FRS “takes 5 times longer”
FRS - Is it really a big deal?
It's been great to get out and meet our customers at IRIS World this month and we're looking forward to the next events. One of the things that has been really clear - from every event so far - is how much impact FRS 101 &102 is having.
Just yesterday, I was chatting to a customer who agreed that the switch to the new standards will increase their workload five times.
That's typically five times longer than it takes today to create a set of compliant accounts!
If you're allocating 3 hours per set of accounts
right now, you'll need 15 hours soon.
30 sets of accounts? That's 450 hours, 56 days or 11 weeks.
We know how it sounds. We've seen the reactions from our customers.
That's why it's been great to share IRIS Accountancy Suite v11.6.
Yes, FRS is still going to take up a lot of your time. The difference is, IRIS customers have been given as much time as possible to prepare. You can start today, if you want to.
For accountants not using IRIS, I'd strongly suggest you speak to your supplier today.