Reply to: How long to wait for company accounts from accountant

[washed up contractor]

Well, despite that fool's comments (and his poor acolytes who agreed with him) that my accountants arent meeting my needs or whatever, due to work commitments had to ask for a Saturday morning meeting to go over the account. Sure no problem all part of the service.

And no, there's no additional charge.

[TheFaQQer]

4 months from year-end isn't 4 months from supplying all the info though...

It is in this case

Year end 31st July. Information completed August 1st.

[craigy1874]

4 months from year-end isn't 4 months from supplying all the info though...

[Invisiblehand]

Whilst 4 months is not late, this does seem slow, I see no reason why they can’t be turned around within 4 weeks. The sooner you have them the sooner you can correct any errors or wrong treatments etc. I wouldn’t be at all happy with 4 months.

Especially when an employee jumps on the thread to say quicker.

[Waldorf]

If anyone is still interested, the turnaround target time from InTouch is now four months from year end.

I'm sure mine will be here in the next four weeks or so.

Whilst 4 months is not late, this does seem slow, I see no reason why they can’t be turned around within 4 weeks. The sooner you have them the sooner you can correct any errors or wrong treatments etc. I wouldn’t be at all happy with 4 months.

[TheFaQQer]

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.

If anyone is still interested, the turnaround target time from InTouch is now four months from year end.

I'm sure mine will be here in the next four weeks or so.

[washed up contractor]

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

Nice try but no cigar. No, I manage them. Besides they've won the North West Region Accountancy awards a couple of times in the last 5 years so top, top service.

[SueEllen]

I understand that the better and more structured the information you can provide to your accountant, the quicker they can produce your actual accounts.

It does beg the genuine question, though, that if you're doing this much work before submitting details to your accountant, why not go a little bit further and do all of your accounting yourself?

1. You need someone to confirm what your bookkeeping is correct
2. You don't have to keep up with tax changes which aren't in your software package.
3. You need someone to get a reference from
4. It's quicker

[billybiro]

How much work are they doing? Did you give them a pile of bank statements and receipts or something more structured?

I send a trial balance and bank statements to my accountant. This year, he turned around my CT calculation and draft accounts for CoHo/HMRC in a week. That's because he knows all my journals will be entered, all accounts reconciled and very few transactions that need a sense check.

I understand that the better and more structured the information you can provide to your accountant, the quicker they can produce your actual accounts.

It does beg the genuine question, though, that if you're doing this much work before submitting details to your accountant, why not go a little bit further and do all of your accounting yourself?

[kaiser78]

My current accountant produces draft accounts (company and personal) within 2 weeks of accounts info being provided and then we look have signed off by 2 weeks after that.

Previous accountant had accounts info provided in Aug and did not provide the draft accounts until Dec, which is why he is now my previous accountant.

[Waldorf]

Four weeks from submitting all the info should be more than enough. Once you have approved the drafts I see no reason why the final accounts shouldn’t be filed at Companies House and HMRC within a further 2 weeks.

Getting the accounts sorted ASAP helps you as you might discover an error, too many dividends etc and it gives you more time to deal with this before you start scrambling around to pay taxes or file your tax return etc.

Speaking to fellow contractors, most don’t understand the accounts and don’t ask questions, probably due to a fear of sounding stupid, but you should ask if you don’t understand.

In my view you should ask and get a full breakdown of how each figure on the balance sheet is made up, too many so called accountants don’t have this information and if yours doesn’t then I would suggest you start looking elsewhere.

[northernladuk]

Yep you're probably right, but part of it is a case of "the devil you know", and they have (up to fairly recently) given good service. Still reasonably competitive too with their charges.

When I say "sending" I do mean electronically and not via snail mail btw

I did think that was the case so maybe I should have said turn of the 21st Century then

But yeah, I get the devil you know if it's working well. I just can't help think with that and the issues you are having it might be time for a change which could benefit you. Worth a sniff no?

[Dark Black]

Just out of interest have you ever thought about a change? I know it's good to stay with people you trust when you are comfortable with their service but you've been with your set up a long time. What about dipping your toe in the water to see what's changed and how it could be better for you? I guess you are used to it and it probably won't take long but sending accountant anything is a bit ....erm.... 1990's isn't it? There are better solutions out there that might take a bit of getting used to but end up much better in the long run?

Yep you're probably right, but part of it is a case of "the devil you know", and they have (up to fairly recently) given good service. Still reasonably competitive too with their charges.

When I say "sending" I do mean electronically and not via snail mail btw

[northernladuk]

I send my account updates to them monthly (within a few days of month end) - basically bank statements, invoices, receipts (where needed) and simple expenses. Still on the flat rate VAT scheme too so no extra VAT calcs to handle. So no large end of year processing to do.

Just out of interest have you ever thought about a change? I know it's good to stay with people you trust when you are comfortable with their service but you've been with your set up a long time. What about dipping your toe in the water to see what's changed and how it could be better for you? I guess you are used to it and it probably won't take long but sending accountant anything is a bit ....erm.... 1990's isn't it? There are better solutions out there that might take a bit of getting used to but end up much better in the long run?

[Dark Black]

How much work are they doing? Did you give them a pile of bank statements and receipts or something more structured?

I send a trial balance and bank statements to my accountant. This year, he turned around my CT calculation and draft accounts for CoHo/HMRC in a week. That's because he knows all my journals will be entered, all accounts reconciled and very few transactions that need a sense check.

I send my account updates to them monthly (within a few days of month end) - basically bank statements, invoices, receipts (where needed) and simple expenses. Still on the flat rate VAT scheme too so no extra VAT calcs to handle. So no large end of year processing to do.