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Bookkeeping

  • 28-09-2014 12:55pm
    #1
    Evelyn Martina
    Registered Users, Registered Users 2 Posts: 35 ✭


    Hi

    My partner started off his own resin flooring business about 9 months ago. We have an accountant who does all our vat returns, tax etc. The problem is that up until now the only thing done was keeping track of invoices and vat returns. The business is a sole trader business, he lays resin floors so there isn't sale of goods etc not too much to keep a track of other than payments coming in (which we have) and our expenditure and expenses.

    Any advice would be grateful, should i start to panic as we didn't keep proper records of all expenditure (most however are traceable as we use bank cards for everything we rarely use cash). What books should I keep, if I start now do I need to go back to the beginning? Would I need to get a bookkeeper in to just get it all in order and then work from there myself.

    Please help as we need to get this sorted asap.

    kind regards.

    Evelyn


Comments

  • #2
    marizpan
    Registered Users, Registered Users 2 Posts: 443 ✭✭marizpan


    By the sounds of it there isn't much work/bookkeeping involved.
    You could record your sales & purchases on excel. Break down the vat and record each vat period separately.

    I don't understand the need to give up your job to do a few hours of bookkeeping a week. Will you not be putting your boyfriend under pressure to pay your wages as well as his?
    There is a lot to be said for having a steady income coming in each week/month.


  • #3
    Evelyn Martina
    Registered Users, Registered Users 2 Posts: 35 ✭Evelyn Martina


    Thanks for the advice,

    Should have worded my post differently, i didn't just give up my job to do 2 hours bookkeeping a week, there were other personal reasons which are not for this post or forum. But anymore advice on BOOKKEEPING would be greatly appreciated.


  • #4
    Immy
    Registered Users, Registered Users 2 Posts: 260 ✭✭Immy


    Evelyn I would go to your accountant and get him/her to advise you. I do this with new clients all the time and help them set everything up.


  • #5
    marizpan
    Registered Users, Registered Users 2 Posts: 443 ✭✭marizpan


    Fair enough.

    I'm not sure there is much more to say. It seems like a very straight forward set up.
    Just a sales & expenditure needed.
    This will make doing the vat3 easy. And your accountant will sort the year end work.
    Do you have much experience or a complete novice? Maybe if a novice, get a bookkeeper to get you started with the spreadsheets & system.
    Best of luck


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