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Quickbooks, Xero and Taxfiler??

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I am just starting out as a sole practitioner. I am considering Quickbooks, Xero and Taxfiler as my accounting software. Any opinions would be greatly received.

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neand
By neanderthal
21st Nov 2019 16:35

VT

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By johnt27
21st Nov 2019 16:45

It depends on what else you're looking to do and what apps you want to integrate with.

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By Moonbeam
21st Nov 2019 17:14

It depends what your target client uses. A lot of builder type clients use QB. Many professional people use Xero. And for other types of clients you just can't tell. I take on a lot of startups so it's easy for me to suggest they use Xero. If you're taking on established businesses, you'll have to put up with what they are using already.

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By darkmatter
21st Nov 2019 18:44

if professional people use xero .. that is really bad news

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RLI
By lionofludesch
21st Nov 2019 17:27

VT's good if you're keeping the records from basic stuff sent by the client.

Not so good if the client keeps the books and you work the annual magic of turning them into something fit for a tax return. In that case, you'd need something like Xero or QB. Get the client to pay the sub.

Taxfiler (still decent value despite the inevitable IRIS price hike), Moneysoft for payroll. Folk seem to like Brightpay - not such good value for mine but it has lots of backers.

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Replying to lionofludesch:
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By darkmatter
21st Nov 2019 18:42

I use VT but its a bit raggedy and rough around the edges ..you have to keep your wits about you to correct things , that's the problem with spreadsheets

the templates are not consistent, so you need to manually check when you change things like income /expense decscription categories in the data input sheet , it doesn't always feed through to the accounts sheet, the micro entity one is very poor

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By darkmatter
21st Nov 2019 18:38

well Xero is still making losses, after many years, even though turnover is increasing ..

perhaps someone from Xero can explain their "business plan" ..because obviously I am too stupid to understand it.

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Replying to darkmatter:
By Tim Vane
21st Nov 2019 21:37

Yes it’s clear that you don’t understand big business. It’s not always about profit it is about growth. If you had invested £1000 in Xero five years ago it would now be worth closer to £5000. That’s a pretty good return. Investors are interested in growth. Profits are not always king in big business in the same way as small businesses.

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By free-rider
21st Nov 2019 22:18

I use QBO for my own practice and also have the majority clients using it. I also support Xero but still prefer QBO for all start ups.

Taxfiler for accounts prep and tax filings.
TSheets for time tracking (comes for free with the QBO for Accountants)

The "work" section of the QBO for accountants is also a good free practice management tool.

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A Putey FACA
By Arthur Putey
22nd Nov 2019 07:15

If you want to be in the cloud don't rule out Sage Accountant Online (especially if they have a deal on a bundle of clients), it has cashbook, full acccounting, final accounts , CT and personal tax. Xero promise final accounts and tax next year. But whatever the client has + Taxfiler also works. Depends on your client mix and how you wish to work/collaborate. Also consider how you will exchange data and documents with clients, GDPR compliant storge, digital signing etc.

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By Clarkie73
22nd Nov 2019 10:16

Thank you for the responses. My initial focus will be Trade people and Freelancers. I liked the fact that QB and Xero were able to link in Taxfiler, but will have a look at VT as well.

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By johnt27
22nd Nov 2019 10:52

If that's the case why not look at FreeAgent? It's the product for your target market. Accounts, CT and IT all inbuilt and Natwest offer it for free if you bank with them now that they own it.

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Replying to johnt27:
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By Clarkie73
22nd Nov 2019 12:14

Thanks John, I’ve seen pieces about FreeAgents, but will explore them in greater detail.

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By crazyaccountant
28th Nov 2019 10:50

Accounts - VT
Payroll - Moneysoft
Tax returns for Corporates & personal - IRIS PTP
Cloud - QBO - worth the money

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By sallyrichardson
28th Nov 2019 11:28

FreeAgent is easier to use for most small business owners than Xero (in our experience), and it's cheaper or free to Nat West / RBS customers. We use it with Taxfiler for returns and accounts and Brightpay for payroll. Have a couple of clients on Xero but a couple have moved to FA and prefer it. QBs I have looked at as an alternative - will do another review in Feb once tax returns are finished for another year. Each provider makes improvements (or gets worse) so it is worth looking at a free trial version of each one every now and again to see how it suits you, and what changes have been made that may change your future preference.

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By Donald MacKenzie
28th Nov 2019 11:47

Strongly recommend VT unless you need multi user access. I have had to move a construction client to Quickbooks to link to a management software package but dealing with retentions and discounts is MUCH harder than it was in VT. QB is also much harder to follow payments than VT where you can "soft" match a payment to invoices instead of trying to find the things again later.
I use Xero and FreeAgent with others but they all have weaknesses compared to VT
I use Brightpay for payroll clients.
FTax suite does all I need for tax.

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Pile of Stones
By Beach Accountancy
28th Nov 2019 14:22

Accounting Software: Whatever the client uses (QBO, Xero, Sage). However I also use Quickfile for the "carrier bag" clients, it's very cheap or even free, but is not the most intuitive of programs
Stat Accounts & Tax: Taxcalc (Iris / PTP was too expensive)
Payroll: Payroo, but it's starting to get expensive so may look to move
I also like Onkho as a reminder / planning tool

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By [email protected]
28th Nov 2019 14:50

I use QuickBooks for clients books, and as others have said they have a growing eco system within their offering
Taxfiler for final accounts and Tax returns
and 12Pay for payroll

I like the fact that Taxfiler will suck in accounts from QB, Excel and so on so i can support clients with their own systems
Haven't used Xero but from what I've seen it lacks some of the functionality of QuickBooks - Doesn't matter of course if you don't need it!
I'll be looking at FreeAgent as Natwest own it and are pumping it out to their customers.
Lastly - as you're starting out have a look at Capium, I've demo'd it and it looks prety good for practice management and accounts prep if you've lots of small clients.

Good Luck!

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By reconynge
28th Nov 2019 19:11

Hi there!

Whether you go for QB, Sage or Xero - ultimately -is down to what you are most comfortable working with. This is how we approached things a while back:

1/ Whatever product we used has to be in the cloud
2/ We would use just one - master it, become an expert in it
3/ Integrate where possible so we have one source of truth without exporting/importing and all that jazz

We started with Xero using products like TaxCalc. Now we are on XeroTax, we have been able to rationalise our "app stack" and are able to turn things around a lot quicker. So, this is what have

Xero
XeroTax for accounts prep and tax calcs
HubDoc to fetch online bills and to process scanned/emailed bills
ChaserHQ for Cashflow Management
Fluidly for Cashflow Forecasting
Spotlight for Management Accounting

Also, if not now certainly at some point, consider something like The Gap Portal for all sorts of advisory offerings and to give/add value to your clients. This includes an awesome onboarding tool as well which goes from prospect to new client

Enjoy!

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By ShayaG
28th Nov 2019 20:37

Really not a fan of QBO. Slow, high click count to get anything done, frequent crashes, not intuitive. Xero is overpriced, sometimes unresponsive, but generally good. Taxfiler is fantastic - intuitive and fast at what it does. Irritatingly, you can't enter a business address for clients, you can't change the cover page to line up with your bound accounts window. It doesn't do non standard accounts (like charities, service charges etc.) It's also overpriced.

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Replying to ShayaG:
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By SouthCoastAcc
29th Nov 2019 10:35

Taxfiler is basic that's for sure. It's not a one stop solution if you have a variety of clients.

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Replying to ShayaG:
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By SouthCoastAcc
29th Nov 2019 10:35

Taxfiler is basic that's for sure. It's not a one stop solution if you have a variety of clients.

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