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Resonable timescale for accountant to complete final accounts (inc submission)?

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    Resonable timescale for accountant to complete final accounts (inc submission)?

    My company year runs to April 30th. At the time of writing I still have not received a copy of our final accounts (or proof of submission) from my accountant. Despite frequent prodding via email.

    I received and approved the draft copy mid-August.

    This isn't the first time over the last few years that I've had to chase although it's the latest they've been by a long way.

    For the record I always keep the accountant updated on a monthly basis so by year end they generally have all the required paperwork. I've had a couple of questions which I've answered quickly so there should be no reason for this length of delay.

    I think nearly 5 months is an unreasonable length of time, however I'd welcome other opinions on this, especially from the accountants that post here.
    Do what thou wilt

    #2
    The bit that confuses me most is if you approved them mid August, it's typically then a 5 minute job for the accountant to submit them. Ie I can't understand that bit causing a delay.

    The preparation of the accounts/CT returns ready for your approval/to run queries by you can take a while. Some of you will think accountants simply press a button and your bookkeeping data becomes statutory accounts/CT returns. Software can make this a possibility...but I'd anticipate most accountants would be wanting to sanity check the data first, query any quirky transactions/surprising figures, and have at least two (maybe three) separate staff members look at the figures.

    Preparing/submitting the accounts/CT returns is one of the least time sensitive things we have to do. On occasion there will be some urgency (perhaps you're needing figures for a mortgage application, you're closing the company, or you simply want them done promptly). Otherwise there's ~9 months to get it done, and not much benefit in doing super early. Hence whilst we don't deliberately delay it, it will be low down the pecking order in terms of what gets done. It may therefore often take us a couple of months to turn it around even though it's not a hugely time consuming piece of work.

    If the firm you're using are otherwise good, and you don't need these done urgently for any particular reason, then I don't see a reason for you to switch away. If however you feel they're below par with multiple things (eg slow to respond to queries, not that helpful, make mistakes that you have to sort) then could be worth looking around.

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      #3
      Originally posted by Maslins View Post
      The bit that confuses me most is if you approved them mid August, it's typically then a 5 minute job for the accountant to submit them. Ie I can't understand that bit causing a delay.

      The preparation of the accounts/CT returns ready for your approval/to run queries by you can take a while. Some of you will think accountants simply press a button and your bookkeeping data becomes statutory accounts/CT returns. Software can make this a possibility...but I'd anticipate most accountants would be wanting to sanity check the data first, query any quirky transactions/surprising figures, and have at least two (maybe three) separate staff members look at the figures.

      Preparing/submitting the accounts/CT returns is one of the least time sensitive things we have to do. On occasion there will be some urgency (perhaps you're needing figures for a mortgage application, you're closing the company, or you simply want them done promptly). Otherwise there's ~9 months to get it done, and not much benefit in doing super early. Hence whilst we don't deliberately delay it, it will be low down the pecking order in terms of what gets done. It may therefore often take us a couple of months to turn it around even though it's not a hugely time consuming piece of work.

      If the firm you're using are otherwise good, and you don't need these done urgently for any particular reason, then I don't see a reason for you to switch away. If however you feel they're below par with multiple things (e.g. slow to respond to queries, not that helpful, make mistakes that you have to sort) then could be worth looking around.
      Thank you for taking the time to offer a decent reply .

      I should have mentioned that I have made the accountant aware (again back in mid August) that I would be needing a copy of the final accounts for mortgage purposes. As it is, we're struggling to find a property (but that's another story) so haven't needed it yet, but the accountant doesn't know that.

      Given what you've said, maybe my expectations have been higher than they should.

      However I've been with this accountant since I formed the company 14 years ago and originally 2-3 months max was typical for them to turn the accounts around. In recent years, there has been a definite drop off in service, with turnaround for both accounts and queries taking longer. In fact a couple or years back they had even failed to submit the CT return resulting in a £100 penalty notice - which was the first I knew about it. Obviously they paid the penalty without question and fortunately I had paid all the corp tax due by then.

      Since then I've always demanded they send me proof of submission for the return. I think the writing is on the wall though now, as it has been for the last couple of years.
      Do what thou wilt

      Comment


        #4
        Originally posted by Dark Black View Post
        However I've been with this accountant since I formed the company 14 years ago and originally 2-3 months max was typical for them to turn the accounts around. In recent years, there has been a definite drop off in service, with turnaround for both accounts and queries taking longer. In fact a couple or years back they had even failed to submit the CT return resulting in a £100 penalty notice - which was the first I knew about it. Obviously they paid the penalty without question and fortunately I had paid all the corp tax due by then.

        Since then I've always demanded they send me proof of submission for the return. I think the writing is on the wall though now, as it has been for the last couple of years.
        Re the failed CT submission, we all make mistakes from time to time. Sounds like they dealt with it, paid the fine on your behalf (so remember this mistake did hurt them financially, hence they'll try to avoid repeating it), no long term harm for you.

        If you've been with them 14 years and generally been happy, then personally I think stick with them a bit longer. The last couple of years have been a bit crazy for us all, IR35 changes, Brexit, and Covid. Probably all accountancy firms are offering at least slightly worse sevice than they were a couple of years ago due to all these curveballs thrown at us. However some will have adapated better/be coping better than others.

        Fingers crossed we'll have a bit of stability soon, and perhaps your accountant's service will improve back to what it was before. If not, and it does seem a downward trend that's continuing ever downward, then different story, and yes, moving would be the sensible option.

        I guess from years of reading this forum, there's two different things that often get blurred:
        1) rubbish accountancy firms, that are slow at everything, make lots of mistakes, charge the earth. They're not interested in improving. They rely on client lethargy or assuming "they're all as bad as each other" to keep them in business. Anyone with one of these firms should leave ASAP.
        2) good accountancy firms, that are inevitably still human, so sometimes mistakes are made/have temporary staffing issues/whatever. When contractors grumble about their accountants on this forum, there's inevitably a bunch of "ditch them, the useless gits" responses. Nobody's perfect, and I think sometimes giving the benefit of the doubt/a second chance is warranted.
        Down to you to decide whether your situation is closer to the former or latter!

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