Product Review DIY Accounting Limited Company Accounting Software
DIY Accounting Software for UK limited liability companies is a series of bookkeeping templates on excel spreadsheets, suitable for any small limited company producing an automated monthly profit and loss account and a set of final company accounts with balance sheet and notes ready for publication.
Accounting Software Strengths
As the whole small business accounting software for a limited liability company is written on excel spreadsheets all bookkeeping transactions are visible. The excel spreadsheets have 12 monthly sheets in each work book. Prime data entry excel spreadsheets being provided for sales, purchases, cash, bank, savings account and credit card account. Financial transactions such as sales or expenses are then simply listed on the appropriate months’ sheet. And changes or errors can easily be rectified by simply deleting errorsa or entering new information. This simple listing process is a huge advantage to non accountants as no previous bookkeeping or accountancy software knowledge is required.
Bank spreadsheets can be entered by listing the items that appear on the bank statement and include a box to enter the statement balance each month. The formulae within the excel spreadsheet then automatically checks that the entries made agree with the statement balance producing effective bank reconciliation. A good feature that ensures entries are recorded accurately in the companies accounts.
The simple bookkeeping entries that have been made to the sales,purchases and the bank statement is automatically transferred to the financial accounting file. In this file is a trial balance which actually automates all the double entry accounting transactions. No entries are required removing the need for users to have accounting experience. The Trial Balance is purely an accounting solution, visible and contains an audit check to again ensure the company accounts are accurate with no entries are required. The absence of required entries in the area of accountancy makes the product an ideal company accounts package for companies requiring a small business accounting software package.
Within the financial accounting software file is an automated monthly profit and loss account to enable limited companies to track their financial performance and very important, the package also produces a balanced profit and loss account and Balance Sheet in the correct format for submission of the final accounts. This set of final accounts automatically gathering the financial information from the basic entries made and includes the statutory notes required for a set of company accounts being published.
The package is equally suitablke for both vat and non vat registered business with vat returns produced at the touch of a button each quarter. To produce a vat return clients simply go to the vat file and select the quarter end date from a drop down menu and the figures for the vat return are automatically generated. The vat calculations can be disabled by non vat registered small businesses by simply changing the standard vat rate from 17.5 to zero making the accounting software suitable for both vat registered and non vat registered businesses.
The fixed asset schedule is preset with the capital allowance tax rates to automatically calculate capital allowances when fixed assets are entered. Deprecistion perecentages are already set in the fixed asset schedule to calculate depreciation and can be changed for individual requirements.
The limited company corporation tax liability is also calculated automatically in such a way that all the calculations; additions and deductions are both automated and visible. Capital allowances on both existing and new assets being shown on the corporation tax calculation.
Accountancy Knowledge Required
The limited liability company accounting software is based upon single entry of transactions requiring no accounting or bookkeeping knowledge. All the accounting knowledge required to perform the double entry of transactions which is a required feature to produce a balance sheet has been automated. The company accounts package has a feature so that the previous years’ numbers may be entered with a list of the opening customers and suppliers, debtors and creditors. A minimal level of accounting knowledge is required to correctly list the closing debtors and creditors and check the totals of those lists agrees with the automated balances shown on the company accounts balance sheet
Very Low Priced
At £15 the accounting software can save many businesses exempt from a full audit the need to employ an accountant potentially saving hundreds of pounds in professional fees. Hundreds of small limited companies with up to 20 employees also purchase the DIY Accounting Payroll Software which is sold separately from £14.99 and fully integrates into the Financial Accounting Software.
The product has a stock control feature to monitor any stock losses. The limited company accounting software contains a wages interface that fully integrates the DIY Accounting Payroll Software when those files are saved into the same folder as the accounting software files. Being written on excel spreadsheets all transactions are visible and capable of being changed by for example overwriting any errors as opposed to a database system that requires new transactions to be entered to reverse previous entries. The sales and purchase spreadsheets include columns for entering CIS tax deductions and payments and the certificate numbers. The CIS tax being then automatically entered on the self assessment tax return. As the small business accounting software is written on excel spreadsheets then it is essential that users have a version of excel from 1998 onwards installed to use the program. The accounting software also works fine with an Open Source spreadsheet package.
Conclusion: to Buy or not to Buy
Exceptionally good value, very easy to use and produces exactly what every small limited company requires in a small business accounting software package, automated accounts requiring no bookkeeping skills and no previous financial accountancy software experience with the valuable end product of a fully automated final set of accounts for the limited liability company.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Terry Cartwright is a qualified accountant in the UK designs Financial Accounting Software on excel spreadsheets providing complete Small Business Accounting Software and Company Accounts solutions for small to medium sized business with Payroll packages for 1 to 20 employees that automates the revenue payroll tax returns.