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Computer accounts

The top 10 ways to reduce your accountancy fees

The biggest single factor in determining accountancy costs is the quality of the business records - it is now very expensive to compile accounts from old-fashioned hard back books - to reduce costs accountants now require at the very least well designed spreadsheets, but much prefer the output from computerised accounts

Accountants charge for the time spent - often a fixed fee is quoted, but in doing so the accountant has a good idea of how long the job should take - if the time spent is significantly more the fees can be much higher in year two

An accounting package should help the accountant save time but it can create problems if it is not used in the proper way, and these problems add to the time the accountant needs to spend in preparing the accounts, so increasing the cost to the client

At E W Wallace & Co we have considerable experience in dealing with computer accounts, and below we list the 10 most common areas which we have found add time to the job

  1. No bank reconciliation is done or it does not tie in with the nominal ledger balance
  2. Nominal ledger not used; only sales and purchase ledgers
  3. The balances on the sales and/or purchase ledger control accounts in the nominal ledger do not agree with the list of balances
  4. The VAT control account does not agree with the VAT returns
  5. Other control account balances cannot be proven, eg wages control, PAYE control
  6. There is a balance on the suspense account
  7. Suppliers' balances do not agree with suppliers' statements
  8. The ledgers, especially the retained profits account, do not agree with the last set of accounts
  9. The software's default nominal ledger structure has been used
  10. Poor nominal chart of accounts, and possibility that the balance sheet does not actually balance

Accountants are very expensive book-keepers, so the client can reduce costs by keeping good records

When we find instances of defects in the record keeping it is our policy and practice to advise the client as soon as possible, so that the same mistakes are not made in the following year. The business which presents its records to the accountant at the last minute does itself no favours as, not only are the results well out of date, errors in the records are repeated in the next year's records

Many businesses owe an allegiance to their accountant having dealt with him for many years. At
E W Wallace & Co we can advise a business on its systems and record keeping with a view to presenting information to their accountant in the most efficient manner, thereby reducing the cost of the accounts preparation

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote

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