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We are delighted to announce that we've now met our goal of submitting VAT returns 14 days before the deadline and have reduced the turnaround time for Year-End Accounts to 4.5 weeks.
A huge thank you to our clients for embracing the new missing list system. Your cooperation has significantly sped up the process, and we’re thrilled with how well it’s working for everyone! With this and the rapid adoption of Streem Connect for sharing bank statements who knows what we can achieve in the next quarter!
Original blog post June 2024
In our quest to ever improve our service, we are excited to share some news about our Key Performance Indicators (KPIs) for VAT return dates and year-end limited company accounts. These improvements indicate we are on the right track to improving our turnaround time on all of these accounts.
VAT return timelines
Timely and accurate VAT returns are crucial for maintaining compliance, planning cashflow and avoiding penalties. To continuously improve our client service we keep track of how many days before the filing deadline VAT returns go out before the filing deadline.
We are proud to be able to report we have made a significant improvement in the last 6 months. Our statistic now shows that VAT returns go out to clients for approval an average of 12 days before the deadline compared to the previous 7 days.
Past performance, the last three quarters
Our improvement is not just a one-time success but a consistent achievement over the last three quarters. Here's a closer look at what this means:
First Quarter: New systems introduced January using fresh processes and technology immediately showed positive results. Clients started receiving their VAT returns 7 days before the deadline, improved from 5 days.
Second Quarter: Building on our initial success, we refined our approach, automating requests for information and introducing more checkpoints of data throughout the month reaching an average of 10 days before the deadline.
Third Quarter: Relationship building with clients to educate them of the benefits of working efficiently with our requests for information have meant we have improved our performance again, reaching the current average of 12 days before the deadline.
We will continue to work on our systems and processes to try and reach our goal of 14 days before the filing deadline as an average by the end of 2024.
New KPI Milestone: Year-End Limited Company Accounts
In addition to our success with VAT returns, we have set and achieved a significant milestone for year-end limited company accounts. Our client promise is to complete these accounts within 6 to 8 weeks from receiving complete financial records. Currently, the average time to complete this process in 5.5 weeks. This means we are currently out performing our client promised target.
We will continue to work on our systemisation to ensure this can be maintained at all times of year not only the first 6 months of the year.
Why does this matter?
Setting, measuring and celebrating targets matters to clients because:
Peace of Mind: Clients have more time to review their VAT returns and year-end accounts, ensuring accuracy and completeness without the pressure of a tight deadline.
Enhanced Compliance: Early submissions reduce the risk of late filings, helping our clients stay compliant with regulatory requirements.
Improved Planning: Additional time allows for better financial planning and decision-making, contributing to smoother business operations.
Reduced Stress: With more time to address any issues or queries, the process becomes less stressful for our clients.
How We Achieved These Milestones
Our improvements are the result of several initiatives:
Process Optimisation: We reviewed and streamlined our processes for VAT returns and year-end accounts, eliminating bottlenecks and enhancing efficiency.
Advanced Technology: By investing in efficient accounting software, we have automated many aspects of the preparation and submission process.
Client Communication: We improved our communication channels with clients, making it easier and quicker to gather necessary information and approvals.
Looking Ahead
We haven’t finished our mission for continuing improvement. Our recent successes in enhancing VAT return timeliness and meeting our new KPI for year-end limited company accounts are just examples of how we are committed to constant evolution to ensure our clients receive the best possible service.
We extend our thanks to our clients for their trust and support. We look forward to achieving even greater milestones together.
Are you looking to work with an accountant like Butlers? You can book a discovery meeting with us here:
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