Hello folks. Over the week, I gorged on CNN and MSNBC YouTube on Trump's Russia scandal and sex scandals of senior politicians in the USA. I am gripped. I cannot wait for full disclosure of POTUS financial affairs. They will cross Trump's red line.
For the past couple of months, I have also been watching White House Press Briefings. Sarah Sanders is an entertaining view. Trump's claim of fake news is only because of his dislike of checks and balances role that the press play.
What to write?
For a change, I am having difficulty in drafting My Week. I am tired. Also, I would not say my week was eventful. Please allow for free-flowing My Week. I will write whatever comes into my head. Usually, I have something I want to get off my chest. Not today.
Tax Returns Season
We are in control of tax returns season. It will be better than last year. It is still stressful. Some clients are a pain. We just have to work with what we have and do our best. I will relax after 31 January.
31 March Year Ends
About 90% of our clients have March year end. We tend to complete both the accounts and their personal tax returns at the same time.
Over the week, I did question myself about having most of the clients with the same year-end. Our experience has proved that where clients provide the information, they want their accounts within a week. Imagine 25 plus clients chasing for the accounts. They say that they have complied with their side of the bargain we have to come up with the accounts now.
I prefer 31 March year ends since it ties neatly with personal tax year end. Also, we have 9 months to prepare the accounts. In addition, there is a clear deadline for the majority of the work.
11 December Edit: I was I found THIS relevant thread on March year ends.
We have finally come up is what I think is an excellent fit for purpose software combination. I am NOT changing this mix. We need stability in the practice. Q, please stay! The mixture is:
- TaxCalc - easy to use accounts production, tax, company sec and PM software. Its weakness is PM. They are always improving their practice suite. I have no doubt, in time, PM side will improve.
After a short spell with Digita, that did not end well. We went crawling back to TaxCalc.
- Accountancy Manager - For us, it is the new kid on the block. It has found its rightful place in FT Practice Ltd. It has become the practice's engine. I wish, we had it from day 1.
Remember, I have tried and wasted hours on other PM software before hitting on AM.
- Moneysoft - Oh yes. We returned to MS after cheating on it with Bright Pay.
- Xero - I am happy with Xero. It is their pricing and lack of marketing support that is the issue for me. Also, that personal touch through Account Manager is missing. I have started to put new clients on QuickBooks. Pricing is better. Also, it is good that I can pick up the phone and talk to QB technical support.
About 70% of our clients are on Xero. Further, we absorb Xero costs.
- EDIT File Center - Our document management. It is simple and it works.
On the software front, the next step for us is a slick proposal/quotation software. I have a trial version of Go Proposal. The jury is out at this stage. Like Xero, their pricing is of real concern. They claim you can recover the costs through higher fees. I am finding it difficult to swallow their claim.
Due to my current workload, I am behind with my studies. I am thinking whether push back the first exam from May to November. I will review next week and then decide. I think best I reduce my time on matters Trump.
We are in the Christmas season. For the first time in my life, I have put up a Christmas tree. It is NOT for Jesus. It is purely for business reasons. Remember, being in a retail unit, I need to adopt a retailer mindset.
Blogs about my week in a boutique practice. My independent channel: https://accountantblog.co.uk/