At Michael Paul Accountants we aim to have draft year end accounts to our clients within six weeks of them supplying us with the necessary records. Depending on our workload this can often be within three weeks.
We recently obtained a new client whose year end accounts preparation was always left until just before the filing deadline. This not only meant that the accounts were prepared in a rush with very little time to discuss the figures and any possible adjustemnts with the accountants but also that the client was not aware of their Corporation Tax liability until just before it was due to be paid. If the liability was higher than expected this left very little time to raise the necessary funds.
One of the reasons behind this was that the client had a very disorganised bookkeeping system which was rarely up to date or particularly accurate. We visited the client and discussed the bookeeping system and how it could be improved. This not only made it more up to date and accurate but also vastly reduced the amount of time needed to operate it. We now visit the client for a couple of hours once a month to check the system over, correct any errors and suggest any further ideas for improvement.
As a result of this we prepared the year end accounts, held a meeting with the client to discuss them and submitted them to the relevant authorities within six weeks of the year end date. Not only was this a huge relief to the client to know they were not going to have the usual last minute rush but they were aware exactly what the Corporation Tax liability for the year was nearly 8 months before it was due to be paid.