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TaxCalc's Accounts Software puts a smile on your face

1st Dec 2015
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TaxCalc’s effective software has functionality and ease of use at its core, says Tony Margaritelli

TaxCalc has been around for a long time, winning awards galore along the way and always seeming to meet new legislative hurdles with the minimum of fuss.
When I set out to review the TaxCalc software I made the conscious decision to not read other reviews or blogs, or watch YouTube videos on how to use the software. I know how to prepare a tax return and a set of accounts. I’ve been in practice for many years now, so if it’s as good as it should be I should be perfectly capable of setting up the software and preparing accounts and tax returns, lodging same without recourse to a helpline or manual.

I loaded the software without trauma – always a good start. I was presented with three main section,s namely ‘Practice Management’, the Client Hub and Administration; ‘Financial Reporting’, not surprisingly housing the Accounts Production; and ‘HMRC and Taxation’, the Tax Return Production, VAT Filer, HMRC Forms and Batch Filer.

Easy as pie

Straight away you feel comforted by the fact that each application’s name makes it obvious what it is for – not for TaxCalc is the need to invent a fancy new name for each application that sounds “techy” but only serves to confuse non-tech accountants. I set up my practice details from the Administration section, which was as easy as pie, the hardest part being that I had to dig out all my details. Nothing to do with the software this – make sure you have your information to hand from the outset as it will save time hunting for your Gateway details, etc.

Having set up my practice I jumped straight in and set up a Sole Trader client and a Limited Company client using the Client Hub, which was again stress free. I entered a Trial Balance for each using the ‘Posting’ option. I made amendments, posted journals, deliberately made it not balance and got a sensibly worded warning. I reviewed the Notes appertaining to the accounts and made whatever amendments were necessary. Throughout this I was buoyed up by the fact that on each screen were little red question marks which when clicked – guess what – led to help on the screen functions being used. I found the Accounts production a joy to use and so very easy to understand.

So having prepared my accounts, printed my trial balances and the final accounts, I set about creating the relevant tax return from ‘Tax Return production’. As I said, I’ve been preparing Tax Returns for a long time and I know what goes where, but TaxCalc scores here by giving me the option to complete the return using their ‘Simple step’ process whereby you compile the return from answering questions about each section, or by actually completing the entries on the Return itself, which for an old stager like myself was great.

Obviously, the return was pre-populated with the information entered in the accounts and I especially liked the fact that the liability was always visible at the top of the page wherever you were within the Return Production pages. The Return Production also contained a very useful ‘what-if forecast’, which makes forecasting next year very easy, and I guess this simple feature will get a lot of use.

So I prepared my Accounts and my Tax Return, and then when I ticked that I had finished the software picked up my deliberate errors – and the one I hadn’t done deliberately – which was a great safeguard.

Filing was easy; from download to filing, and all without one call to support. What more can you want? Trust me, TaxCalc provides loads more than the basic tools and applications I tested in this short review. The Client hub can be used to generate reams of reports and updates, you can restrict users’ access, schedule tasks and monitor workloads. The accounts production allows for the addition of a watermark such as ‘Draft’, which is a neat idea. And you can review the final accounts, print them, PDF them, email them – you name it, TaxCalc has thought about it.

Functionality without fanfare

This is a fine piece of software that does what it sets out to do without flamboyance and fanfare. It has made functionality and ease of use the cornerstones of its offering, and now I can see why it has won the awards it has.

But what of the price? For unlimited tax returns, corporate, individual, partnership and trust, for two users the cost is £600 pa; with Accounts production for an unlimited number of clients for two users costs £499. There are lots of price variances available and TaxCalc has special micro rates available also.

When I finished I asked myself the following questions: did I find the software easy to use? Did it work the way I expected? Did it do what it was supposed to do? And is it value for money? On all accounts I can honestly say yes. This is the first piece of software I found myself actually enjoying using, which has not happened for a long time. There were times when I had a smile on my face, and long may that continue.

• Tony Margaritelli is Chairman of the ICPA

This article is taken from “Accounting Practice” the ICPA quarterly magazine. Dedicated to supporting and promoting the needs of the general practitioner. You can find us at www.icpa.org.uk or email [email protected] or by phone on 0800-074-2896.

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