Originally posted by washed up contractor
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How long to wait for company accounts from accountant
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Do what thou wilt -
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.Comment
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Originally posted by ladymuck View PostHow 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.Do what thou wiltComment
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Originally posted by Dark Black View PostI 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.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View PostJust 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?
When I say "sending" I do mean electronically and not via snail mail btwDo what thou wiltComment
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Originally posted by Dark Black View PostYep 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
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?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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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 shouldn’t 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 don’t understand the accounts and don’t ask questions, probably due to a fear of sounding stupid, but you should ask if you don’t 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 don’t have this information and if yours doesn’t then I would suggest you start looking elsewhere."The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." CiceroComment
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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.______________________
Don't get mad...get even...Comment
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Originally posted by ladymuck View PostHow 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.
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?Comment
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Originally posted by billybiro View PostI 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?
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"You’re just a bad memory who doesn’t know when to go away" JRComment
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