Our drive is that we believe you can do better. Smarter communication, more valuable brands and stronger results.
Web site files and content
This is another crucial element you need to look into i.e. how to generate files and contents for your website.
You have many roads to take from here
Logo is very important part of business. You can search many online options to create logo, some are free and some are not. Similarly you can hire logo designer to get job done, many freelancer websites are out there for this kind of venture OR you can take bull by horn and do it your self-using some excellent software cost nothing like Inkscape, GIMP, paint-net or even Microsoft publisher. There is bit of learning curve here but you will earn skills that will go long way in term of not only generating logo but graphics which can be used on your website and business later on. (Like one above I did as an example). There is one my favorites, AAA logo, its paid software, very good for logo especially and great value for money.
These are solutions for website where you subscribe to a particular platform’s hosting plan and based on price you want and pay you get features of website accordingly. There are many on the market, to name some
Its best to visit website for each provider and study pros and cons. As you compare the website builders, it’s good idea that you write down what you want from your website? Your goals and features you would like to have on your website. List of these providers is long and so are pros and cons. To summaries globally here are some benefits
Hosting with open source CMS
Open source: mean in general software for which the original source code is made freely available and may be redistributed and modified.
CMS stands for “Content Management System” is option where open source software is used to create a website and manage contents
To name few open source CMS here are most popular ones
Benefits of Open source CMS
Last but not least how to account for all these cost above in your books and accounts
Accounting treatment of website development costs
An issue which is generating debate is the accounting treatment for software and website development costs. FRS 102 does not address the classification of software and website development costs and therefore in the absence of specific guidance, reporting entities are required to develop and apply a suitable accounting policy to classify such costs as either tangible or intangible fixed assets.
Software and website costs which are being developed internally are dealt with under Section 18 of FRS 102 as research and development costs. All research expenditure (pure and applied) must be written off to profit or loss as expenditure; there is no option at all to capitalize research expenditure. This is because in the research phase of a project, an entity will be unable to demonstrate than an intangible asset exists which will generate probable future economic benefits.
Once the research phase has completed and the project has been moved into the development phase, the entity may recognize software and website development costs if, and only if, an entity can demonstrate all of the following:
Website development costs should only be capitalized if they meet the recognition criteria of an asset; one of those criteria being that ‘it is probable that the expected future economic that are attributable to the asset will flow to the entity’.
To assess whether costs qualify for recognition on the balance sheet, the entity must look at the overall functionality of the website. If the website will allow third parties to place orders for goods or services, then this creates a revenue stream for the business (i.e. economic benefit). Provided the cost can be measured reliably and none of the expenditure relates to research costs, then the website may be capitalized on the balance sheet as an intangible asset and amortized over its useful economic life. Please note that under FRS 102, intangible assets cannot have indefinite useful lives (see ‘Amortization of intangible assets’ below).
If the website does not generate income for the business, then it will fail to meet the asset recognition criteria and the costs must be written off to profit or loss.
Care must be taken with the accounting treatment for website development costs because mistakes can be costly (especially if the incorrect tax treatment is applied).
Good home work is important for getting right results, having glamorous looking website is not enough, having lot of traffic alone is not good either unless that traffic is converting to revenue. It is good idea to pick brain of expert of industry to make informed choice. As once system and setup selected shifting from that is not an easy thing for growing business. Please feel free to contact us for FREE initial generic consultation. I am sure we can be of great help.
I leave it to my client to pick whatever accounting software they want to use based on their needs and comfort after consultation and then work with them instead of pushing them to a particular software option.
If you need any help for your website for whichever option you pick, I am happy to assist you based on my experience and expertise on the subject for a nominal fee.
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