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?
- Right to waive dividend 40 1
- first year company tax return for a limited company 1,704 29
- One off meeting new client 1,243 11
- PPR CGT section 222 builds an extension 125 2
- Leaving Flat Rate Scheme for VAT 333 9
- PITA client 452 5
- R&D tax credit claim 289 7
- Legal Advice Needed Bank Account Blocked 650 10
- Have I dropped a major clanger? 1,240 20
- Child tax credits 134 2
- Deaf clients 617 6
- rental income since 2003 118 1
- DEATH OF A SHAREHOLDER NO SHAREHOLDER AGREEMENT 418 10
- Can I take action against my accountant for incompetence? 2,275 54
- Entrepreneurs relief available? 550 12
- ACCA Cert/Dip in IFRS 100 1
- Estate agent and VAT registration 241 4
- Sole-trader renting commmercial property from himself & spouse. 233 4
- Peer to Peer lending 1,083 8
- Small company audit 353 9
- Property exchange - 8-year legal delay following fall-out 614
- Cancelled 358
- SAGE Payroll Data for Import to MS Dynamics AX 339
- Cancelled 293
- Have you staged yet for auto enrolment? 270
- Probiz 260
- VAT on non-profit making clubs (ECJ VS West Dorset Golf Club) 223
- Free-standing washing machine - unfurnished lettings 207
- Phishing emails purporting to be from CIPFA? 195
- Car leasing scheme 193