Can anyone advise what a reasonable fee for iXBRL tagging a set of accounts should be (SME set of accounts) Apart from recommendations where would one source a provider. Currently our external auditor does this but I want to look elsewhere as it seems very expensive. Would VT accounts (other packages) allow me to do it myself and is this easy to use. Stat Accounts are already in Word format so don't want to have to enter it into another system myself.
Replies (24)
Please login or register to join the discussion.
Yes VT accounts does it for you - as I am sure all other accounts production packages for limited companies do, or else they would not be fit for purpose.
No I meant when you use VT to prepare your accounts one of the outputs it produces automatically is a set of iXBRL tagged accounts.
iXBRL
I outsource this service. I provide a TB and have the accounts produced and submitted to HMRC and Companies House. It costs £70 per set of accounts
£70 for one ixbrl ? thats really expensive
you can buy a package to do it yourself for not much more ( for unlimited clients numbers
No, it is not just tagging.
It is for preparing the accounts and submitting them. I do all the journals for depreciation, accruals, stock etc and send her a TB. She sends the accounts back for signature and then submits them.
Datatracks
I have used these for the past 3 years, there have been no issues and they are cheaper than the auditors price.
With all due respect
I don't see how you can get a full set of accounts prepared (whether for £70 or £70,000) by simply sending somebody a trial balance as so much of the legally required content of the accounts does not derive from the trial balance.
With due respect
All my accounts are done from bank statements, purchase invoices, sales invoices etc. Everything is verified and the bank is reconciled. I have asset registers etc. In the event of an investigation I have everything to hand - what more could you want?
With all due respect
By the way TerryD, I am a qualified accountant, but sub-contract this function out purely because I am too busy.
I would be interested to know what the difference would be between me producing them, or someone else producing them and checking them myself?
I think that what he is saying
Is that a full set of accounts usually includes more info than a simple TB can provide, not that you cannot work out a TB correctly.
That's why I normally steer away from these forums. I was trying to help someone, but it's full of people blowing their own trumpets and looking down on others
All I was saying was that,
All I was saying was that, for a limited company set of accounts, there is a lot more content than can be gleaned from a TB alone. E.g. Directors' Report, Related Party Transactions note, secured creditors, controlling party, etc., etc. So I don't understand how such accounts can be produced solely from a TB, whoever produces them. If my comment caused offence, then I apologise - none was intended. But I'd still like to know how you achieve a legally compliant set of company accounts from just a TB.
you cant
I agree you cant produce stat accounts from just the tb .. you need the other info . thats where professional training comes in .. you are taught these things (disclosure requirements etc )
I bid you farewell!
I must admit my main reason for joining this forum was to refer work. I thought it would be nice to strike up relationships, and pass on a few jobs as I can't keep up with my growth at present.
I can see that this is the wrong place.
I wish you all well
@Liane
Please, before you go, just tell me what got you so upset - and if you could answer my question, that would be even better!
We prepare iXBRL accounts for others
We help out a couple of other accountants by (re)producing accounts in IRIS in iXBRL format for medium-sized companies or small companies with unusual aspects which the HMRC CT Online service cannot handle. Subsequently, we file the (abbreviated) iXBRL accounts at Companies House and the full iXBRL accounts with the CT return and computations at HMRC by internet direct from IRIS.
Posting from a TB is much the quickest way of getting the figures into IRIS (or probably, any other statutory accounts software), but to answer TerryD's question, we input all the narrative notes from the accounts which the other accountants have prepared for their clients (and we reproduce the other accountants' tax computations). They are not our accounts and we accept no responsibility for them, other than to transcribe them correctly into iXBRL format and to file them on behalf of the other accountants.
However, we charge more than £70 for the service.
why outsource ?
jeez... why outsource ?.. its simple if you use a cheap package like vt , you dont need to use it as a bookkeeping package either , just enter the final trial balance which you might have used excel to produce. .... and you just click the option to produce the"ixbrl" format and you can attach that in your normal tax package
vt is a bit raggedy around the edges for stat accounts production.. from memory it didn't pick up directors remuneration from the tb and it had to be entered manually again ... there were also couple of other things .. eg..problems with related party notes - had to be entered directly in the "accounts notes" worksheet whereas they should really restrict all the data input to the tb worksheet or a supplementary data input sheet .. also dividend note formulae needed correcting in notes ... just a little messy around the edges , but nothing that you cant sort out .. just remember to print off and cross-check it first and you will see where the problems are