Best system for the preparation of working papers?

Can anyone recommend an online system for the preparation of working papers?

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Could anyone recommend an online system for the preparation of working papers? Ideally that integrates with Xero, can do loan calculations and size criteria, and allows the download of data. Currently using Excel but looking for a new system. Many thanks.

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By Kaylee100
14th Dec 2023 21:50

I think Xero has this facility as an add on?

I retired in February but the firm was talking about rolling this out for 2022/23 returns and, as far as I know, they have done so.

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John Toon
By John Toon
15th Dec 2023 10:25

Your choices are as follows:
Xero Workpapers
Active Workpapers
MyWorkpapers
Silverfin

Not sure what you mean by "can do loan calculations" but all of the above can interact with Excel in various ways. Also size criteria checklists are normally provided by 3rd parties like Mercia. These are present in some of the products above at additional cost

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Replying to johnt27:
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By Rgab1947
19th Dec 2023 15:38

Quickbooks also has that. Can be useful.

As one poster has said Excel and folder works fine too.

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By Naomi Rusher
15th Dec 2023 10:54

Thank you for the suggestions, very helpful.

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All Paul Accountants in Leeds
By paulinleeds
19th Dec 2023 13:31

Could someone explain why you need special software to use for your accounts' preparation working papers.

I used paper in the 1980s and 1990s and then Excel. Typical client had software with a TB or a bank, SL, PL days books. There were a few lead schedules, mostly linked to underlay bank, or similar analysis, HP, DLA, Fixed Assets list etc

In my case, just me in the firm. In other firms that I've worked in we had junior, managers etc.

What does special software for workings papers provide?

Is it links/ embedding scan of supporting evidence / documents etc? Is it the ability to sign off individual working papers and schedules by juniors, preparer, mangers etc.

From my experience, Excel working papers, in a small firm, supported by a few scans / copies of supporting docs, that are not printed out, but kept in a group/folder, without lots of links, scans of other docs, and manager sign off is just a very practical method to keep my workings.

Perhaps, I've answered my own question, in that electronic special software working papers are really for use where there are lots of scans, documents, information to organise for an accounts prep assignment and where they each need electronic approval / control / review.

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Replying to paulinleeds:
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By bendybod
21st Dec 2023 15:58

You might have just answered my question too! Thank you.

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