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?
- HMRC Agent Accounts - PAYE 280 10
- CIS registration when already registered for PAYE 21 1
- CT600 - Credit balance in expenses? 44 2
- Rectify overpaid childcare vouchers, how? 89 1
- Claiming VAT on car lease 192 13
- Taxable Benefit for Director? 195 1
- Directors exempt from AE? 1,371 18
- R&D - HMRC Manual 73 2
- Impairment in value of subsidiary - allowable? 341 14
- CWF1 - is it still required?? 240 5
- Client in dispute with Customer over cancellation charge 1,122 27
- How to network with other Accountants? 572 3
- Any reasons for a dissolved company to comply with HMRC requesting Corporation Tax and Tax Returns 523 21
- Advice for new build property 109 3
- Should training costs being reclaimed be deducted from gross or net salary 288 5
- VAT FRS for a Formula 2 Racing Driver 287 8
- Duplicating Sales and COS but does not impacting bottom line? Legal? 229 3
- Claiming accommodation as employment expense? 149 1
- Sage Line 50 106 2
- VAT - How hard is it? 1,956 58
- Any knowledge of salesorder.com 402
- Chart of account segments; Balance sheet vs P&L 371
- Could and would anyone here carry out a hot file review of some non statutory audit work please? 349
- Electric Car 285
- S222 Charge 233
- IP trans to holding company 181
- Corporation tax penalties and fines on the CT600 171
- Software to Deal with Amazon and Ebay Sales 164
- AIA 159
- Best way to convert Sage data to VT Transaction+ 153