personally I am using QuickBooks and I find it very user friendly. I started using it when I had no experience of accounting.
I'm sure some others will have other recommendations.

 

[aoc]

i think there mite be a facility on the big red book for hiring etc business...... i have used brb in a company that i worked in, v user friendly......

 

[CitizenKeane]

I saw a lot of recommendations for TasBooks Basic, which was free.
I tried to download it but it doesn't seem to be available anymore.
Are there any other 'free' packages that are worth using?
I'm an IT contractor and I'm the only employee of the company so a basic package would probably suit me, and I don't want to fork out for support etc unless I really need it.

 

[Crugers]

Question: How will I have to invoice them for these payments?? Will it be every month as per direct debit payments? The fact that it will be paid by direct debit do I just have to send a invoice and mark it paid??

If you require your customers to pay via Direct Debit - then you/your company need to get a "Sponsor Bank". Then your customers need to sign up to/for DD by you/your company. Then you need to generate Invoices for your customers and send them to them so they have prior notice of the DD amount and the date that will be taken from their account. Then you need to generate a DD file in a specific format that you supply to your Sponsoring bank and it processes it... And then, if funds are available in your customers accounts the DD will be paid and you will have the funds in your account. It is a big deal and your sponsoring bank will need to have a lot of faith in you and your accounting procedures because if it all goes belly up they could be left holding the baby!

Question 2: I currently don't have any accounting software (pen, paper and shoebox at the mo)

That definitely won't pass the sponsoring bank suitability test!

what software would you recommend??

I still use Quickbooks Pro 2002... I often recommend Quickbooks because it does what it says on the tin!
I've found that while Sage products are "approved" and "recommended" they are quirky and really require a support contract for advice on how to do what you want or need to do...
I find it strange that you need to pay to use something you have already paid for!

 

[Paddy199]

Try zero. You can import your bank transactions so it saves alot of the input hassle.

No affliliation.

 

[NumbrCrunchr]

XERO Accounts

I would also recommend XERO. It is online and data entry is more simplified. We use it at our firm and are not linked in any way.
numbercruncher

 

[Satan's Bed]

I've found that while Sage products are "approved" and "recommended" they are quirky and really require a support contract for advice on how to do what you want or need to do...
I find it strange that you need to pay to use something you have already paid for!

Agreed - I really regret and I really mean this - opting for TAS First Books (A division of Sage) when I set up my business. Buggy software....