Key Post Self employed bookeeping - what's needed

Hi guys,

I have set up a limited company, and will be looking after all the book work myself, although I have to admit i'm a little lost with one thing.

What is the best method of organizing your business paperwork. ie. what do I have to keep for the accountant, revenue etc. and what is the best way to keep this info, neat, organised etc.

Any help or tips greatly appreciated. If any of you have any good tips also as to any books or internet sites that would help with this matter please feel free to forward your suggestions.

Thanks
Tom

Hi tom - Welcome. The best thisng to do is to read through a few threads here first. There are plenty about. Then when you have specifics start a thread on that. First bit of advice is to keep everything, receipts, invoices, bank statements etc.
Good luck and I've updtaed thread titls slightly.

The Key posts on this branch is a start.

My suggestions to start with would be as follows:
Purchase invoices file organised by month and invoices/receipts in A-Z in each month section - makes it easy to find a particular invoice if required, or check on a particular VAT return.
Photocopy or scan smaller receipts as these can often fade over time.
Sales invoice file for all sales invoices in numerical order.
Bank file for all bank statements / loans / credit card statements if applicable
Revenue file for copies of VAT/P30/CT/IT/RCT returns
Correspondence file A-Z
Employee/PAYE file if applicable - employee details / P45's on starting / P45's on leaving / copies of contracts etc

These could also be scanned or set up as soft copies rather than hard copies. I use dropbox for everything so it's easy to access documents on the move.

Not sure if it would be useful but in a past company I also used to keep a post log so I could check back when something was posted. It came in useful on several occasions.

Thanks Nutso,
The post log sounds like a great idea, definitely something that I can see myself using.
Cheers,
Thomas

Books and Records

Thomas

Would you consider using a small accounts package.

This may make life easier for you and for your accountant.

Consider one of SAGE ONE, TAS BOOKS, QUICKBOOKS or Bg Red Book.

My personal preference would be for QuickBooks - very easy for a non-accountant to use and understand, and very reasonably priced. Axonware are selling on special till tomorrow for €149 + VAT.