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1. Best business plan software for social entrepreneurs how to#
2. Best business plan software for social entrepreneurs trial#
3. Best business plan software for social entrepreneurs free#

If the thought of spreadsheets fills you with dread, you could always find an accountant.

Best business plan software for social entrepreneurs trial#

It’s probably a good idea to try the ones offering trial periods first – once you’re set up, it can be tricky to change.

Quickbooks, Zoho and Xero are just some that have gained a foothold in the market, get good reviews and offer live support. Most offer smartphone apps in case you need your numbers in a hurry. Some of them generate invoices, process credit card payments or produce tax returns. Lots of online accounting services are available for a monthly fee, depending what your business will do.

Best business plan software for social entrepreneurs how to#

If you don’t know how to use Google Sheets (their version of Excel), you can learn and online tutorials can be found on Youtube. GoogIe does the same thing via the Google Suite, accessible in the same way.

Best business plan software for social entrepreneurs free#

If you have an online Outlook (aka Hotmail) email account, a version of Excel comes free in the cloud based OneDrive account (it’s there in the nine dots in the top left hand corner of your email browser).

You don’t need to splash out on Microsoft Office if you don’t already have it. It also comes with a Personal Survival Budget tab, which will help you work out what kind of salary you need to pay yourself to live on. This will help you consider costs you might have forgotten – insurance, for example. The spreadsheet tab called Cash Flow Forecast shows how to do some financial forecasting and another tab will guide you how to use it. If you’ve never maintained business accounts before, take a look at this template provided free by the Start Up Loans company. If you’re computer literate, you’ll likely be familiar with Microsoft Excel, which means you’ll know what a spreadsheet is. As with so much of life in general, your records will be electronic. The days when sober looking accounts clerks would file entries in multiple lined ledgers are long gone. Want more support to start up? Discover our Lloyds Bank & Bank of Scotland Social Entrepreneurs Start Up Programme 2019/20. Any tax payable will be due when the self-assessment deadline comes around. If this is your chosen legal structure then it’s still important to set up a separate business bank account – this is to avoid personal and business spend getting mixed up. If you’ve set up as a sole trader, you’ll initially need to register for self-assessment with HMRC. Find out if you have to pay it on the HMRC website. If this applies to you, you will need to ensure your record keeping is compatible with online filing. Making Tax Digital is the Governments current initiative to ensure all businesses file VAT returns in real time. In this case, you’ll need to submit quarterly VAT returns to HMRC and pay any VAT due. The taxman can also ask to see your accounts and supporting documents at any time, so you need to keep up to date the past seven years of your business operations.ĭepending on the type of services or products you’re offering, and if the turnover of the company exceeds £85,000, you could be required to register for Value Added Tax (VAT). The forms tend to be long winded and can feel intimidating, but the UK government website will help to hold your hand through the process. If you’re intent on filing your tax returns yourself, allow plenty of time. If you’ve set up your social enterprise as a company, you’ll also need to file a tax return with HMRC, to find out how much, if any, corporation tax you are liable for. If you’ve registered as a limited company in the UK, you must file annual accounts with Companies House, the government’s registry of businesses in the UK. Your social enterprise has a much better chance of being sustainable in the long term if you’re diligent with your finances from the beginning. What is important is to be strategic – know what the deficit is and how you will plug it.

Many start ups wont turn a profit until year two or even three, so spending more than what comes in is, in many situations, inevitable.

Keeping accounts for your business is essential to see if your idea is going to work financially. You’ve thought of the service or product you want to launch and know what the resulting social impact is going to be.