Self Employment & Bookkeeping

[WelshWood]

Hi guys,

Firstly, apologies if this is in the wrong forum!

So I've been self employed for just over a month now and absolutely loving it!

I'm normally very good at keeping paperwork and such in order (probably OCD at times!)

I'm just curious how you guys keep all your paperwork - currently just sorting out a place for invoices for jobs, invoices for tools, insurances, insurances for PPE.

Looking forward to hear from you

~WW

 

[SMJoinery]

Hi guys,

Firstly, apologies if this is in the wrong forum!

So I've been self employed for just over a month now and absolutely loving it!

I'm normally very good at keeping paperwork and such in order (probably OCD at times!)

I'm just curious how you guys keep all your paperwork - currently just sorting out a place for invoices for jobs, invoices for tools, insurances, insurances for PPE.

Looking forward to hear from you

~WW

Hi WW

Search for Quickbooks.
Now all totally online system.
Single client database syncs to quotes, invoices etc.
Any paperwork bills etc gets entered right away and stamped as "recorded" then filed in lever arch per sub headings of suppliers names etc.
This at the year ends goes to accountant with download of master file which saves a fortune in fees.
The system lets me see who biggest client and supplier is, emails alerts on outstanding invoices etc and is very easy to navigate.
Now to be totally honest...my wife has had her own bookkeeping / accounts consultancy for 15 years. She is a professional advisor for quickbooks.
I couldn't do it without her and my best advice would be get some help / pay someone to help with this kind of stuff.
I've spoken to too many trades that ignore the need to keep accurate records and end up paying a hefty price to rectify or an even heavier fine or worse!
Good luck. If you need any further advice or specific points I can get my wife to chip in some words of wisdom. Just let me know.

 

[Brandane]

Hey WW,

Well this is my first post on FOG been a lurker for a while but eventually got around to joining in. I've been self employed for about 4 years and was based down in Llanharry, S Wales until June this year when we upped and moved to Scotland.

Anyway back to topic. I used an accountant in Wales and she preferred me keeping things simple and old school. This worked perfect for me because as much as I would like to input all my figures into an excel spreadsheet I'd still have to make hard copies anyway.

So I use a Collins Ideal Double cash book which I input every sale or expense (i.e. Festool purchases, diesel receipts, materials etc). Any payments I receive from customers I obviously jot that in as a sale but also include the invoice number.

I keep everything in a box file and all receipts and invoices get supaclipped together in date order in piles of months for easy reading at a later date. Everything then ties in nicely with my cash book.

Are you planning on doing your tax return yourself?

Hope this all makes sense to you  [smile]

Cheers Doug

 

[Louis84]

Get help. An accountant will save you £££ each year with legal allowances. And also make sure they have experience with "builders bookeeping".

Accurate and regular accounts meetings are vital to see where your making & more often) loosing money. Say one meeting every quarter will do wonders and  keep you grounded as to your finances.

Anything other than material expenses and my own wages I refer to as "leeches"! I can see each quarter who/what's leeching off me too much - (employee(s), subbys, the van, machine maintenance etc). Then I can try and do something about it to keep more profit (like kick someone out the door!)