Cheapest way is to get get a Xero cashbook subscription for £5 (only available by a Xero partner).
Connect the client bank feed, delete all the COA. Set up a current liability code for each client. Post all transactions to the client liability code from bank feed.
That way if all transactions are coded out you should a debit balance for the client account balance, and the other side will be all the client monies you hold. So the TB should be your full client reconciliation without you doing any work. (In theory)
Each client account should come back to nil once complete.
You may need some external body to sign off your balances each month, but the above remove a big chunk of the messing about if done correctly.
2 options put your data file in dropbox or tell your client to up his game (even just for this payroll) and give you the details early, then enjoy your break.
Take the money, but as repayable loan or split with lower equity/loan.
I disagree with others that accountancy is a low cost start up business.
Yes you can buy a laptop, some software and work from your kitchen table as a side hustle but it is a slow burner initially.
I was offered a similar deal when i started £200k investment on a repayable loan basis. I turned it down as i wanted to be totally stand alone.
I left a reasonably well paid job so for the first 2 years lived hand to mouth with nothing invested back into the growing the firm.
With hindsight i would have took the money, maybe bought in some fees, committed to an office earlier, hired staff earlier paid for professional marketing & website, IT, software, systems etc.
With the cash I could be where i am now (5 years in) within 18 months.
Yes you need enough money to live on say up to 12 months, but I would also say you need maybe £30k to £50k working capital to get you setup as a "proper" firm quickly where you are winning the right work paying the right money from Day 1.
If you have not got the accounts skills maybe consider starting in partnership with someone who has together you may bring more to your offering.
Good luck whatever you do, and post about your progress.
Take the money, but as repayable loan or split with lower equity/loan.
I disagree with others that accountancy is a low cost start up business.
Yes you can buy a laptop, some software and work from your kitchen table as a side hustle but it is a slow burner initially.
I was offered a similar deal when i started £200k investment on a repayable loan basis. I turned it down as i wanted to be totally stand alone.
I left a reasonably well paid job so for the first 2 years lived hand to mouth with nothing invested back into the growing the firm.
With hindsight i would have took the money, maybe bought in some fees, committed to an office earlier, hired staff earlier paid for professional marketing & website etc.
With the cash I could be where i am now (5 years in) within 18 months.
Yes you need enough money to live on say up to 12 months, but I would also say you need maybe £30k to £50k working capital to get you setup as a "proper" firm quickly where you are winning the right work paying the right money from Day 1.
If you have not got the accounts skills maybe consider starting in partnership with someone who has together you may bring more to your offering.
Good luck whatever you do, and post about your progress.
If whatever he does leads him to be risk of been sued surely the limited liability of a Ltd Co should trump the tax options.
They sound like super star clients. I often wonder why people who don't past the bleep bleep test insist on becoming self employed these 2 sound better off employed.
My answers
Cheapest way is to get get a Xero cashbook subscription for £5 (only available by a Xero partner).
Connect the client bank feed, delete all the COA. Set up a current liability code for each client. Post all transactions to the client liability code from bank feed.
That way if all transactions are coded out you should a debit balance for the client account balance, and the other side will be all the client monies you hold. So the TB should be your full client reconciliation without you doing any work. (In theory)
Each client account should come back to nil once complete.
You may need some external body to sign off your balances each month, but the above remove a big chunk of the messing about if done correctly.
duplicated
2 options put your data file in dropbox or tell your client to up his game (even just for this payroll) and give you the details early, then enjoy your break.
I love it when an Anon poster gets busted by replying to the first response on his anon thread.
Put your notice in when you can with IRIS switch to Taxcalc + Inform Direct + Senta or AM.
Then take a holiday with the money you save.
We moved over a few years ago from DIgita when Digita lost the plot with the FRS102 formats and the APA.
Very happy with Taxcalc and the unlimited client pricing is appealing compared to the hike every 25 clients we used to get with Digita.
The PM part is quite basic but they are working on it, just use Senta or AM if you need something better.
I also use the cloud connect setup which allows you the access of a cloud product but the full functionality of a desktop suite.
Unless your a huge firm I cannot see the benefit of using IRIS and would not look past Taxcalc or BTC if I were you.
Taxcalc AML centre as all the risk assessments included now
Take the money, but as repayable loan or split with lower equity/loan.
I disagree with others that accountancy is a low cost start up business.
Yes you can buy a laptop, some software and work from your kitchen table as a side hustle but it is a slow burner initially.
I was offered a similar deal when i started £200k investment on a repayable loan basis. I turned it down as i wanted to be totally stand alone.
I left a reasonably well paid job so for the first 2 years lived hand to mouth with nothing invested back into the growing the firm.
With hindsight i would have took the money, maybe bought in some fees, committed to an office earlier, hired staff earlier paid for professional marketing & website, IT, software, systems etc.
With the cash I could be where i am now (5 years in) within 18 months.
Yes you need enough money to live on say up to 12 months, but I would also say you need maybe £30k to £50k working capital to get you setup as a "proper" firm quickly where you are winning the right work paying the right money from Day 1.
If you have not got the accounts skills maybe consider starting in partnership with someone who has together you may bring more to your offering.
Good luck whatever you do, and post about your progress.
Take the money, but as repayable loan or split with lower equity/loan.
I disagree with others that accountancy is a low cost start up business.
Yes you can buy a laptop, some software and work from your kitchen table as a side hustle but it is a slow burner initially.
I was offered a similar deal when i started £200k investment on a repayable loan basis. I turned it down as i wanted to be totally stand alone.
I left a reasonably well paid job so for the first 2 years lived hand to mouth with nothing invested back into the growing the firm.
With hindsight i would have took the money, maybe bought in some fees, committed to an office earlier, hired staff earlier paid for professional marketing & website etc.
With the cash I could be where i am now (5 years in) within 18 months.
Yes you need enough money to live on say up to 12 months, but I would also say you need maybe £30k to £50k working capital to get you setup as a "proper" firm quickly where you are winning the right work paying the right money from Day 1.
If you have not got the accounts skills maybe consider starting in partnership with someone who has together you may bring more to your offering.
Good luck whatever you do, and post about your progress.
If whatever he does leads him to be risk of been sued surely the limited liability of a Ltd Co should trump the tax options.
They sound like super star clients. I often wonder why people who don't past the bleep bleep test insist on becoming self employed these 2 sound better off employed.