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Question re: practice managememt

Sarah-LouSarah-Lou Well-KnownRegistered Posts: 141
I have been registered as an MIP for a while now and have a few clients, very confident in the work I am supply but really could do with some advice on how you manage your files for clients.

I have a file for each client and sections in this file for each 'subject' ie engagement information, general correspondence, tax calculation, previous years tax returns etc.

Is this enough? Is there anything else I should be doing? I keep working sheet whenever I do any work for a client and keep this in the files also.

Because I've never worked in practice myself I'm always a bit nervous I might be doing this as I should be.

Thank you :o)

Sarah-Lou

Comments

  • villapbvillapb Trusted Regular Registered Posts: 357
    Hi Sarah you seem be well covered, the file our practise keep track off and our allows checking is when returns are due, payments made to hmrc, they are always checking companies house and hmrc.
    They also love the times sheets grrrrrrrrrrrrrrrr
  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,042
    Sarah-Lou wrote: »
    I have been registered as an MIP for a while now and have a few clients, very confident in the work I am supply but really could do with some advice on how you manage your files for clients.

    I have a file for each client and sections in this file for each 'subject' ie engagement information, general correspondence, tax calculation, previous years tax returns etc.

    Is this enough? Is there anything else I should be doing? I keep working sheet whenever I do any work for a client and keep this in the files also.

    Because I've never worked in practice myself I'm always a bit nervous I might be doing this as I should be.

    Thank you :o)

    Sarah-Lou

    The firm I work for keeps 5 separate files per client (correspondence, statutory, payroll, vat and accounts) and each file is divided into years and then divided into sub-sections (e.g. for accounts file for 2011 you would have the following sub-sections: accounts, tax comp, notes, letter of representation, fixed asset register, debtors lead schedule, bank lead schedule, creditors lead schedule, annual return, income and expense schedules, TB, nominals, journals, opening TB).

    However the correspondence files and statutory files will eventually die out as we begin to scan and save letters electronically.
  • cheapaccountingcheapaccounting Feels At Home Registered Posts: 77
    We tend to hold everything electronically with a daily off site back up (there are many automated, monthly subscription packages around to do this).

    This then allows all working papers etc to be stored as well as all client emails etc
  • Sarah-LouSarah-Lou Well-Known Registered Posts: 141
    Thank you for your replies, they have been really helpful :o) I'm not storing too much electronically at the moment as need to upgrade my backup system but will be doing more than way then.

    Sarah-Lou
  • DcollinsDcollins Well-Known Registered Posts: 179
    Have a look at CCH Online via the MIP section of the AAT website too. There's a practice management section with Word documents you can download and customise, including clients' permanent files. It seems to be based on ICEAW guidance, and I find it a little excessive for sole practitioners who don't audit, but it might help.

    Worth having a look at CCH online anyway, it can be very useful.
  • cheapaccountingcheapaccounting Feels At Home Registered Posts: 77
    Google for off site back ups - they start at about £5 / month I think. A small price to pay for piece of mind plus you can schedule them to run each day etc
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