Online Accounting Question

[mlc2009]

So im with a well known online accounting firm, I pay 75 a month. I run a limited company. I haven't updated their portal in a year. Am I asking too much by sending them the statements and telling them to sort it? Surely its their job?

They want me to import my statements then go through each transaction and allocate, seems like a lot of hard work, surely an accountants job?

my friend sends his statements to his accountant and they do rest, should I be looking for a new accountant?

edit : Just found out I'd be better buying a book keeping service instead

[northernladuk]

Yes... .. But no...

You haven't bothered using the tools offered as part of the package and you expect them to pick up the slack. Not a chance lol. Probably explains this in your terms of engagement.

I stead of getting a booking service you'd be better stepping up and doing it yourself so you've got control of your accounts... But there you go. The fact it's an online service should give you a clue.

Freeagent does automated bank imports. Attempts to guess the transaction. You click accept or pick a different one from the pull down. Less than 2 seconds a transaction. Easy.

Get yourself a Freeagent accountant. Happy days.

[mlc2009]

Yes... .. But no...

You haven't bothered using the tools offered as part of the package and you expect them to pick up the slack. Not a chance lol. Probably explains this in your terms of engagement.

I stead of getting a booking service you'd be better stepping up and doing it yourself so you've got control of your accounts... But there you go. The fact it's an online service should give you a clue.

Freeagent does automated bank imports. Attempts to guess the transaction. You click accept or pick a different one from the pull down. Less than 2 seconds a transaction. Easy.

Get yourself a Freeagent accountant. Happy days.

Yeah I need to pull my finger out, last time I imported them there was a mismatch with balances and I had to go back years and years to find out where it went wrong blergh

[northernladuk]

Yeah I need to pull my finger out, last time I imported them there was a mismatch with balances and I had to go back years and years to find out where it went wrong blergh

I'm sure there is a good lesson somewhere in that for you.

[MrButton]

I haven't updated their portal in a year.

I need to pull my finger out

Nailed it.

[Dom at Fox Bartfield]

Freeagent

Agree with the guys above, using the Freeagent bank feed will automate the process and give you more control over the company finances. As @NLUK says, consider an accountant that provides this as part of the package, although may be a little biased!

[taxevo]

FreeAgent with bank feeds would make the task much easier for you.

It is worth spending the time to keep your information up to date so that your accountant can provide you with proactive advice. Simply paying them and not keeping up with your requirements means you are not getting full value from their service.

[Chart Accountancy]

Yeah I need to pull my finger out, last time I imported them there was a mismatch with balances and I had to go back years and years to find out where it went wrong blergh

If you haven't kept your accountant's portal up to date,this would suggest you are not VAT registered. Otherwise, it would be interesting to find out how they would have prepared your VAT returns. Accountants do not provide bookkeeping as part of their ordinary service, but you should be supported by them to ensure you keep up to date records.

[DeludedKitten]

If you haven't kept your accountant's portal up to date,this would suggest you are not VAT registered. Otherwise, it would be interesting to find out how they would have prepared your VAT returns. Accountants do not provide bookkeeping as part of their ordinary service, but you should be supported by them to ensure you keep up to date records.

Do the VAT return yourself and are on FRS - no need to be on a portal at all.

That's how I used to run my business when my accountant didn't have any portal - I'd do the VAT every quarter and at the end of the year give my accountants a load of receipts to go through everything for me.

Granted, that's not a recommmended way to run the business (and I now use Freeagent), but it's a way to do it, get the VAT done, and not update the accountant regularly.

[mlc2009]

All my records are now upto date, didnt take me long. However there is a mis-match balance, this happened last year also, very frustrating

My tax year ends 1st November, and i like to get my accounts submitted ASAP so I can pay corp tax and forget about it

last year due to this error, my accounts didn't get submitted until June

I'm paying 80 quid a month for a very basic set of company accounts. I just wondered if I should be looking elsewhere