Accounting software

Accounting software

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Has anyone got any advise as to good, reliable and not too expensive accounting software for preparation of Limited Companies accounts.
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By tomtrainer
24th Jun 2005 13:18

Assessing the Assessors
I often wonder how to assess people's assessments of their software: I bought IRIS PAYE Master on the basis of some recommendations on AWeb, and found it to be awful, with an outdated feel (try importing/exporting), lack of funcionality and a premium rate support number. I cannot see why anyone would have recommended it, unless they had not tried a modern product.

I now find myself looking for an account production package and I think "who do I believe?".

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By carnmores
24th Jun 2005 16:23

DIGITA
with out a shadow of a doubt this is the answer it is designed around MSSSQL and .net technology, and v3 is coming out immediately.

you can come and look at my version if you are in London or nearby, am that confident

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Me!
By nigelburge
14th Apr 2005 12:14

VT VT VT

As said before , it works and works well.

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By M3MMM
14th Apr 2005 20:47

VT?
The capital cost of VT may be cheap, but what you gain on the swings you lose on the roundabouts.

I have subcontracted at a practice that uses VT ( and does audit schedules on the reverse of previously used pieces of paper) so I have experience of that and of IRIS.

It is much faster to run a year end on IRIS than VT, because much of the year end journals on IRIS are automatic. IRIS's starter pack includes the business tax and personal tax modules, and also the fixed asset register, which makes for a fixed asset register for all the clients you have, and calculates depreciation based on your accounting policy with an automatically generated posting for the depreciation journal.

It is more expensive, but I think that IRIS will allow you to be much more productive and will pay for itself very quickly.

You get what you pay for.

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By User deleted
08th Nov 2004 20:36

VT
We started Vt recently and it works very well and is easy to learn and big time saver. Abbreviated accounts are automatic.
However you still need to do the relevant accounts disclosure checklist as in my experience it does not neccesarily pick up all disclosure requirments.

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By listerramjet
04th Nov 2004 13:57

it works? its cheap?
virtually all of the current batch of accounts production software products works, and in many ways work well, but I have still seen most of them fail. And if you don't believe me then have a look at the research done by the ICAEW IT faculty.

More often than not they fail because of user error, of one sort or another. What is the cost of lost clients and damaged reputations?

Don't choose a product simply because it has the lowest acquisition cost. Consider also the likely cost, and quality, of support and training. Will it cover all of your likely requirements? How long will it take to resolve issues? What do you do if it breaks down late on a Thursday, when you are rushing to finalise accounts for an important client, required for the bank early the next morning?

I am not suggesting that apparent cheapness should stop the purchase, but I am suggesting that there are lots of other important issues to consider, and something that looks cheap may turn out to be very expensive.

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Richard Murphy
By Richard Murphy
04th Nov 2004 13:00

VT
It works, and is cheap

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By John Savage
02nd Nov 2004 12:56

Digita's Accounts Pro
In my practice I have been using Digita's Accounts Pro since it was first released over a year ago.

A fantastic product, and saves me so much time, particularly with Company Accounts. It uses the latest .NET computing technology.

With those clients who are already set up on it I only having to input a trial balance and can get abbreviated accounts and full accounts out in moments. In fact, it is taking less than 1 1/2 hours now from starting to set up a new company to getting both types of accounts out, even less with clients already on the system, which is not bad I feel.

Their support is second to none, not that I need to contact them much. Ask Digita for an evaluation disc, I feel sure they do one.

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By listerramjet
02nd Nov 2004 13:32

caseware or digita
Caseware is a suitable product, and benefits from a particularly user friendly interface, and an import route from many different accounting ledger applications (such as Sage Line 50). It is supplied in the UK by Credence. They have extended its functionality to offer periodic management accounts as well as what if scenario analysis, and it has graphical capabilities.

Digita have a competing product, which is relatively new to the market. Because of this its user interface is less developed, but I have tested it and found it to be both robust and user friendly. I understand that it will also suport import from SageLine 50, but probably does not yet have such extensive import facilities as Caseware.

Both of these products take a database approach, and keep the financial data separate from the actual documents, which does help to make them robust. There is always a danger with a non-database approach (or if formula in the templates are (capable of being) overwritten) that the final accounts will develop reporting errors.

Not too expensive is an interesting question. You should expect to have to pay for a licence to use the software, as well as an annual/periodic fee for template updates and support, bearing in mind that limited company reporting requirements change relatively frequently (even for small companies), and you may wish to produce both full (FRSSE) accounts and abbreviated accounts for submission to Companies House. The support facilities are important, particularly if you do not have in house expertise in either financial reporting or computerised application - and in practice I have found both Caseware and Digita to have very good support.

Assuming you opt for an audit, then both products will provide an audit trail from your accounting ledger application, provided you take the import route, and both products will also provide an audit trail of adjustments you make to the accounts. The latter is an important feature even if you don't opt for an audit, because you will still need to reflect the adjustments in your accounting ledger.

If you find and select a cheaper product, it is worth ensuring that it deals with the stuff I have mentioned above.

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By David Turner
01st Nov 2004 13:19

Depends on how basic you want to go...
If it is a single start up and a single user, you should look at Sage Line 50 - a good basic package that many small companies use. However, if you are doing the accounts for a number of companies, or are expecting to grow quickly, you may want to go for something more mid-market. CODA (who I work for) does a package for SMEs (called Dream) which can start very small, and can be offered for rental too - so you don't have to set up IT. Try us on www.coda.com... Good luck!

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By AnonymousUser
01st Nov 2004 13:57

VT
Look @ www.vtsoftware.co.uk which operates in Excel

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By User deleted
01st Nov 2004 13:58

Statutory accounts
If you mean statutory accounts as opposed to book-keeping, give VT software a try. I have been using it for a few years. Cost is around £200 I think

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Teignmouth
By Paul Scholes
04th Nov 2004 00:03

Iris have Starter Pack licences that allow small firms to use all the core iris suites limited only to a specific number of clients.

The benefit of this is that as you prepare the accounts the business tax suite will already have most of what it needs to produce the CT600 & comps.

Also as you develop the practice you take on more facilities to match.

Good Luck
Paul

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By User deleted
05th Nov 2004 09:43

VT Final Accounts for Excel is both inexpensive (£199+VAT) and reliable! In the October 2004 ICAEW survey, VT Final Accounts had a higher rating for reliability than any other accounts production package, and was second only to IRIS (a much more expensive package) for ease of use, performance and support.

The price of £199 includes VT Transaction, an easy to use bookkeeping package that runs directly in Windows.

For more info, visit www.vtsoftware.co.uk

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By AnonymousUser
02nd Nov 2004 09:15

Keytime Final Accounts
Hello "new venture",

Keytime has a Final Accounts system that will deal with your needs effectively and for a very reasonable price.

Have a look at our website at www.keytimesystems.co.uk for more information or call us on 0845 456 3103.

Good luck

Anthony

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