Member Since: 9th Jan 2013
1st Apr 2020
I agree. Rather than adding functionality, it has cluttered up the software with a bunch of useless lists that could be found more easily before they started!
It is a pathetic attempt and calling it a ‘practice management’ suite is just ridiculous.
1st Apr 2020
The cash collected and banked = Dr bank / Cr current liabilities. I suppose one could argue that it’s not yet a liability of the company, therefore credit a P&L account (sundry income).
If it’s going to be paid out straight away, it really doesn’t matter, as whichever account you credit will be debited when the funds are paid out.
1st Apr 2020
I have at least one client who I know doesn’t have the cash to be able to pay all wages in April. There doesn’t seem to be any solution other than to get into debt, which is a shame.
Most however will manage it, particularly those with premises, as they will receive either £10k or a whopping £25k, while others will receive less than a bean.
24th Mar 2020
I too am not going to be able to blanket reduce fees. Will be judged on a case by case basis. We will still be having to do the year end accounts / corp tax, submit vat returns and then advise on deferred payment due dates, plus a lot more work required RE payrolls at the moment and advising on the government announcements etc.
23rd Mar 2020
My worry is that if (and it is looking inevitable) we go into full lockdown, lots of our clients are going to park their businesses for 3 months and are going to struggle to pay our direct debits. That in turn leaves us with no revenue.
We don’t have premises so we won’t get the grant.
I’m seeing businesses close every day at the moment, as I am sure others are. Is a sad situation.
23rd Mar 2020
It is true that payroll providers are listed on the key workers list.
Also confirmed here https://www.cipp.org.uk/resources/news/payroll-key-workers.html
What that means other than your Child can possibly still attend school(?), I’m not sure!
21st Mar 2020
So these people who are providing help for free, are you saying that you have cancelled your monthly fees so that all income has ceased? Or are you talking about ‘only’ the clients whose businesses have had to cease?
I too am spending a lot of time helping clients at the moment and I have some huge decisions to make next week about who should still pay the monthly fees and who shouldn’t.
So far only one client has had to close, although I fully expect that to change in the next week.
How exactly do we survive if we stop taking monthly fees?
I’m just trying to find out what the consensus is this.
18th Mar 2020
What about those who operate businesses from home, as do lots these days. Should they not be entitled to some help with “ongoing business costs”?
12th Mar 2020
I don’t have a standard approach, I gauge each client individually. For the clients who take an interest, I will provide (say) the quarter’s P&L showing margins as %. I’ll show a comparison to both the previous quarter and the same quarter last year, then I’ll probably provide a balance sheet but will also provide a set of charts / graphs showing trends, which seem to be more easily understood by clients. For some, I use Spotlight.
Others prefer me to talk through the results. For example, I saw a client on Tuesday and took with me a lovely colourful Spotlight report. At the end, after talking him through the various KPIs, margins, etc. I suggested leaving the reports (Xero P&L and balance sheet plus spotlight report) with him and he replied jokingly but honestly “oh no, I won’t look at them, too complicated for me - as long as we are on track, I’m happy”.
Other clients, I will email them basic P&L, debtors and creditors.
For my few contractor clients, who ‘had’ very simple balance sheets, I used to explain every figure on the balance sheet and they largely understood. They were very good clients in the main, however the handful I had are now ‘no more’.
There are some great reporting add-ons available, but most are way too expensive for it to be feasible. I find that with the likes of Spotlight, I end up signing up as a ‘business only’ rather than an accountant, as they all seem to want to sell you blocks of 20 or similar, which is often 18/19 too many.
I wish Xero would improve their management reporting packs, then we could solely use that.
10th Mar 2020
It seems to me that a very lightweight, half-hearted effort has been made, by creating a couple of additional ‘filters’ and sticking them onto the main menu to give the impression of a fully fledged system.
No actual new functionality. I was looking forward to this long awaited development but am very much underwhelmed.
In addition, despite Taxfiler pronouncing that the ‘engine’ has been upgraded, I’m finding that it is taking longer to load pages than previously. Has anybody else noticed this?