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Final Accounts Production Software

The company (not accountancy firm) I work for intends to start preparing final accounts for small companies. Given the fact that different companies use different accounting software (i.e Sage, Quickbooks etc), Can we use Sage Accounts Production to prepare accounts say for 20 small companies that use various accounting software?

I have only used Word and Excel to prepare final accounts before so I am not particularly sure how to go about it when it comes to preparing accounts for clients that use different accounting software.

Your comments and opinion will be greatly appreciated.

Regards

Ellyxris

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13th Dec 2011 09:16

Not an accountancy firm?

What about MLR & PII, and all the rest of the red tape?

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13th Dec 2011 11:49

Thanks ShrileyM for your response.

The final accounts I have done so far are for the company I work for and a few for our sister companies and hence no need for MLR and PII at present. 

Should we decide to offer this service (accounts preparation not auditing) to the public, do we need to be in possession of Practising certificate in addition to MLR and PII?

Regards

 

Ellyxris

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13th Dec 2011 12:02

I don't know!

You haven't provided enough information for me to judge!

Is there a knowledgeable person within the company that knows what is involved in providing these services to the public.

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13th Dec 2011 12:29

The idea is that clients should maintain their accounting records and we only prepare unaudited statutory accounts on their behalf. I hope is clear now.

 

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13th Dec 2011 12:21

practising cert

You will only need a practising certificate if you are a member of an accounting institute that requires it. PII is not a legal requirement (but highly recommended) but is a requirement of most accounting bodies (i.e proof of PII is part of the Practising Cert application).

As for SAGE final accounts prep - I have been advised that you can import a TB from Excel so as long as you are able to export TB's into Excel from the other accounting packages you should be fine.

Personally I use VT final accounts which is Excel based and so far have no complaints about it.

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13th Dec 2011 12:49

So in other words the Ltd company I work for can prepare unaudited final accounts for small companies and sole proprietors even though we are in currently in recruitment business?

PS: I am an ACCA member but in the industry not in public practice.

 

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Ellyxris - generally speaking any monkey can prepare unaudited accounts. No ability or qualifications required what so ever, its a completely unregulated market. Your cat can do it.

The issue however to check with the ACCA is your position in all of this. If they are holding you out as an ACCA but acting in a firm without a practising cert then I think you will run into hot water.

 

 

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13th Dec 2011 13:32

Practising Certificate

Thanks I really should know for your response.

You've made a good point that I should clarify my position with ACCA. As I've previously prepared unaudited accounts internally only, selling this service to the public could be interpreted as public practice and hence the issue of practising certificate.

 

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