Doing your own practice accounts

Doing your own practice accounts

Didn't find your answer?

Does your practice get its own accounts checked/certified by another accountant?

 

Being mentioned in our office and we just wondered what others were doing.

Replies (14)

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By cymraeg_draig
09th Sep 2010 13:15

Daft

What?

And give details of all your clients, your charges, etc to a rival?  What a stupid idea.

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By mark1975
09th Sep 2010 13:25

Daft?

Who mentioned giving out details of client list or charge out rates? Plus, we also know several accountants who are not local and who are not rivals. Thanks for your positive feedback though!

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By Monsoon
09th Sep 2010 14:03

No

Why would we?

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By Phil Rees
09th Sep 2010 14:08

The idea is risible

Would a builder pay another builder to do an extension to his house?

 

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By andypartridge
09th Sep 2010 14:09

Absolutely not

And yet, I can see there might be some benefit if the practice named in my continuity agreement was involved.

-- Kind regards Andy

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By pembo
09th Sep 2010 14:59

physician

heal thyself springs to mind..?

Absolutely no benefit whatsoever unless specific circumstances a la Andy...indeed may raise an eyebrow at HMRC if you're getting another firm to certify your own accounts...not exactly a vote of confidence...?

Caveat ...we used to have our accounts audited (by a firm in another City) before they raised the threshold....would be a nice problem to have but can't see it in the present climate !

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By mark1975
09th Sep 2010 15:01

Thanks

You have provided the answers I was looking for, and suspected to be true. It was a senior partner who thought he remembered such a practice in an old firm and wondered if it was still being carried out by other firms.

 

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By cymraeg_draig
09th Sep 2010 15:31

As I said .......

Who mentioned giving out details of client list or charge out rates? Plus, we also know several accountants who are not local and who are not rivals. Thanks for your positive feedback though!

 

Posted by mark1975 on Thu, 09/09/2010 - 13:25

 

Well no accountant is going to certify your accounts without seeing your sales invoices.  

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By mark1975
09th Sep 2010 15:52

... and I say

I could easily provide a detailed record of our income without prividing names or charge out rates, the same with WIP.

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By pawncob
09th Sep 2010 21:40

Daft?

As they say it's completely daft, except that those who operate under a LTD banner presumably have their accounts audited.

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By mark1975
09th Sep 2010 22:45

Limited companies

Do you have all your limited company clients audited? 

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By cymraeg_draig
09th Sep 2010 22:48

"record"

 I could easily provide a detailed record of our income without prividing names or charge out rates, the same with WIP.

 

Posted by mark1975 on Thu, 09/09/2010 - 15:52

 

And no accountant is going to sign off a set of accounts without seeing the prime records from which your record is prepared.

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By zarathustra
10th Sep 2010 11:31

What about mortagages

A non qualified practioner may find it easier to obtain a mortgage if their accounts were signed off by a CCAB member firm.

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By pembo
10th Sep 2010 13:07

Oh no

please don't start the qualified/unqualified debate...!...good point though particularly in these troubled times and as "self certs" thankfully seem to be a thing of the past...

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