How long should year end take for my beanies?

[Geoff T]

Hi beanies,

Just wondering - how long would be reasonable to complete year-end accounts, for the 1st (extended) year?

I have what could be called a "micro" business, I use Sage V10 and through that have reconciled the bank account every month at month end... might be some "newbie" errors in the nominal, but I think the rest is ok...

How long do you think I should wait for some input from my accountant please?

 

[MyAccountantOnline]

Hi beanies,

Just wondering - how long would be reasonable to complete year-end accounts, for the 1st (extended) year?

I have what could be called a "micro" business, I use Sage V10 and through that have reconciled the bank account every month at month end... might be some "newbie" errors in the nominal, but I think the rest is ok...

How long do you think I should wait for some input from my accountant please?

''Beanies''

Well as you have asked I suspect your accountants are taking longer than they should have?

Seriously, it depends on so many factors, the way the accountant works etc.

Many moons ago I worked in a practice where clients waited on average 6 months for year end accounts, but as a contrast in my practice, if we have everything we need, we aim to have accounts done within 14 days.

In my opinion if a practice is well organised and controlled their is no justification for clients having to wait any longer.

 

[Tom McClelland]

I stroll over to my accountant's offices with the reconciled Trial Balance (by pre-arrangement). The tax computation, CT, and AA filing is all done within an hour or so of convivial chat. (He files the CT online and gives the AA figures back to me for me to enter onto the CH website myself; presumably once ixbrl comes live he'll file the AA too). He usually has a few questions and the fact that I'm right there in front of him means that he gets the answers straight away saving both of us time. We then have a brief chat to make sure that all the tax planning bases are covered. Fabulous service at minimal cost.

There is a quid pro quo, which is that if he has an IT question about his office network he just picks up the phone and I go round and sort it out. Fine by me, it usually takes under 5 minutes to get his printer working, or whatever.

 

[elaine@cheapaccounting]

Have you asked?

Once the info is ready from the client I tell them when I have scheduled in the work and when I will get back to them.

Communication seems to work well.

 

[Philip Hoyle]

Well said Elaine. Communication is the key!

I've started asking clients when they want their tax return and accounts completing by. Most aren't remotely interested and say that as long as the filing deadlines are met, then that's fair enough. Others will give you a shorter timescale, often because they're wanting the info for a mortgage or bank facility renewal, or the tax credit renewal deadline, etc. By asking, I also find other useful information such as if/when the client is on holiday etc.

It really used to annoy me when I'd worked through a weekend only to find on Monday morning that the client was away on holiday for a fortnight. Also, it was also annoying when a client's books had been in the office for 3 or 4 weeks and then the client phones saying he needs the accounts for a meeting tomorrow - never bothered mentioning it before - result - working through the night!

What I've found is that by asking the question, most clients give a longer time-frame than we would have imagined, which makes it far easier for us to push through those needing urgent information, and still able to please the other clients by doing their books before the timescale they asked for but probably slower than we'd have tried to do before. Generally speaking, pressure is off as we're not pushing ourselves to meet some arbitrary turnaround time that most clients weren't expecting anyway!

We manage to achieve a turnaround of between 2-8 weeks on average. If a client tells us a deadline, then we'll do our best to meet it, however short it may be. Of course, all that depends on the information being provided - if bits are missing or the client doesn't quickly respond with further info requests, then it could drag on for months!

 

[DFL]

The answer depends on the firm. If your accountant is a one man/woman band and is snowed under, there are no deadlines approaching, and you are not in a hurry, then the time taken will be longer than if your accountants are larger and with more staff etc.

Lots of accountants now guarantee accounts back withing 28 days after receipt of all records and information.

I personally think that 28 days is the maximum and that business owners (especially with reconciled books) should reasonably be able to expect their accounts back in this time.

Agree with above, communication is key - this is one of the things that should be asked at the consultation. Then agree a booking in date so the firm can schedule it in - then stick to it!

 

[Geoff T]

Thanks all, and Yes Elaine, I did "moot" the point of time frames, but think I'll need to be more direct next week.

 

[Pab]

I sent our yearly financial information and Sage export to our accountant in late May, which is about 1 month after the end of our financial year.

I'm still waiting for our year-end to be completed :-/

 

[Wild Goose]

I sent our yearly financial information and Sage export to our accountant in late May, which is about 1 month after the end of our financial year.

I'm still waiting for our year-end to be completed :-/

So you don't know how much corporation tax you're going to have to pay in a few months' time; and I suppose any tax planning opportunities are likely to pass you by.

I have to know, what's stopping you from changing accountant? Tied in? Price? Too much hassle to change? Afraid you'll get someone worse?

What are your reasons for sticking with that accountant and tolerating being at the low end of his client list? :|

 

[Pab]

So you don't know how much corporation tax you're going to have to pay in a few months' time; and I suppose any tax planning opportunities are likely to pass you by.

I have a fairly good idea, give or take a thousand or two. I don't spend the whole year completely unaware of what my business is doing Even so, 4-5 months and still no accounts is a shoddy service and one we're pretty unhappy about.

I have to know, what's stopping you from changing accountant? Tied in? Price? Too much hassle to change? Afraid you'll get someone worse?

What are your reasons for sticking with that accountant and tolerating being at the low end of his client list? :|

Already looking for someone new: http://www.ukbusinessforums.co.uk/forums/showthread.php?t=175115

A local firm is coming to visit us this coming week, and I hope to meet some others too. We'll be changing for sure!

Our current accountant was never this bad before... but over the last 12-18 months things have taken a nose dive.