Hello CDs

I am an incorporated worker, looking for a software package which should enable me to do all accounting and taxes etc by myself, without any need of accountant.

Could you please direct me to the right package? I did look at QuickBooks, Intuit packages and SimplyAccounting... but somehow unsure which one is good for a business with owner as the only employee.

Please help.

Thanks and Regards,
TO

Hi,

I was and am still on lookout for a cost effective solution to this.
I tried all of the above you listed, for 2005 I have taken help of an accountant who will do complete accounting, tax prep and filing returns etc for about $200.00. which to me is really good price.
for this I created and maintained all record and details of transactions in proper form on Excel spreadsheets and handed them to my accountant.

So if you want you can try that path. If you start now also in 2-3 days you can put up good worksheets.

Please do post here if you find a good and low cost software. I will also post with updates if any on my search for it.

Thanks naudurivsm.

Yesterday I attended the webinar of SimplyAccounting, that looked good. Downloaded trial version too to feel it. But still, if someone has already used a good package to serve complete business needs, that info would be great.

Currently, me too maintaining info in an .xls file to contain Invoice No., Invoice Date, Amount invoiced, CPP contributions, Taxes, Net amount received etc. Sometimes I feel that info highly incomplete, as accountants ask for Balance Sheet, financial statement etc, which I am trying to learn to become self sufficient. May I ask you what kind of info, do u maintain in your .xls files?

Thanks and Regards,
TO

Hi,

Here is what I put in the xls file. I create several worksheets for each type of information

> Company Infoformation , adddress, tel #, BN(s) etc .
> Incorporation expenses
> Cash Account - both DR and CR info
> Bank Account - Same Dr and cr info - basically this is a copy of the bank statement.
> General expenses - list all petty expenses
> Director's Travelling exp - you might use this info towards personal taxation
as well. - Talk to your Accountant / consultant.
> Payments / Receipts - list all transacation with dates and references
- most of which you will find in your bank / CC statements.
> Sales journal - record of all transactions with dates and references
> Purchases journal - -record of all transactions with dates and references
> Loans details - like hand loans - you might have brought cash into business.
and took out cash as well -
this one also might be useful towards your personal taxation.
> Vendor' list with complete contact details
> Customer's list with complete contact details.
> Pay roll information if any.

Then I handed this spreadsheet to the accoutant, he will prepare books of accounts and also tax returns out of this information. once everything is ready
we will file it. e
hope this helps;

Simply Accounting, I tried their online version -But this feature is not availalble any more ( not sure why ), In US we use peachtree accounting which is not bad. so am still researching - will update you if I find something.

PM me with contact number, if you need specifics and I will try my best top help you out.

That s great help my friend. Thanks much

I met accountant yday and she told me to prepare a few reports, which i am currently working on... after finishing this home-work, I will get in touch for more information exchange.

Thanks again.

hi naudurivsm,

After spending my weekend and preparing all things what accountant needed, I am back here to reply you.

I read you list of things in the .xls file. Yes, same information was prepared by me too. I couldnt locate all bills e.g. car fuel etc. so just had to refer back to my credit card statements.

Most of the information was compiled from my bank account and card statements. It took time, but ultimately easy to refer back in case someone needs more details on a certain transaction.

I had also included information on house portion used for business in terms of utilities, property taxes, maintenence expenses etc. Also rental information of the house I lived in last year.

Cancelled cheques and CRA payments related information was an additional thing in my list.

As of this year, I decided to go to accountant due to my first business year. to maintain records in a more formal way, research for a better package will continue. Overview of QuickTax was good though.

Regards.

Hi,

Good to know that you are through for this year.
I will also contemplate Peachtree, one of the Sage products as well.
basically it all depends on the nature of business activity we are into, like in my case I do not need manufacturing part ( even inventory accounting etc).

What happens is most of the packages are bundled with features which we may not want and use, but that increases the product cost.

so I will do some more research as well and get back on this thread.

Thanks