Changes in Year-End Accounts Process

As we approach the end of another year, we wanted to inform you about some important changes with regard to our year-end accounts process at RBP.

Due to the transition of all non-March year ends to March year ends, we are facing new challenges. This shift means that all clients need to have their accounts prepared before the tax deadline in January. To streamline this process, we have implemented a new system.

We kindly request the following information from our clients, monthly:

1. Bank statements

2. Payroll reports

3. PCSE income statements

4. Other remittance advices

The dedicated accounts team is actively processing the information received monthly to ensure timely preparation of all client partnership accounts. However, due to the increased demand between April and January, appointment flexibility with our partners may be limited.

When you are contacted by your accounts manager for the accounts meeting date, you will also be sent a schedule of personal and personal expenses which must be completed by each GP partner for whom RBP act. These expenses should cover the same period as the practice accounts. So, for non-March year ends, if your accounts were historically a June year end, you will need to insert expenses for the period from July to March. Thereafter, expenses will be for the year from 1^st April to 31^st March for all practices. It is important that these forms are sent to us as soon as possible and ideally, all forms should be returned to the accounts manager before the partners have the annual accounts meeting. This allows for the partnership tax return to be completed in a timely manner. It also helps us be more accurate when preparing drawings’ projections for the partnership and advice for future tax payments.

We appreciate that practice managers are under significant pressure, and finance might not be their top priority. Nonetheless, we kindly request your collaboration in sending the required information monthly to help us meet your expectations. This will also help RBP with planning the workflow of the accounts managers, who will be preparing your accounts.

We strongly encourage all clients to consider using Xero accounting software and to reconcile their bank statements monthly. This allows us to extract the necessary information efficiently. If maintaining bookkeeping becomes challenging, please reach out to RBP, and we can arrange to handle the bookkeeping for you.