How long to wait for company accounts from accountant
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    Default How long to wait for company accounts from accountant

    How long would you normally consider an acceptable time to wait for company accounts from your accountant?

    My LTD's year end is April and generally I've received the accounts within a couple of months, and often within a month of submitting any final paperwork.

    However the last couple of years it's been slipping and this year I still haven't received the final accounts, only getting the draft accounts a few weeks ago after a LOT of chasing.

    Personally I don't think it's acceptable but curious what sort of experiences other have had with their accountants?

    I should say that prior to the last couple of years I've always had good service but things seem to have slipped somewhat.
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    Hello,

    It would be reasonable to expect accounts to have been prepared and filed within a couple of months of final submission. There are obviously times when this might take longer and there may be genuine reasons for this.

    If you are concerned with the time that it is taking for your accounts to be prepared then you should speak with your accountant to see if there are genuine reasons for the delay.

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    Some accountants set aside periods to do them all and will go as far as to charge you to do them early (SJD). Hopefully with FA that situation doesn't happen any more.

    Personally I don't tend to chase them so not sure when is acceptable. They get done on time and I'm OK so maybe others can comment. I'd be more worried about the communication break down rather than when you get your accounts.

    Is there anything in their engagement documentation about when they agreed to do them by. What is their policy?
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    Quote Originally Posted by northernladuk View Post
    Some accountants set aside periods to do them all and will go as far as to charge you to do them early (SJD). Hopefully with FA that situation doesn't happen any more.

    Personally I don't tend to chase them so not sure when is acceptable. They get done on time and I'm OK so maybe others can comment. I'd be more worried about the communication break down rather than when you get your accounts.

    Is there anything in their engagement documentation about when they agreed to do them by. What is their policy?
    I don't believe so but it has been a long time since I looked - have been with current accountant for 10 years and as said have always been fairly quick to turn the accounts round, if they'd taken longer from the start I probably wouldn't be querying it now ironically.

    Just curious what was the norm really.
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    Quote Originally Posted by Dark Black View Post
    How long would you normally consider an acceptable time to wait for company accounts from your accountant?

    My LTD's year end is April and generally I've received the accounts within a couple of months, and often within a month of submitting any final paperwork.

    However the last couple of years it's been slipping and this year I still haven't received the final accounts, only getting the draft accounts a few weeks ago after a LOT of chasing.

    Personally I don't think it's acceptable but curious what sort of experiences other have had with their accountants?

    I should say that prior to the last couple of years I've always had good service but things seem to have slipped somewhat.
    30 days from the provision of all the info required. That is more than enough time. Some firms will get it done quicker, either way, get it in writing up front before you join what the guarantee is

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    Quote Originally Posted by Patrick@Intouch View Post
    It would be reasonable to expect accounts to have been prepared and filed within a couple of months of final submission.
    That's excellent news - I should expect mine through from you any day now then, since my year end was at the end of July
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    Quote Originally Posted by Dark Black View Post
    How long would you normally consider an acceptable time to wait for company accounts from your accountant?

    My LTD's year end is April and generally I've received the accounts within a couple of months, and often within a month of submitting any final paperwork.

    However the last couple of years it's been slipping and this year I still haven't received the final accounts, only getting the draft accounts a few weeks ago after a LOT of chasing.

    Personally I don't think it's acceptable but curious what sort of experiences other have had with their accountants?
    30 days from when I give them the info except when it is self assessment deadline time.
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    Generally speaking getting these done is one of the least time sensitive things we have to do, so it's bottom of the pile. That may sound bad...but when considering other tasks like responding to client queries, and things with shorter filing deadlines like payroll/VAT, it makes sense. Also, sometimes you'll want them rushed through if perhaps you're looking to secure a mortgage, or close, or something else, so those will get prioritised. Again means those which don't have any specific reason to be done quickly can be left a little while.

    I'd suggest a couple of months should be plenty of time for the vast majority.

    There will be occasions where something means it slips through the net or gets stuck in a bit of a backlog, in which case one prod from you should push it to the top. If you're having to repeatedly chase, then that might be signs of a bigger problem.

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    Quote Originally Posted by Dark Black View Post
    How long would you normally consider an acceptable time to wait for company accounts from your accountant?

    My LTD's year end is April and generally I've received the accounts within a couple of months, and often within a month of submitting any final paperwork.

    However the last couple of years it's been slipping and this year I still haven't received the final accounts, only getting the draft accounts a few weeks ago after a LOT of chasing.

    Personally I don't think it's acceptable but curious what sort of experiences other have had with their accountants?

    I should say that prior to the last couple of years I've always had good service but things seem to have slipped somewhat.
    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)!

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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)!
    Sounds like their processes are not acceptable to you. Time to vote with your feet?
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