Reply to: Existing Optionis customers - Are you staying or going?

[Dark Black]

For those who have left mid business tax year have you just informed them you are leaving & stopped the direct debit? My company year end is November & I don't want to be paying for 2 accountants for another 8 months?

Just give your current accountant their statutory notice and move on. Your new accountant may make a balancing charge to take over your current year accounts, but since you've another 8 months before year end I'd be surprised if they do.

I've just changed accountants, just 2 months before my year end and only been charged a couple of hundred quid for my new accoutant to take over and handle the year end. Which I felt was good value.

[Lance]

For those who have left mid business tax year have you just informed them you are leaving & stopped the direct debit? My company year end is November & I don't want to be paying for 2 accountants for another 8 months?

Have you checked the Ts&Cs of your contract? Can you just stop paying? What is the termination clause?

It's gonna cost you to move, but just bloody do it or you're a moron. If you have to pay two accountants and the job gets done, that's better than paying one to not do the job.

[richy_rich]

For those who have left mid business tax year have you just informed them you are leaving & stopped the direct debit? My company year end is November & I don't want to be paying for 2 accountants for another 8 months?

[PerfectStorm]

Interesting hearing about plans to move to FreeAgent. I'd heard nothing prior to serving NW notice earlier this month. Mind, I wasn't even on the Vantage system - it was still all old-school uploading of information and letting their accountants sort it out.

After transferring to a new accountant, it wasn't remotely onerous to upload my own data for the last year into FreeAgent. I do keep my own records in good order mind.

Having started using FA now, I'm impressed how intuitive it is. I should have moved years ago!

It is good - and unlike Nixon Williams, can actually tell you how much money you've got stored from previous years.

[Dark Black]

Interesting hearing about plans to move to FreeAgent. I'd heard nothing prior to serving NW notice earlier this month. Mind, I wasn't even on the Vantage system - it was still all old-school uploading of information and letting their accountants sort it out.

After transferring to a new accountant, it wasn't remotely onerous to upload my own data for the last year into FreeAgent. I do keep my own records in good order mind.

Having started using FA now, I'm impressed how intuitive it is. I should have moved years ago!

[Contractor Voice]

I have been informed by multiple people that there were plans to move limited companies (to freeagent) and umbrella workers (to a different provider) in place for a while.

So I suspect all that's happened is that plans were brought forward...

I've probably broken an NDA by saying that but it seems harmless given the current situation and this thread.

Do you know which company they were looking to move everyone over to?

[PerfectStorm]

It was an abusive relationship being with them BEFORE the hack. Please get out and let your new accountant/umbrella do most of the hard work. You'll thank yourself for it after a month.

Plus you'll get to contribute to draining the value of a Venture Capitalist's investment - over and above that they've been able to do themselves, of course.

[pkm]

Given that most of Optionis (at some management levels) seem to have either already left or are attempting to don't think anyone can offer that reassurance.

On the upside if his accounts are in free agent then he has nothing to worry about beyond the damage that has already occurred because moving accountant later should be easy.

But he's also discovered the reason why you should keep things that should really be separate (insurances and accountancy) separate.

It has always been separate but the offer was pretty good from them.

[Fred Bloggs]

I'd agree...but with the timing it almost seems to be too good to be true for other firms.
Contractor "Hi, I'd like to move to you from [Optionis firm]"
Accountant "Great...but I'm guessing you're on Vantage so between us we'll have lots of work replicating data/unpicking things to get you on FreeAgent?"
C "[Optionis firm] are doing that for us now"
A "Happy days!"

Anyway, no complaints from us, nor I imagine the other "contractor/FreeAgent friendly" accountants out there! Good for clients too, and FreeAgent. The only people it superficially seems bad for is Optionis themselves...!

99.99% certain this is just a happy coincidence. Both for you, your peers and contractors too. I have never known a private equity house display anything like philanthropy. Especially under such recent circumstances. You can bet the farm moving those businesses onto FreeAgent is all about the bottom line at those businesses. Happy days for Maslins.

[eek]

I'd agree...but with the timing it almost seems to be too good to be true for other firms.
Contractor "Hi, I'd like to move to you from [Optionis firm]"
Accountant "Great...but I'm guessing you're on Vantage so between us we'll have lots of work replicating data/unpicking things to get you on FreeAgent?"
C "[Optionis firm] are doing that for us now"
A "Happy days!"

Anyway, no complaints from us, nor I imagine the other "contractor/FreeAgent friendly" accountants out there! Good for clients too, and FreeAgent. The only people it superficially seems bad for is Optionis themselves...!

Remember that InnoAccounts have spent the last 3 weeks creating software to migrate people from an Vantage output to their own system. Moving people to an open (easy to leave) system is probably a better retention tool than anything else.

After all, this thread was started by someone who is staying because between Free Agent and their insurance moving is too much work....

[Maslins]

I would imagine that the overhead and commitment required (clearly absent anyway it seems) to run a custom in house system properly are not justifiable when you have an almost industry standard solution like FA available at very low cost. I doubt there is any hint of philanthropy.

I'd agree...but with the timing it almost seems to be too good to be true for other firms.
Contractor "Hi, I'd like to move to you from [Optionis firm]"
Accountant "Great...but I'm guessing you're on Vantage so between us we'll have lots of work replicating data/unpicking things to get you on FreeAgent?"
C "[Optionis firm] are doing that for us now"
A "Happy days!"

Anyway, no complaints from us, nor I imagine the other "contractor/FreeAgent friendly" accountants out there! Good for clients too, and FreeAgent. The only people it superficially seems bad for is Optionis themselves...!

[Fred Bloggs]

I would imagine that the overhead and commitment required (clearly absent anyway it seems) to run a custom in house system properly are not justifiable when you have an almost industry standard solution like FA available at very low cost. I doubt there is any hint of philanthropy.

[eek]

I gather most SJD/NW et al clients have either recently had their data moved over to FreeAgent or it's being promised to happen imminently. From the client's perspective I can only see this as a good thing, even if they do stay with their current accountant for now. Of course it makes life far easier for other accountants who these clients might move to...but surely that's not a motivator for Optionis?!

The thought crossed my mind over why the powers that be at Optionis would agree to do this though. They must know it makes things vastly easier for their clients to leave (as opposed to all bookkeeping data being on their in house system..."Vantage" I think?). Does it mean their in house system has been permanently destroyed beyond all repair? Or perhaps they know they're going down, so out of some kind of moral duty by staff who feel the need to help clients get out whilst they can?

I have been informed by multiple people that there were plans to move limited companies (to freeagent) and umbrella workers (to a different provider) in place for a while.

So I suspect all that's happened is that plans were brought forward...

I've probably broken an NDA by saying that but it seems harmless given the current situation and this thread.

[Maslins]

On the upside if his accounts are in free agent then he has nothing to worry about beyond the damage that has already occurred because moving accountant later should be easy.

I gather most SJD/NW et al clients have either recently had their data moved over to FreeAgent or it's being promised to happen imminently. From the client's perspective I can only see this as a good thing, even if they do stay with their current accountant for now. Of course it makes life far easier for other accountants who these clients might move to...but surely that's not a motivator for Optionis?!

The thought crossed my mind over why the powers that be at Optionis would agree to do this though. They must know it makes things vastly easier for their clients to leave (as opposed to all bookkeeping data being on their in house system..."Vantage" I think?). Does it mean their in house system has been permanently destroyed beyond all repair? Or perhaps they know they're going down, so out of some kind of moral duty by staff who feel the need to help clients get out whilst they can?

[Fred Bloggs]

Ah.. right. Well then. OP you did the right thing by staying. HTH