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. Each excel
workbook being arranged in 12 monthly worksheets. 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 should a change be necessary any item can be easily
changed. 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.
From the lists of sales and purchases plus the bank
statement entries all the information is automatically
transferred to the financial accounts 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
lack of entries in the area of accounting makes the product
an ideal 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.
Quarterly vat returns are generated for vat registered
business and is also suitable for non vat registered
business. 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. Depreciation is
also automatically calculated with preset percentages that
can be changed as required.
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' figures may be entered and lists
of opening debtors and creditors recorded. 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.
Other Features
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.
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Terry Cartwright is a qualified accountant in the UK
designs Financial Accounting Software
http://www.diyaccounting.co.uk/index.htm
on excel spreadsheets providing complete Business
Accounting Software
http://www.diyaccounting.co.uk/companyaccounts.htm
for every small limited liability company.
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