Chruchill Knight's "Snapshot"

[realaledrinker]

Hi all

I have been using CK for just over two years and found their remittance advices a straightforward way of keeping tabs on my companies position and the amount I could withdraw as a dividend.

This has all changed now with the introduction of their website 'Snapshot'. No more remittance advices, instead just half a dozen amounts (cash at bank, corporation tax payable, available dividend and a couple of others). No way of validating VAT or HMRC amounts payable and a general lack of transparency.

My first experience has been a nightmare, the dividend available if I calculate using the remittance format and actual figures is almost £2,000 less that what the Snapshot tells me. On querying this, the amount changed twice within hours as they pressed random buttons and the current amount suggested is now even higher!!

Has anyone on the forum any similar experience?

[TheCyclingProgrammer]

More accountants trying to re-invent the wheel with their own online "portals" when there are lots of established battle-tested solutions out there already (FreeAgent, Xero, Kashflow, Quickbooks etc.). I thought it was just developers that suffered from NIH syndrome.

Do you have to use their portal or can you move to one of the above instead?

[realaledrinker]

I keep an extended trial balance & will keep this going. I found two errors as a result in my first lot of draft accounts.

The problem now is that the accounts for my year starting 1st October won't be produced until May 2018 so what sort of shambles there'll be to sort out by then, I shudder to think.

[Alan @ BroomeAffinity]

I took a client from ck recently and the client got a letter from the Client Retention Team. I found it telling that they have a team solely for dealing with trying to convince unhappy clients to stay. But if they're taking 7 months to prepare year end accounts it's hardly surprising.

[SlipTheJab]

I ended up with them when I first started due to me being naive as a newbie contractor and the bung they gave the agent, lasted less than a year with them before bailing, charged a fortune and were useless, stay away is my advice.

[Fred Bloggs]

You need to move from CK as soon as you can. I know nobody who has a good word for them. Find yourself a decent FreeAgent accountant. You will save money and have everything at your fingertips 24x7.

[Maslins]

Hard to tell without seeing the details, but I imagine their "snapshot" is basically the balance sheet?

If so, sounds to my like a good thing, drifting towards proper accounting. I can't believe some Ltd Co accountancy firms give their clients monthly "payslips", which include things like dividends listed on them. Whilst I appreciate for those used to being on PAYE this may seem easy to understand, it makes a mockery of the argument these people are running a business.

Maybe the firm's been getting some grief under MSC rules, so trying to make their clients more aware of what's actually happening in the accounts, rather than just giving them a net salary/dividend/expense reimbursement figure they can take each month? Pure speculation on my part, but if that's the case, only a good thing IMHO.

[Lance]

Maybe the firm's been getting some grief under MSC rules, so trying to make their clients more aware of what's actually happening in the accounts, rather than just giving them a net salary/dividend/expense reimbursement figure they can take each month? Pure speculation on my part, but if that's the case, only a good thing IMHO.

I think anyone who takes out dividends monthly like that is not running a proper business. Too much hand to mouth.
Not that it's a relevant test for anything, but it does demonstrate lack of planning, lack of forethought, failure to understand the risks involved in bench-time, etc. etc.

I'd like to bet that CK always make damn sure there's enough to pay their monthly fee though.

[Alan @ BroomeAffinity]

As maslins has discerned, Their old model seems very much like it's catering to ex-salary guys who need a payslip. The client I took over referred to not paying his "wages" until ck told him how much. "Wages" being combined salary, dividend (himself and his wife's) and expenses. Then he paid the total amount in one payment to his personal account. I've yet to unpick the journal entries required to straighten that lot out.

[Alan @ BroomeAffinity]

Also, theirs charging is extraordinary. The client in question moved mid-year and had paid c6 months fees for not a lot of work. (Two vat return, and these monthly "payslips"). Then when he moved they charged him another £250 for the privilege.