How long to wait for company accounts from accountant
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    Quote Originally Posted by washed up contractor View Post
    I really dont get why people post such queries as this. Surely the answer is 'what is acceptable to you, your accountant's customer?'

    I find my accountant does my accounts too frigging quickly! I submit the income \ expenditure spreadsheets, electronic receipts, invoices etc and 4 to 6 weeks later, they're on the phone asking me to make an appointment and pay their fees.

    For that reason, I do not submit the accounts until at least 4 months after company year end and always make an appointment at least 4 to 6 weeks after they say they are done.

    But, the bottom line should always be if you're not happy with the service you get, vote with your feet (and company debit card)!
    Reason for posting, as stated previously is to find out what other peoples experiences are. And as a sanity check for me that I don't have unreasonable expectations based on previous performance.
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    How much work are they doing? Did you give them a pile of bank statements and receipts or something more structured?

    I send a trial balance and bank statements to my accountant. This year, he turned around my CT calculation and draft accounts for CoHo/HMRC in a week. That's because he knows all my journals will be entered, all accounts reconciled and very few transactions that need a sense check.
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    Quote Originally Posted by ladymuck View Post
    How much work are they doing? Did you give them a pile of bank statements and receipts or something more structured?

    I send a trial balance and bank statements to my accountant. This year, he turned around my CT calculation and draft accounts for CoHo/HMRC in a week. That's because he knows all my journals will be entered, all accounts reconciled and very few transactions that need a sense check.
    I send my account updates to them monthly (within a few days of month end) - basically bank statements, invoices, receipts (where needed) and simple expenses. Still on the flat rate VAT scheme too so no extra VAT calcs to handle. So no large end of year processing to do.
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    Quote Originally Posted by Dark Black View Post
    I send my account updates to them monthly (within a few days of month end) - basically bank statements, invoices, receipts (where needed) and simple expenses. Still on the flat rate VAT scheme too so no extra VAT calcs to handle. So no large end of year processing to do.
    Just out of interest have you ever thought about a change? I know it's good to stay with people you trust when you are comfortable with their service but you've been with your set up a long time. What about dipping your toe in the water to see what's changed and how it could be better for you? I guess you are used to it and it probably won't take long but sending accountant anything is a bit ....erm.... 1990's isn't it? There are better solutions out there that might take a bit of getting used to but end up much better in the long run?
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    Quote Originally Posted by northernladuk View Post
    Just out of interest have you ever thought about a change? I know it's good to stay with people you trust when you are comfortable with their service but you've been with your set up a long time. What about dipping your toe in the water to see what's changed and how it could be better for you? I guess you are used to it and it probably won't take long but sending accountant anything is a bit ....erm.... 1990's isn't it? There are better solutions out there that might take a bit of getting used to but end up much better in the long run?
    Yep you're probably right, but part of it is a case of "the devil you know", and they have (up to fairly recently) given good service. Still reasonably competitive too with their charges.

    When I say "sending" I do mean electronically and not via snail mail btw
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    Quote Originally Posted by Dark Black View Post
    Yep you're probably right, but part of it is a case of "the devil you know", and they have (up to fairly recently) given good service. Still reasonably competitive too with their charges.

    When I say "sending" I do mean electronically and not via snail mail btw
    I did think that was the case so maybe I should have said turn of the 21st Century then

    But yeah, I get the devil you know if it's working well. I just can't help think with that and the issues you are having it might be time for a change which could benefit you. Worth a sniff no?
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    Four weeks from submitting all the info should be more than enough. Once you have approved the drafts I see no reason why the final accounts shouldnít be filed at Companies House and HMRC within a further 2 weeks.

    Getting the accounts sorted ASAP helps you as you might discover an error, too many dividends etc and it gives you more time to deal with this before you start scrambling around to pay taxes or file your tax return etc.

    Speaking to fellow contractors, most donít understand the accounts and donít ask questions, probably due to a fear of sounding stupid, but you should ask if you donít understand.

    In my view you should ask and get a full breakdown of how each figure on the balance sheet is made up, too many so called accountants donít have this information and if yours doesnít then I would suggest you start looking elsewhere.
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    My current accountant produces draft accounts (company and personal) within 2 weeks of accounts info being provided and then we look have signed off by 2 weeks after that.

    Previous accountant had accounts info provided in Aug and did not provide the draft accounts until Dec, which is why he is now my previous accountant.
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    Quote Originally Posted by ladymuck View Post
    How much work are they doing? Did you give them a pile of bank statements and receipts or something more structured?

    I send a trial balance and bank statements to my accountant. This year, he turned around my CT calculation and draft accounts for CoHo/HMRC in a week. That's because he knows all my journals will be entered, all accounts reconciled and very few transactions that need a sense check.
    I understand that the better and more structured the information you can provide to your accountant, the quicker they can produce your actual accounts.

    It does beg the genuine question, though, that if you're doing this much work before submitting details to your accountant, why not go a little bit further and do all of your accounting yourself?

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    Quote Originally Posted by billybiro View Post
    I understand that the better and more structured the information you can provide to your accountant, the quicker they can produce your actual accounts.

    It does beg the genuine question, though, that if you're doing this much work before submitting details to your accountant, why not go a little bit further and do all of your accounting yourself?
    1. You need someone to confirm what your bookkeeping is correct
    2. You don't have to keep up with tax changes which aren't in your software package.
    3. You need someone to get a reference from
    4. It's quicker
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