Hi Nicky,
I'm in the same quandy as you. Just received my practice licence and have signed up my first client on Wednesday.
I'm having a real headache with the software issue. I studied with Sage 50 pro- i really liked it, but soooo expensive when you are just starting out. I have looked at Sage Instant, Xero, Kashflow, quickbooks to name but few.
All the cloud based software seem to operate the same way- they charge the client to use it and its supposed to be free to us as 'partners' but be careful with that as you may find there are hidden costs. the theory is that you re-charge your client the cost of the package therefore no cost to you.
However on signing up my first client and finding out as a start up he wants to keep his costs low, and really doesn't need or want any fancy software I have decided that I will start his on Excel. He just wants a cash flow forcast and Income /expenditure reports. No cost to him ( except my time) and no cost to me. Just going to email him reports on a monthly basis.
As regards a normal approach- I dont think there is one. It depends on what you want to do- its your business. A lot of accountants will work with Sage- but if you do any freelance work i suppose they would provide the software/user licence.
Personally I have decided on keeping it simple - too many software packages could make my brain explode! so I have decided that as and when I can jutsify sage 50 I may purchase it. Until then I will either do it manually/ with excel or for the clients that are techno geeks probably use Xero- its trendy and easy to use. Or I may just stick with Xero- but going to see how it goes and stop giving myself stress by trying to choose now.
You can sign up to many a free trial with most software providers- have a try and see what you feel comfortable with and go with that.
I did come across a little desktop package on my searches that could be of interest.- Its called Solar- very simple and a one of cost of around £175 plus VAT. They do have a cloud based version too. May be worth a look?
good luck and keep in touch- it would be good to compare notes!
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