Gbooks has incorporated the electronic submission of LLP accounts to its cloud-based system.
The electronic submission facility is the latest upgrade to the back-end system at Companies House as the government agency aims to achieve its 100% digital aspirations by the end of 2018-19.
But LLP accounts submission is not currently available on webfiling and currently sits on Companies House’s ‘to-do’ list.
Matt Bailey, founder of Gbooks, said the ability to submit full or reduced disclosure LLP accounts to Companies House with a click of the button from his application will make accountants’ lives easier than relying on the paper alternative.
“If you file in paper format the accountant needs to get the accounts signed by a designated partner and sent to Companies House,” said Bailey. “And if you’re up against a deadline that can be a problem.”
Bailey explained that these paper delays could pose a couple of issues for accountants which risk late filing penalties. “If you file paper accounts at Companies House it takes time to become aware of any errors,” he said.
“The accounts could be sent back after two or three weeks with a problem. You have to correct them and send them back to Companies House, and cross your fingers that the second submission is correct.”
The other problem, he added, is if you've got the partners of an LLP who may reside abroad, that also could lead to further delays in getting the accounts filed.
Instead Companies House will be able to let you know within 24 hours if there’s been a problem with the accounts by submitting electronically. “With electronic submission the accounts can be filed immediately and, if all goes well, accepted within 5 or 10 minutes,” said Bailey.
As a smaller developer Gbooks has moved quickly to adopt new technologies as they become available, including the marriage allowance API for self assessment returns thta the developer incorporated into its tax module in November.
“Being a cloud-based system, with an in-house programming team, we can make updates to our system fairly quickly,” Bailey said.
“Our approach is to wait until new technologies or services are launched. If we feel they will benefit our subscribers we will add them to our system as soon as we can.”
About Richard Hattersley
Richard is AccountingWEB's practice correspondent. If you have any comments or suggestions for us get in touch.