What happens if you miss Companies House due dates?
Without any exceptional situation, accountancy practices submit two kinds of statements to Companies House in a year, which is the legal entity listing UK companies and demonstrating balance sheets of those companies. In this perspective, it is usually a big hassle for accountancy practices not to miss any due dates as each and every client of theirs have a specific deadline for yearly confirmation statements and submission of abbreviated annual accounts a.k.a. balance sheets. In the case of a late submission, unless an exemption applies, late filing penalties take place which means unhappy customers blaming your practice for being unable to organise their submissions to Companies House.
Using E-reminders from Companies House?
Companies House do have some pre-cautions to avoid companies from missing their due dates such as the e-reminder system. It is an effective tool, to some extent, for individual companies but not really a handy tool for accountancy firms with hundreds or thousands of clients. The system is inadequate for practices because e-reminders must be set up for each client. This is quite a workload per se, and the perils and problems don’t stop here. As the client also has access to this service, they may make changes to this service which may prevent you from being notified in time. On top of that, Companies House might occasionally reject your confirmation statement and if it slips your attention, it is mostly unlikely that you would check again for your specific client to see whether your confirmation statement is accepted or refused. To overcome these problems, an accountancy practice must use a software to see the whole picture and they need to see it as frequent as they wish.
It is DMD and it stands for Don't Miss the Deadlines
Imagine having the list of your clients sorted by their due dates either for their confirmation statements or their annual accounts. And since there could be rapid changes to the list of your clients, you need to repeat the process as much as you want to see if there are clients need attention as they are almost overdue and on the hook. Under these circumstances, making a list of your clients and looking at their due dates in Companies House one by one is highly impractical. It will take away at least hours if not days from you every month.
DMD Software comes at help for this specific task. You just need a list of your clients, and all their Companies House deadlines will be listed in minutes without the need of a workforce but a simple computer and internet. You can think of DMD software as a staff trying not to miss any deadlines for your clients. You don’t have to think about this aspect of your work anymore as it is handled by a software which accomplishes the work perfectly and every time you need. You can sit back and relax now. DMD Software will take away a big portion of stress from your mind. Now with the time being saved for you, you can focus on flourishing your business and manage your staff in a much more effective manner.