TaxCalc Accounts production

TaxCalc Accounts production

Didn't find your answer?

I would appreciate feedback on TaxCalc account production from users.  

Replies (5)

Please login or register to join the discussion.

Logo
By marks
18th Dec 2014 22:37

100% recommended

I have been using it for about a year and a half and think it is great and easy to use.

Links easily with Taxcalc Tax and you can easily produce IXBRL accounts to file with HMRC and file accounts online with Co House.  I also use Hellosign to electronically send accounts/tax returns to clients for them to sign electronically.

Only downside with Taxcalc is that although they have improved the client hub for PM it isnt as good as other fully integrated packages such as IRIS or Digita but they are more expensive than Taxcalc plus they charge based on number of clients you have whereas you pay the same for Taxcalc irrespective of how many clients you have.

I will be looking in Feb to see if it is worth changing to Digita or IRIS but i think will just bolt on a PM function such as Logical Office or MBPracticeManager.  All i am looking for from a PM viewpoint is to be able to do timesheets and run a WIP per client easily at any point in time and also have a WIP job summary which shows the status of a all jobs.  Both of these packages do this plus they do a lot more which would be useful such as; auto reminders, easy standard engagement letter/standard letters, paperless office function, all correspondence re a client eg word documents, excel documents, emails, PDFs, texts etc all stored under one summary. 

Will mean having two databases, one for Taxcalc and one for PM software, but dont see it is a major issue as not much changes in the basic database of clients on a yearly basis.  Only thing that will change is the address if they move which isnt exactly a major issue for maybe a few clients that need updating each year.

Thanks (1)
avatar
By jbaccsol
18th Dec 2014 23:59

Have just added on

Practice management to my existing Iris accounting and tax and the time savings of a fully integrated package I believe are worth the extra cost.  And time saved on non billable admin  means  time freed up to win no r e clients and do more billable work. Work smarter not harder.....

Thanks (1)
Jennifer Adams
By Jennifer Adams
19th Dec 2014 12:10

I changed from Digita - reasons given in my blog.

I also found Digita too much for my type and number of clients. I didnt like their search facility either.

See my blog 'The Final Straw' at this link:

https://www.accountingweb.co.uk/blog-post/goodbye-digita

I changed from Digita to Taxcalc mainly for cost reasons and ease of use. I also use the Taxcalc accounts package for all the reasons you state.

Reminders are via Raincalendar which is placed on main screen permanently and you can create different lists e.g Clients accounts to do; personal reminders; clients meetings to arrange etc and of course the calendar plus reminder of what you need to do over the next week or so Autoreminders appear per day.

Engagements letters are easily done on word - just change clients name and address as they become a client.

Timesheets programme a bit basic granted but free and does the job 'Four Four time'.

 

Thanks (1)
paddle steamer
By DJKL
19th Dec 2014 14:36

Glad to hear it gets a good write up. I have recently switched to Tax Calc for tax, from Drumohr Tax Assistant (after 17 years- cost issues) , but am still using PTP for accounts production meantime.

I have thought of moving the accounts to their offering in possibly March (fairly quiet) as the integration does appeal.

How versatile is it re nominal accounts? I ask as I have a lot of entities to deal with whose main activity is property rental, so some P & L descriptives get bespoked like  rental income, leasing costs, factoring costs, property upkeep and property upkeep recoveries,  bank arrangement fees and professional valuation fees, plus of course a fair bit of posting amongst revaluation reserves, tax on realised gains, provision adjustments re unrealised gains, tax re JV profits etc within the balance sheets.

Also, how friendly is the IXBRL tagging process?

 

Thanks (0)
Replying to Jennifer Adams:
Logo
By marks
20th Dec 2014 15:28

really user friendly and easy to use

DJKL wrote:

How versatile is it re nominal accounts? I ask as I have a lot of entities to deal with whose main activity is property rental, so some P & L descriptives get bespoked like  rental income, leasing costs, factoring costs, property upkeep and property upkeep recoveries,  bank arrangement fees and professional valuation fees, plus of course a fair bit of posting amongst revaluation reserves, tax on realised gains, provision adjustments re unrealised gains, tax re JV profits etc within the balance sheets.

Also, how friendly is the IXBRL tagging process?

 

The nominal descriptions can be changed to whatever you want to call them.  Re the balance sheet accounts looking at the Ltd company nominal template there are accounts for revaluation reserves.  Not sure about the others as never deal with these for my clients.

IXBRL really simple.  Just click a button to attach accounts to tax return and is all done.  You dont have to do any separate tagging. 

As said I am going to look at IRIS and Digita in February to see what their costs are and what time saving could be made using fully integrated system.  IRIS is used by over 50% of accounting firms in the UK and I have always used it when working as an employee in practice so know how it works.

Though would be loathed to leave Taxcalc as the accounts and tax function is really easy to use, it is just practice management functionality that I need like time recording, detailed stage progress of jobs, etc.  Though from what I have seen either Logical Office or MBPracticeManager will do what I need plus a lot of other useful stuff such as sending auto reminders, online document management, standard letter/eng letter mail merges.

Thanks (0)