UKC

do your own accounts for a small private practice (psychology)?

My wife is looking to set up a small private practice offering therapy. Say at most 5 clients per week.

Clients would pay for sessions and the expenses would be fairly minimal: professional body annual registeration, professional insurance (both of which she currently pays anyway for her current employed role). Rental of a room in a suite of offices catering for such services.

I'm fairly numerate and alright with spreadsheets. I also have a recollection of accountancy practice having studied it (almost 25 yrs ago)

In reply to Flinticus:

You can buy inexpensive software that does it all for you including VAT and Payroll. You just enter outgoings and income. Some years ago I ran a company and used a product called "Sage Accounting". My accountant just had to sign the accounts off (literally), once a year, as I was a limited company. Not sure if Sage is still a good contender so a bit of research might be in order.

Al

In reply to Flinticus:

I could send you a spreadsheet template (excel) that I built if you like. It seems to help me, and the accountant likes it.