Accounting

Ledgers

The books start in the company’s currency in the first month, not after the first tax deadline. The subscription is in the company’s name, on the company mailbox. A personal QuickBooks login with a home address is the same class of problem as a personal Gmail.

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  Xero

  www.xero.com

  Xero is the ledger we brief first for United Kingdom, Australian, New Zealand, and many other companies that will file accounts in those reporting styles. Bank feeds, multi-currency, and an accountant login are what a remote company actually needs. The organisation name in Xero has to match the legal name. A personal Xero file that later “becomes” the company is a weak audit trail.

  We brief this on United Kingdom companies as the usual ledger, and on other companies we form when the accountant or the reporting style fits Xero.

  How we help+

  We open Xero in the company’s name, connect the business account (usually Wise or the local bank), set the base currency to the entity’s currency, and invite the accountant. Xero decides the subscription. We do not leave the organisation on a personal email.

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  QuickBooks

  quickbooks.intuit.com

  QuickBooks Online is the ledger we brief first for United States companies. It is what most US accountants expect, and it is the practical place to keep the records that sit behind Form 5472 hygiene for a foreign-owned LLC. The company is the subscriber. A founder’s personal QuickBooks Self-Employed file is not the company books.

  We brief this on United States companies as the usual ledger, and on other companies when the accountant already works in QuickBooks.

  How we help+

  We open QuickBooks in the company’s name, connect the US or Wise account, set the chart of accounts for the entity, and introduce the US accountant where the brief includes 5472 or a tax return. Intuit decides the subscription.

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  Wave

  www.waveapps.com

  Wave is a simpler ledger for a small company that needs invoices and a clean set of books without a full Xero or QuickBooks seat. It is not a substitute for a UK year-end or a US tax return. It is a place to record what the company actually did, in the company’s name, until the accountant asks for a heavier system.

  We brief this on smaller companies where Xero or QuickBooks would be disproportionate, and where the accountant accepts Wave exports.

  How we help+

  We open Wave in the company’s name, connect the payout account, and keep invoices and expenses in one place the accountant can export. Wave decides the account.

Statutory books

Software is not the filing. A UK Ltd still needs accounts. A foreign-owned US LLC still needs Form 5472 hygiene. We introduce the accountant and keep the ledger in a shape they can use.

• UK

  United Kingdom accounts

  A UK private limited company must keep accounting records and file accounts at Companies House. Confirmation statements and corporation-tax filings sit next to that. Xero is the usual ledger we open so the accountant is not reconstructing a year from WhatsApp and a personal bank statement. The company, not the founder as an individual, is the accounting person.

  We brief this on every United Kingdom company we form.

  How we help+

  We open the ledger after incorporation, connect the company account, and introduce a UK accountant for year-end. Companies House and HMRC remain the filing authorities. We do not file accounts ourselves as a substitute for a licensed accountant.

• US

  United States books and Form 5472

  A foreign-owned US LLC is still expected to keep records and, in the usual case, to deal with Form 5472 information reporting. That work is easier if QuickBooks (or an equivalent) has been running from month one in the company’s name. Formation is not a tax filing. We say so on the country page; the ledger is how the company is ready when the accountant asks.

  We brief this on United States companies, especially where the owners are not US persons.

  How we help+

  We open the US ledger, keep income and costs in the company account, and introduce a US accountant for 5472 and any return that applies. The IRS decides. We do not treat Wyoming formation as a completed tax file.