What is MyBookkeepingManager?
MyBookkeepingManager is basic, sole trader and contractor bookkeeping software. Typically, the software provides a useful bookkeeping tool for businesses that have just one or two employees, for example, IT contractor limited companies.
In general, contractors, freelancers and sole traders perform their own bookkeeping activities and as such need to have at their disposal simple bookkeeping software that frees them up to be able to concentrate on running their businesses. MyBookkeepingManager is very easy-to-use, cheap, bookkeeping software for contractors, freelancers and sole traders.
MyBookkeepingManager was designed and developed by a UK-based IT contractor running a small limited company in consultation with an accountancy firm, and as such is aimed squarely at the needs of UK micro businesses.
What does MyBookkeepingManager do?
MyBookkeepingManager enables monthly sales, loans, salaries, income tax, national insurance (both employees and employers), pension contributions, bank account interest, bank account charges, office or desk rental, and various other expense amounts to be tracked. Monthly financial figures are presented on an easy-to-read bookkeeping spreadsheet.
The software then automatically calculates the amount of VAT owed (if you are using the VAT Flat Rate Scheme), calculates the size of dividends that can be distributed to shareholders, the amount of corporation (business) tax due, the amount of retained earnings (retained profit from the current year as well as previous years) held in the company, plus much more.
You have the flexibility to use as much or as little of the sofware as you require. When adding a new month to the financial spreadsheet, you can choose to only enter data that is relevant to your business; data that is of no interest can be easily hidden from the spreadsheet. For example, you could - if you wanted to - only enter sales figures and nothing else. You could then configure the spreadsheet so that it only displays sales data.
Running on a Kindle Fire HD
As mentioned above, all figures that have been entered or generated are presented in a straight forward spreadsheet format, making it very easy to see at a glance how your business is doing. You can also create dividend tax vouchers and produce a large range of financial reports that can be printed or exported in .csv format and passed onto your accountant to assist with the production of your company accounts.
Is MyBookkeepingManager right for you?
If you are looking for a basic, cheap, very easy-to-use, web-based (no installation required), bookkeeping software application that doesn't include all the heavy-duty functionality that is offered by some of the fully-blown solutions available, then MyBookkeepingManager may well be the right software application for you.
We recommend that you check out our video and list of features to get a much better feel for the software and what it can do.
Remember that there is a once-only (very small) fee to pay - no monthly subscription is necessary - and if you choose to use the web-based version you should be up and running within a few minutes and will automatically be using the latest version of the software at all times.
The web version also gives you the flexibility to access the software from any web-enabled device such as a normal PC, laptop, tablet or mobile phone, meaning that you can easily access MyBookkeepingManager from anywhere with Internet access - making it easy to keep your business finances up-to-date at all times.
The software features context-sensitive help, and a large selection of user guides are available on this web site. Email support is also provided and we will always try to get back to you within 24 hours from receipt of your query.
Choosing suitable accounting / bookkeeping software for your business
Knowing which accounting / bookkeeping software application to choose when looking for a solution for your business can be difficult. True, there are plenty of excellent products on the market, but the problem is knowing which ones provide you with the right level of functionality and ease-of-use ... and of course, let's not forget price.
The problem with some of the more complex solutions is that they often require a certain level of expertise and knowledge in bookkeeping or accounting, which will not necessarily be the case for many small business owner-managers. OK, in a large organisation, it won't be a problem because there will be people working there who are accountants or bookkeepers, but in a small business it will often be the responsibility of the person or people running the business who also have to manage the accounts.
Some important factors when looking for an accounting or bookkeeping software solution are:
- It needs to save you time so you can get on with running your business.
- It needs to produce accurate, timely, information that you can submit to your accountant or directly to HMRC.
- It needs to be easy to use.
- It needs to offer the right level of functionality for your business, for example, does it need to handle the VAT Flat Rate Scheme and dividends, does it need to calculate how much corporation tax is owed, etc. How much of your accounting / bookkeeping activities do you intend to do yourself, and how much do you want your accountant/bookkeeper to do? If you don't intend to do very much yourself, you might be able to get by with just one or two bookkeeping spreadsheets to record bank transactions rather than needing to invest in a bookkeeping / accounting software application.
- It needs to be affordable. The software should fit your budget and overall business structure. In order to reduce costs, when reviewing possible software solutions, try to eliminate features / functionality that would not be used by your business.
- Does the software need to allow for more than one person to be using it at the same time? If you require multiple users, you may need to consider the cost of purchasing additional licenses to add more users.
- Are software updates automatically distributed? Most bookkeeping software applications are automatically updated, ensuring that you are always using the latest version.
Take some time and have a good look at the accounting / bookkeeping tasks that you are currently carrying out on, say, a monthly and quarterly basis. Write them down and use them as the criteria for the software you need. Always keep in mind that the more sophisticated and powerful an application is, the more complex and perhaps difficult it will be to use, so don't go for a solution that does a lot more than you need it to (although keep in mind that your software requirements might change as your company grows).
Also ask yourself whether you want to install and run the software on your own computer or whether you want to opt for an online web-based solution. Finally, think about how much you can afford to pay: many solutions require an on-going monthly subscription, which can work out quite expensive when looking at the annual cost.
The main thing is to take your time - perhaps download (or use online) one or two free (or low cost) applications to try them out and get a feel for what's available on the market. Also, talk to other people - go onto forums and ask for advice. Remember though, don't ask the question "what is the best accounting / bookkeeping software?" because there is no such thing - it is about finding the best solution for your particular business.