I am just wondering who prepares balance sheets for their clients. I am particularly thinking if the client does not have a business bank account it would be impossible to do this. Obviously with a Ltd company the position is different, but with a sole trader?
I am also wondering whether cients actually look at their balance sheet. The small tader usually knows who owes him what, who he owes money to and how much his cars, property is worth.
Would be interested in hearing other peoples views on this.
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I've had to remove a number of personal comments from this thread. As always, please refrain from personal attacks and, in any cases where you feel posts are inappropriate or otherwise break the Community Rules, report them to the moderation team and we'll look into it.
Comments
H.W. Dunlop. A.C.I.S., F.F.A., F.I.A.B. Chartered Secretary & Accountant
I am sure the IFA would argue that theirs is an accounting degree.
If my wife wishes to rile me, she calls me 'a half English, Chartered Accountant'
Should Nigelburge visit Cotton House in Glasgow, he may find one or two local tax inspectors
Quick recap
Ok, back to the question, so in summary it looks as though some do and some don't.
Key points appear to be:
If there is no separate business bank account there seems to be little point.
If the client would get value and benefit from a balance sheet, then yes prepare one.
For partnerships, yes prepare one.
Comments about Tax inspectors, Companies House and Accountancy qualifications - off the point but an interesting read.
Change
Having said I would not do a balance sheet for a sole trader this thread has given me pause for thought and somewhat a change of opinion. Ms. Douglas argument was the most convincing to me, but others offered reasoned argument too. Perhaps not least is that now a BS, with software, is just a click away. Thanks to all who took part, including the odd coments.