Is an accountant mandatory for a limited company

[Liberty Accounts]

If you are interested in doing your accounts yourself take a look at www.libertyaccounts.com. This is an online accounting solution aimed at small businesses and has integrated payroll.

By the way, the VAT on milage claims is automatically taken care of for you within the Mileage Claim transaction.

www.libertyaccounts.com

[silicondale]

re: time

4Con - Yes - it was antag who called me an idiot, not you.

And I didn't say that I had no advice at all from an accountant. For the previous 12 years when I was running another company, we had an accountant do everything for us including the monthly payroll - but that grew to be a much bigger company with a staff of 30+, operating internationally, and its affairs got fairly complex: multiple currencies, overseas subsidiaries, goodwill and IPR valuation, etc. When I set up the new company, I took advice, and the accountant helped me set up the system in the first year. He has since retired and I have relocated, so I'm basically on my own now. Would certainly seek accountancy advice if anything complicated or unexpected were to happen. But right now, no need for either accountant or bookkeeping software.

I'm not saying that I recommend every contractor company to go the same way. Just that there's no need to be scared of it. It's possible to set things up so you can run them yourself. Either consult an accountant to set up the system (as I did) or get the relevant ACCA textbooks, which explain in detail what you need to do.

[xoggoth]

Re: re: time

Actually something I agree with rhino on. I do think most people who say it only takes a day or so do annual accounts are considerably underestimating or skimping (like a real accountant!). Hard to say really, as I do odd bits when in the mood but sure it takes me a lot more than that all together.

With current company, getting a complete load of old bollox with things shoved in different columns as if it doesn't matter, dates in text format or simply stated as "paid", what should be numeric quantities with "as invoice" or similar and expenses with no description from fellow director does not help. She's the artistic type.

[silicondale]

so your problem, Xogg ...

...is with your company management rather than with your accounts. Once you have the right figures in the right places, it really shouldn't take you very long !

[DodgyAccountant]

Re: re: time

Hi Xog

I don't see why annual accounts should take so long.

I can't cope with accounting packages so use my own grotty spreadsheets and manage to do annual accounts in an hour or two.

Regards

DA

[xoggoth]

Re: re: time

An hour or two? Good grief! What with ATW knocking up super killer apps in a few weeks and threaded supposedly making profits out of something he wrote in an afternoon I am beginning to feel really incompetent. Seems funny how in real life I never seem to meet anyone so utterly competent and efficient as some members of CUK, in fact most seem to take a darn sight longer at things IT than I do!

Pardon my slight sceptiscism, but it isn't that hard to spend an hour with a couple of iterations just correcting odd errors one finds in the printout and swearing at the printer.

Anyhow, grotty spreadsheets??? what became of the super duper accounts package you were putting together? Few days' work at the most I'd have thought!

[DodgyAccountant]

Re: re: time

Hi Xog

You're right - it isn't that hard to knock out annual accounts.

I keep spreadsheets for VAT cash accounting and just have to make adjustments for unpaid invoices, PAYE, VAT and calculate Corporation Tax.

The accounts package is vapourware and will never see the light of day.

TTFN

DA