Company formations and secretarial services: Four key things to consider when subscribing to a specialist software

Here, at First Corporate Law Services, we are aware that many people consider company formations and secretarial services to be less exciting then average. But, let us ask you this, as an accountant, how many of the relationships with your clients started with a company formation service? How many of them then require you to file their accounts with Companies House, add new directors and re-structure their shares? Let’s face it, company formation and legal services are a big part of the work you carry out.

The other thing about company secretarial work is that many elements of it require detailed knowledge and skills as well as punctuality and organisation to ensure all deadlines are met. This means that in many cases accountants and solicitors use specialist secretarial agencies to carry out this work for their clients. In recent years many are opting to subscribe to specialist software that manages it for them. As there are many providers and a number of choices in terms of software packages we thought it will be useful to summarise the key considerations you should review when making a choice:

• Should you subscribe to a software or use an agent? As company secretarial work involves a lot of form filling, updates and deadlines we believe that automation of the work through a specialist software can offer a better solution with less room for error. In many cases a subscription can also represent a more cost effective solution
• How important is it for the software to be Cloud based? Our advice is that where possible you should use a Cloud based software as it allows you complete flexibility both in terms of user numbers and location thus allowing your workforce to use it productively
• Should you look at an accountancy package with add on secretarial function or a more specialist secretarial package? We would definitely recommend that you link the two were possible but you must verify the features, capability and updates provided for the company secretarial element of the software. This normally means checking out the suppliers to ensure that they are able to keep the software up to date
• How important are regular updates to the software as part of the package? As company secretarial legislation and guidelines are updated regularly, as in the case of recent introduction of the PSC register, regular updates are key. Make sure that the software you choose is updated with all recent requirements including the correct forms and wording. You should also consider the cost of ongoing updates and releases to ensure you are clear on the cost going forward

We hope that you found this guide useful. If you are considering a specialist software, we will recommend that you consider FirstOrder which was the first Cloud based software to be developed for accountancy practices requiring company secretarial work services. FirstOrder is the only software in the market with integrated formation and was written specifically for CA2006. New features and connectivity appear all the time but no one has ever had to install a new version, do a back-up, configure a network or call in-house tech support. In addition, we now offer an accountancy package which work in tandem with the existing secretarial package.

Please get in touch with us for more details and advice.

Steve Blackmore

Company Law Director

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