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What's your record for doing a set of accounts?

How quickly can you knock out a set of accounts and CT600 from client records, not a clean TB?

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How quickly can you knock up a set of accounts for client approval from what used to be quaintly known as "incomplete records"? Assuming one could find 200 such clients that would be a good living for working 1 day a week by my reckoning.

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By tom123
16th Jun 2021 16:07

So, in two hours?

I take it you are not talking boxes and boxes of stuff to go through then?

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By Kaylee100
16th Jun 2021 16:16

Perhaps recommend it as the next new Olympic demonstration sport?

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Maytuna
By DJKL
16th Jun 2021 17:07

I do one of our LLPs inside an hour, but as all it currently has is bank charges it is hardly difficult (holds an overage in a property development but will not actually get paid for a few more years yet)

Complete accounts and partnership return using TaxCalc for both- Create year, bring forward balances and LY notes, post Dr Bank charges Cr Bank, fill in signing dates, lodge online CH, import to SA800, allocate loss, lodge online to HMRC.

A non trading company we continue to have (it has a DLA sum due to a director of £40k so one day may be useful ) just takes minutes, but it is just Co Hse with no CT600 needed.

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By ireallyshouldknowthisbut
16th Jun 2021 18:06

I can do *my* accounts in about 2 hours, and sometimes crunch out a clients in the same sort of timeframe if already set up and ready to go in a neat excel sheet or in software they have not made a mess of.

But if its for a client you have to add
1. Hour for asking for extra bits and general mucking about
2. Half and hour minimum to run through it with them and ask about their children or pets if you have nothing else to say
3. Hour for 'other quick questions which wont take you 5 minutes" in the year
4. The directors PAYE and the personal tax, another hour or more.

So I reckon the minimum time if 4-5 hours for any set of accounts, more likely 5 0r 6 per annum all in, hence our base fee of £750 (published) which I will drop to £600+VAT for some clients if there is very little to it and its immaculate, but that is the exception.

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Replying to ireallyshouldknowthisbut:
Kitten
By Hazel Accounts
18th Jun 2021 14:23

I agree - around 2 hours for a small co using either spreadsheet or software depending on nature/volume transactions to produce accounts and CT return for approval from source documents.

But it probably took a couple hours to get the records and chase up something they forgot to send and answer the odd "bright idea" they heard from MDTP.

And at least another hour to discuss and finish including discuss pets/kids/covid/weather (delete as applicable) .

So realistically a day a year per small company (including Directors SATR).

I think 200 Companies would be pretty much a full time job for one person (with reasonable holidays and no overtime) by the time you also allow for practice admin, CPD etc

If you were ultra organised and worked longer days than me (I have to do school runs and other domestic things) you could probably get that down to 2-3 days per week.

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By JD
16th Jun 2021 21:13

So in this Olympic sport, are we including a full set of working papers, checking for tax saving opportunities and inevitable directors loan account issues, annual aml risk assessment checks, covering letter and the like, or is it bash and go.

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Replying to JD:
ALISK
By atleastisoundknowledgable...
17th Jun 2021 09:13

Depends whether you met the qualifying qualifications or not.

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Replying to atleastisoundknowledgable...:
A Putey FACA
By Arthur Putey
17th Jun 2021 10:00

And passed the drugs test

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By Hugh Simpson
17th Jun 2021 09:13

Would the "incomplete records" all be debits?

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ALISK
By atleastisoundknowledgable...
17th Jun 2021 09:17

I once knocked out a set of accounts from bank statements for a RMC (figures in the ltd, not dormant) in 45 mins on Sage AP. First year we had them, so included comparatives, but I’ll grant you no CT. And only 4 residents.

It was a rush last minute job & I beat the admin team putting them on our timerecording system.

I have a large property group that we post the stats for incl 2 dormant cos. They take about 5 mins, then 8 months for KOMG to finish their audit, before they are signed with no changes.

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A Putey FACA
By Arthur Putey
17th Jun 2021 10:05

My record is around 20 minutes from a clean TB and around 1 hour from a spreadsheeet and bank statements. Fortunately I don't have any "shoebox" clients.

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By Duggimon
18th Jun 2021 09:55

My dad has a lot of taxi driver clients. One of them showed up for the meeting to go over his accounts and tax return and dad realised he'd not done the job yet.

The guy was ten minutes early so my dad asked him to wait and went through to the room to "fetch the file", went through the records and knocked up the accounts and tax comp while in there, then reviewed them with the client, who was none the wiser.

It was only a P&L and tax return, no full accounts with balance sheet, but I remain impressed!.

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Replying to Duggimon:
ALISK
By atleastisoundknowledgable...
18th Jun 2021 13:20

At my training firm, one of our larger audit clients had another company - I think the lease was in Co2’s name and acted as landlord for co1? There were some other costs but I don’t remember what.

Anyway, HMRC turn up at our office for a VAT visit, which fell into my jurisdiction, but had been arranged whilst I was off and no-one told me. So the officer and a trainee turn up to return 2 years worth of returns and literally the only thing I have is a copy of 1 months head rent invoice and 2 maintenance invoices (all taken from co1’s audit file) and the knowledge of the top 5 box figures on the vat returns (but not the actual returns).

I get the secretaries to sit HMRC in a cold room for 20 mins whilst I frantically photocopy, tippex & photocopy the rental invoice multiple times so it can be re-written, knock ups the recharge invoices in Excel and print them off. Photocopy the vat return of another client so I can tippex it and use it for this one. Somehow pull together a neat looking tidy file, the 20 mins left HMRC are waiting turns into 45, they spend 10 minutes looking at my file and we pass with flying colours.

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By ColA
18th Jun 2021 09:58

An hour for near-dormant company accounts, plus Cos House submission & 1.5 hours+ subsequently trawling through HMRC CT labyrinth.

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By jayesh21
18th Jun 2021 10:15

Do not see the purpose of this topic! I have seen accountant finish a job in 1 minute by doing nothing :-).

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Replying to jayesh21:
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By ColA
18th Jun 2021 10:31

jayesh21 wrote:

Do not see the purpose of this topic! I have seen accountant finish a job in 1 minute by doing nothing :-).


Must have been the International Trade Secretary!
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Maytuna
By DJKL
18th Jun 2021 13:34

Dark Side of the Moon.

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By North East Accountant
18th Jun 2021 13:50

One set of accounts I saw from a clients previous accountant were done on a spreadsheet.

He popped in a made up turnover and net profit figure and everything else was worked out.....it must have taken him about 30 seconds.

He didn't bother with the box of books provided.

Of course, the figures bore no relationship to the actual numbers but it was a cany earner for the rogue accountant who did them and charged £350+vat.

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Replying to North East Accountant:
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By Hugo Fair
18th Jun 2021 14:18

He must have had a crystal ball ... and seen the future (MTD)!

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