Do you know the current state of your business finances?

[Nixon Williams]

I got in contact with NW and they just want me to send them all receipts and fill in an expenses form;this sounds a little disjointed and messy? I spend alot of time abroad so need to use email/Internet to do all the communication; not letters from old fashioned accountants that will take ages for me to receive! Anyone any experience of how NW and how it works out?

What we actually require from our clients are the following:

1. Copies of invoices
2. Expense claim form & receipts
3. Copies of company bank statements
4. Anything that HMRC send to you

Upon receipt of the above we would process, we check the expenses, invoices etc and ensure that everything is in order, if not we would advise our clients.

We issue a profit calculation each month and this enables our clients to advise what they wish to take as salary/dividends etc.

During the year we calculate and complete the VAT returns, PAYE returns and handle any other queries/forms from HMRC etc.

After the year-end we prepare draft accounts, ensure that everthing is reconciled, check that you have been paid for all your invoices (you'd be surprised how many clients do not realise an invoice has not been paid!), check you have paid the relevant taxes, paid yourself etc.

Our clients seem to prefer this full service and piece of mind that it gives them, our cost is very competitive. Whilst it may not be for everyone, I prefer to give advice to clients with the knowledge that we have all the facts regarding their company, and know that they are compliant with the various laws and regulations.

Alan

[Anderson]

I'm with SJD, and now that I'm used to filling out the spreadsheet I'm happy with this method, as I know exactly where I am with my accounts at any time, it gives me the feeling of control I suppose.

What does puzzle me though is that NW seem to do twice as much as SJD for half the cost. But now I'm used to SJD's methods I don't want to change!

[Old Greg]

I'm with SJD, and now that I'm used to filling out the spreadsheet I'm happy with this method, as I know exactly where I am with my accounts at any time, it gives me the feeling of control I suppose.

What does puzzle me though is that NW seem to do twice as much as SJD for half the cost. But now I'm used to SJD's methods I don't want to change!

My only gripe with SJD is the cost. In retrospect, being with NW might have been easier at first, but having climbed the steep path of learning, I enjoy the view of knowledge from SJD mountain.

[Bluebird]

How do you know where you are financially at any point in time? What I am trying to get at is that I used to do this all in my own spreadsheet. Now I have the difficult task of choosing an accountant. In fact this is so difficult that I have put it off and done the Ltd Co/Bank account/VAT setup myself. I had alot of problems last time I was contracting because I had a lousy accountant so I am wary of falling into a paper mill accountant where they get so buried that they cant find me!

None of the accountants tell me how I would work with them. NW looks good but they say I just send them all the receipts, so how do I know where I am? SDJ gives you some form of spreadsheet. Cheapaccounting say that I can enter everything online, so I guess I could keep my own copy spreadsheet in tandem with their system (but I am not convinced they are geared to handling IT consultants and they do sound too cheap).

Not wanting to sound a control nut, I really do need to keep on top of things and like to know where I stand at any point in time. Can anyone recommend a accountant that I can instantly see my financial status at any point of time? Maybe folks can advise how they interact with the main players (SDJ, NW, etc)?

SJD's spreadsheet has a summary page which tells you exactly where your are...

[Nixon Williams]

A spreadsheet is only as good as the information that is entered. I can assure you I have seen many spreadsheets with input errors, however this should be picked up by your accountant!

[simondolan]

A spreadsheet is only as good as the information that is entered. I can assure you I have seen many spreadsheets with input errors, however this should be picked up by your accountant!

Alan, I thought you did all the spreadsheet entries....

[Nixon Williams]

Simon, we do not use spreadsheets for our client's accounts, we use accounting software and reconcile all the accounts from that to ensure everything is correct.

[simondolan]

Simon, we do not use spreadsheets for our client's accounts, we use accounting software and reconcile all the accounts from that to ensure everything is correct.

[Bluebird]

A spreadsheet is only as good as the information that is entered. I can assure you I have seen many spreadsheets with input errors, however this should be picked up by your accountant!

Thats quite correct, but the question was about "knowing where you are"

SJD's solution does just for me - if you put rubbish figures into any solution be it software or spreadsheet you'll get garbage back.

From the original question the guy seemed quite happy with a spreadsheet as he'd used it before, so SJD's solution seems tailor made for him

[backagain]

Thanks for all your comments.

Actually I did my own spreadsheet before, but I am not an accountant and my old accountant did come back with lots of useful ideas to save me money or get round problems that came up with the IR, etc, which I could not have come up with myself. Thus I believe you cannot do it all alone.

Any other accountants people can recommend; worries me that everyone goes to SJD, although I am sure they are good despite a few negative comments around the forum.