It takes the NHS 3/6months to establish debtors if we are lucky. The thought of preparing quarterly accounts is worrying. The first three quarters would likely be on a cash basis and then quarter four/final figures would have huge adjustments for debtors, creditors, stock etc... i.e. the same accounts we currently prepare. The first three quarters would have no value to the client, come at an additional cost and likely to be subject to tight deadlines and penalties.
Seems like great news for accountants and software providers, bad news for businesses in my opinion.
My answers
I cannot see this working well in my sector
It takes the NHS 3/6months to establish debtors if we are lucky. The thought of preparing quarterly accounts is worrying. The first three quarters would likely be on a cash basis and then quarter four/final figures would have huge adjustments for debtors, creditors, stock etc... i.e. the same accounts we currently prepare. The first three quarters would have no value to the client, come at an additional cost and likely to be subject to tight deadlines and penalties.
Seems like great news for accountants and software providers, bad news for businesses in my opinion.