A client has a 31 March year end and has already started chasing me for his year end accounts. How quickly do you turn these around?
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do you have
all the relevant books and records yet ? Do you have a bank statement from the tear end to date yet?
My PB is 9 days
from year-end to submission to Companies House and HMRC. But that's partly because of my PLC background - on day 5 the auditors were in, and anyone with a hole in the balance sheet could just start writing the P45..
The majority of clients are nowhere near geared up to 9 day filing, which requires:
1. Bank statements downloaded to Excel.
2. An early look before year-end with all major balance sheet accounts clearly understandable.
3. A client who actually understands what he or she is approving.
Amongst other things. In the case of the 9 day submission, we had a loan application in progress with the bank so there was a clear commercial need to slicken the process and file the accounts. But for a straightforward set of limited company accounts with a well-organised client, 1 month filing is no big deal.
At the other extreme, you get folk who always want to file in the last week before the deadline. They are invited to pay extra with me - up front in full before filing. Most shove off somewhere else, some folk around here are much more tolerant of that.
2 weeks
I'd aim for within 2 weeks, or quicker. If I know when the stuff is arriving I can schedule it so I'll be able to get it done almost at once. But some clients aren't that helpful.
The fastest
That we turn a set of accounts around is about 25 days for our largest client who require audited accounts back with its parent in that time frame. I think generally,however, that it depends on the client in question. If you have done it why not let him have the accounts. Such prompt service might enable you to charge a premium
1-2 weeks
Assuming we have all the info/docs then we aim for a 1-2 week turnaround. With a compliant client (quick to return signed docs etc) we can have the accounts/returns submitted to HMRC/CoHouse within a month of the year end.
6 weeks
Documents and information received is usually incomplete and it's normal for there to be to-ing and fro-ing of queries. Sounds too long? Not if you manage client expectations. If you say 8 weeks and file within 6 you get brownie points.
depends in client and circumstances
If I had agreed in advance the timings of producing accounts and client had no external reason for needing accounts then probably on average 3 - 4 weeks.
If I take on a new client I always discuss timings of producing accounts so that I can add the client onto my work plan spreadsheet and know when I should start chasing for those records. Usually clients will bring in records around the same time each year.
what's being measured?
From receipt of client records to starting the job: maximum 4 weeks, but typically 2 weeks. At the moment, it happens to be <1 week.
From starting the job to submission to CH/HMRC: mainly depends on the speed with which the client responds to queries. Sometimes they have to be chased to reply.
Turn around time
If an audit it is unlikely to be less than 3 weeks - it takes at least that long to get a bank letter reply, if you're lucky. If a non-audit anything from 1 day to however long it takes to get the records plus 1 day, but only for small companies with few transactions. Otherwise 2 days is about right. After that though they sit here for at least a week before I Send them out - wouldn't do to let the client know how little work is involved now, would it!
As a General Rule of Tom Thumb
I guarantee that all pay monthly jobs are complete and filed within 3 months of their year end (providing the balance of any year end info is with me within 4 weeks of the year end).
otherwise it would depend on workload and size of job I suppose.
if someone needs something urgent for bank funding or whatever then could turn them around within a few days. But if they are not so urgent I would think a month from full receipt of books to a final se of accounts is reasonable which most clients would be happy with.
with software like Bankstream and a bit of client education.!!!
We have managed to do year end accounts within few days with a great deal of help from software such as Bankstream, a bit of client education and some proper pre year end planning.
4-6 weeks is our ideal too. Although that isn't always possible of course.
The problem is that the client is stamping their feet to demand them within a fortnight say and you are responding to this and jumping through hoops for them. The result will be that the client will do this every year to you and expect to be your centre of attention.
Explain to them that accountants celebrate Easter and that with a lot of client's records coming in at the same time that you operate a first in first out scheme. At present you'd look to finalise these at xxxxx. Unless he is a fantastic fee then I'd quite happily wave them down the road if they argued this with me.
We promise a 1 month turnaround but usually get it done within 1 week.
Somehow we did managed to complete our first 31 March year-end by 1 April this year but we have trained our clients well!
Horses for courses
My clients know I have their interests at heart. If I can't give them accounts within a month, I keep them informed. They have always been obliging. If they are slow payers, they are lower priority. It's about people management mixed with wisdom.
assumptions?
What assumptions are posters making when they quote a turnround time? Surely one of them has to be "if the client answers queries within (say) 24 hours"?
I have one ltd client who, no matter how early I get the initial information, it's always about a month before the deadline that the accounts go in. He takes ages to reply to queries/approve the draft.
2 to 6 weeks
The ones that come in early normally respond quite quickly to queries and I know that many clients have been unhappy with of previous accountant delays.
So 1 to 2 weeks normally. The clients that you chase throughout the year and finally come in in November take a long time to respond to queries so they tend to be the ones that it takes 6 weeks and a couple of reminders to hit 31 January deadline. Ditto for limited companies and their deadlines.