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?
- Director's tax return 309 7
- Reporting no P11d due when PAYE scheme closed by HMRC 5Apr2013 58 1
- Ex Client from over 3 years ago 147 2
- Sage Payroll 306 11
- Payroo Employer allowance query 198 6
- Small employers paying people when sick thanks alot! 3,048 33
- vat return 254 3
- Flat rate vat 135 1
- Value pricing 725 26
- RTI Annual Scheme Query 159 4
- PAYE coding notice - deliberate misstatement 225 4
- Private residence relief with entrepreneur relief mix 291 4
- Reregister for VAT 152 2
- Producing graphical KPI's etc 201 6
- Weely paid employees 254 3
- Would this save hours of your time? 500 11
- Keep receiving RTI late submission notice 227 6
- Wrong career 493 18
- MONEYSOFT - EARLIER YEAR UPDATE 298 7
- Laptop purchase 1,412 20
- Residential Property Purchase Above £750K 799
- Using Sage with Sofa Categories 553
- Does anyone have an unwanted ICAEW wooden plaque? 421
- Goods shipped inter EU and VAT Reporting 298
- Free Tax Legislation? 269
- Director Loan account operation 250
- transferring simply accounting 2010 from xp to windows 7 247
- Non-Resident Director - UK Tax Position? 241
- Sage 200 and Access Dimensions reviews 230
- Paye procedures for CVA 160