When creating financial statements, you must ensure your accounts are compliant with accounting standards. Failing to adhere to legislation can incur fines, audits or other severe sanctions. Unfortunately, remaining compliant is not an easy task. There are regular legislation changes and introductions which accountants must be informed on.
The most effective way to stay on top of legislation changes is to use a software which constantly monitors it for you. Our accounts production software, Surf Accounts Production, is an example of this. By using a software which ensures compliance, you can reduce the time you spend researching legislation changes and eliminate the need to manually edit the formats of your accounts.
Surf Accounts Production is the number one software on the market in relation to compliance. This is thanks to a few reasons, namely:
Below, explore everything you need to know about these features.
To further reduce the overall time you spend on a client’s accounts, Surf Accounts Production provides 9 accounts production formats tailored to different client entity types. All formats are FRS 102 Section 1A and FRS 105 compliant, while dual jurisdiction ROI/UK and NI compliant versions are available.
The compliance of these formats is monitored by a dedicated compliance team, whose sole responsibility is to screen legislation changes and automatically keep your formats up to date.
All formats are automatically updated to ensure full compliance at all times, meaning there is no need to disrupt business by manually updating the software. Automatic updates mean you no longer have to worry about the legality of your accounts, or wasting time waiting on system installations.
As mentioned, the updates are conducted by our dedicated compliance team, and cause no disruption to accountants as they take place in the background, without the need of an installation or a system restart.
The compliance database of Surf Accounts Production is valued greatly by our customers due to the level of detail it provides and its ease of navigation. For example, our compliance database is categorised and sub-categorised into the different sections which make up the financial statements (e.g., you can find all the settings related to the director’s report under the ‘Director’s Report’ heading in the ‘Primary Statements’ section). There is also a search bar in place to allow you to find specific settings.
To see how the compliance database works, watch the video below.
After you’ve created your financial statements, you have to spend time reviewing them. If using other accounts production software, you may have to manually go through the produced accounts. This can involve taking notes of where edits must be made, before moving through the software to make changes to the compliance settings, reproducing the accounts and beginning the review process again.
With Surf Accounts Production, there is no need to waste time doing this. Our software allows you to edit ‘on the fly’, meaning any information which comes from the compliance database can be edited through a pop-up box in the review section. To see how this feature works, watch the video below.
Ultimately, compliance is vital for accountants. As mentioned, failure to adhere to legislation can be extremely damaging to you and your clients. Manually monitoring compliance is a time-consuming task, and can be extremely stressful, so why do it this way when an alternative solution exists?
By using software which automatically ensures your accounts are always compliant, you can not only save time, but gain peace of mind that the accounts you create will be accepted by the CRO/HMRC.
When it comes to compliance, you shouldn’t leave it to chance. Choose Surf, the number one accounts production software on the market.