Management vs statutory accounts - who should do what?
Do Accountants and Accounts software designers still think that SMEs should not be able to draw up accounts in statutory format? Recent questions/answers (see below) suggest to me that at least some do think this.
Gone are the days when SMEs could only realistically do the book-keeping and needed others to turn it into financials. Modern software puts the dividing line at a much higher level.
In my SME we want to have all this information available - we understand it and think that it is part of runnning the business. However, I guess that, because this is "AccountingWeb", answers will argue to preserve portions of the work for only those Qualified to do it.
Our SME does employ an Accountant - & he's great. But I think he would agree that working electonically at the year end would be far simplified if I can produce (and look at before I send to his team) the draft summaries in various formats, including statutory format.
[E.g. one of the niggles is that Line 50's P&L doesn't separate out Interest Earned from Sales.]
My own profession (statistician) had to come to terms with this sort of thing a few decades ago with a plethora of stats packages and percieved loss of business for the professionals. All its really done is to remove a lot of dross and make the professional job more interesting.
BTW: I learnt from an answer to 'Charity Accounts Foftware' that "Sage have two accounts products,
Sage Accounts Production (SAP) and Sage Accounts Production Advanced (SAPA)." So I requested brochures from Sage. The guy who sent them (very promptly) asked me how many number of companies I need to produce accounts for. I emailed back that I'm an SME not an Accounting Practice. He replied: "We have a separate division which deals specifically with Industry, I look after accountants only." (so he's forwarded my email).
I'm interested to know if this just Sage's approach - or do all UK accounting software suppliers have quite distinct products/support/teams for the Profefssion and the ROW?
- Tax relief for backdated pension contributions 225 7
- Closing down - who should buy whom? 44 2
- How long do legal aid take to pay? 39 1
- Two questions re client meetings and TR Fees 345 5
- Personal Pension Withdrawal 213 2
- Liability account to deal with loans from owner 104 5
- Failure to operate PAYE 1,636 31
- PAYE NI 85 2
- quote for winding down two companies and file accounts 82 1
- SA302s - Lenders to accept non hmrc copies 819 14
- How much to charge? 687 10
- break even point 1,000 30
- Trustee in Bankruptcy 166 5
- Accomodation and travel 202 1
- Unpaid Fee's 339 6
- Issue with a software supplier 221 4
- Is there a requirement to clearly state the amount of a bill? 299 5
- Limited Company trading status. 239 6
- VAT flat rate scheme 142 1
- Alphabet shares dividend paperwork 153 2
- Possible Partnership? 510
- Lunatics in charge of the asylum - Bluestone 490
- Tax and accounting treatment on long lease granted from freehold 464
- New Fangled Penalties 305
- Clubs and Taxable Income 256
- Purchase of property freehold - capitalisation of costs 256
- Deferring taxable income until after 5 April 247
- Loans to other companies 190
- Tasbook email configuration 182
- Closed PAYE schemes and auto enrolment 165