Comments on: Abolition of financial reporting for SMEs: an opportunity http://www.accmanpro.com/2009/02/26/abolition-of-financial-reporting-for-smes-an-opportunity/ Thu, 09 Feb 2012 10:01:51 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Health warning: Crunch giving wrong advice as saas provider | AccMan http://www.accmanpro.com/2009/02/26/abolition-of-financial-reporting-for-smes-an-opportunity/comment-page-1/#comment-5872 Health warning: Crunch giving wrong advice as saas provider | AccMan Fri, 10 Jul 2009 11:59:15 +0000 http://www.accmanpro.com/?p=4195#comment-5872 [...] Abolition of financial reporting for SMEs: an opportunity (accmanpro.com) [...] [...] Abolition of financial reporting for SMEs: an opportunity (accmanpro.com) [...]

]]> By: Phil Richards http://www.accmanpro.com/2009/02/26/abolition-of-financial-reporting-for-smes-an-opportunity/comment-page-1/#comment-5871 Phil Richards Mon, 02 Mar 2009 12:21:31 +0000 http://www.accmanpro.com/?p=4195#comment-5871 Thanks Dennis, I think that its important to remember that some people, like Will for instance may want to take on the management of their compliance on a day to day basis, but some clients just do not want to, and but may still use FreeAgent to do their basic records. I do not think that accountants can survive by peddling mystique, but have to adapt to a changing marketplace, personally I find all these development exciting and embrace them all, that makes for new opportunities, I think. I still think there is plenty of value that professional firms can add, how we add it is certainly going to change ! Thanks Dennis, I think that its important to remember that some people, like Will for instance may want to take on the management of their compliance on a day to day basis, but some clients just do not want to, and but may still use FreeAgent to do their basic records. I do not think that accountants can survive by peddling mystique, but have to adapt to a changing marketplace, personally I find all these development exciting and embrace them all, that makes for new opportunities, I think. I still think there is plenty of value that professional firms can add, how we add it is certainly going to change !

]]> By: Jason Holden http://www.accmanpro.com/2009/02/26/abolition-of-financial-reporting-for-smes-an-opportunity/comment-page-1/#comment-5870 Jason Holden Fri, 27 Feb 2009 13:17:21 +0000 http://www.accmanpro.com/?p=4195#comment-5870 To remove accounting requirements would be madness, but is there a hidden agenda, we all know the tax payers who are not represented are effectively thrown to the wolves, is this a sly ploy to have more ‘go it alone into the lions den’? The FRSSE offers a respite for the SME market, unfortunately its days are numbered, but something along the FRSSE lines is all that is needed, something that allows accountants the chance to also advise clients rather than getting the standards book out every 5 minutes to check the disclosures/accounting conventions are all be adhered to. A measured approach is all that is needed, something we never see come out of Brussels, or is this all because their accounts are qualified every year they want to remove this? To remove accounting requirements would be madness, but is there a hidden agenda, we all know the tax payers who are not represented are effectively thrown to the wolves, is this a sly ploy to have more ‘go it alone into the lions den’?

The FRSSE offers a respite for the SME market, unfortunately its days are numbered, but something along the FRSSE lines is all that is needed, something that allows accountants the chance to also advise clients rather than getting the standards book out every 5 minutes to check the disclosures/accounting conventions are all be adhered to.

A measured approach is all that is needed, something we never see come out of Brussels, or is this all because their accounts are qualified every year they want to remove this?

]]> By: Tax Research UK / EU progresses towards insanity on small business accounting http://www.accmanpro.com/2009/02/26/abolition-of-financial-reporting-for-smes-an-opportunity/comment-page-1/#comment-5869 Tax Research UK / EU progresses towards insanity on small business accounting Fri, 27 Feb 2009 08:49:40 +0000 http://www.accmanpro.com/?p=4195#comment-5869 [...] tip to Dennis Howlett Post a comment — Trackback URI RSS 2.0 feed for these comments This entry (permalink) was [...] [...] tip to Dennis Howlett Post a comment — Trackback URI RSS 2.0 feed for these comments This entry (permalink) was [...]

]]> By: Dennis Howlett http://www.accmanpro.com/2009/02/26/abolition-of-financial-reporting-for-smes-an-opportunity/comment-page-1/#comment-5868 Dennis Howlett Thu, 26 Feb 2009 17:31:21 +0000 http://www.accmanpro.com/?p=4195#comment-5868 That's how things *should* work. Whether they will remains to be seen. I hope HMRC see this and that it gives them pause for thought. That's how things *should* work. Whether they will remains to be seen. I hope HMRC see this and that it gives them pause for thought.

]]> By: Will Rowan http://www.accmanpro.com/2009/02/26/abolition-of-financial-reporting-for-smes-an-opportunity/comment-page-1/#comment-5867 Will Rowan Thu, 26 Feb 2009 16:30:45 +0000 http://www.accmanpro.com/?p=4195#comment-5867 I've had the same accountant for my 1 man consulting business for 12 years now... and the opportunities for an accountant to add value by saving tax are ffar, far less now than they were a decade ago. This year's accounts on freeagent have taken a little bit of time for my accountant & I to get my online records aligned. i did wonder if some of his questions weren't to prove that freagent couldn'd work (or that I couldn't work freeagent ;-) Take out that bit of setup work next year, and I'm really wondering if I shouldn't be paying my accountant for an hour or two's work to give freeagent's output a seal of approval. I'm not sure what else there will be for him to do. Apart from protecting vested interests (yeah, apart from that!) is there any reason why HMRC shouldn't work on Small business accounts 'by exception'? ie If a Small business wants to opt out of full accounts, they can do so by using approved digital services, and perhaps by taking out insurance against an inspection. (Which your accountant will happily sell you.) And HMRC can be expected to audit 1 in N firms. I could live with that, and it would save me a chunk of accountants fees. I've had the same accountant for my 1 man consulting business for 12 years now… and the opportunities for an accountant to add value by saving tax are ffar, far less now than they were a decade ago.

This year's accounts on freeagent have taken a little bit of time for my accountant & I to get my online records aligned. i did wonder if some of his questions weren't to prove that freagent couldn'd work (or that I couldn't work freeagent ;-)

Take out that bit of setup work next year, and I'm really wondering if I shouldn't be paying my accountant for an hour or two's work to give freeagent's output a seal of approval. I'm not sure what else there will be for him to do.

Apart from protecting vested interests (yeah, apart from that!) is there any reason why HMRC shouldn't work on Small business accounts 'by exception'? ie If a Small business wants to opt out of full accounts, they can do so by using approved digital services, and perhaps by taking out insurance against an inspection. (Which your accountant will happily sell you.) And HMRC can be expected to audit 1 in N firms.
I could live with that, and it would save me a chunk of accountants fees.

]]>