Xero accounts, tax and working papers

Xero accounts, tax and working papers

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Has anyone had any experience of working with the Xero accounts suite, we currently use a mixed bag of software, currently Xero bookkeeping, time recording and billing, Quickbooks bookkeeping, Taxcalc accounts and tax production, bits on sage, spreadsheets as working papers. We are trialling My workingpapers and Goproposal.

I looked at a couple of videos re Xero accounts and tax production, then noticed Xero working papers, I'd be very keen on an integrated approach, has anyone used these. If anyone has commebts on MyWorking Papers of Goproposal I'd be happy to hear that also. Thanks

 

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John Toon
By John Toon
26th Jun 2020 18:20

If you're knocking out FRS 105 and basic 102 1A accounts then Xero Tax might be a good fit. We've beta tested on and off before it's launch - it's not a great fit for us but we're a big practice.

It won't handle charities, pension schemes, sole traders and partnerships so you need to see if that will be a major or minor issue within the client base you have. All will come soon enough, although I suspect the roll out of MTD for IT will dictate how quickly some features will appear.

As it only handles data from Xero any jobs on QBO etc would have to be moved or plug in a TB on a Xero ledger subscription from Excel.

The CT side works reasonably well, although again there are some limitations and some users/testers have had issues with short/long periods which may well have been resolved now. CT is automatically pushed back to Xero which is neat.

Other comments/complaints on the accounts have been around editing and formatting of accounts. You may or may not care so test it out and see what you get. The integration into Xero HQ hasn't happened yet with Xero Tax so you do lack some oversight of client activity resulting in having to monitor two dashboards rather than one.

If most of your client base is on Xero then Xero Workpapers is reasonably good. It's direct integration means that prepayments/accruals etc can be posted back to Xero as drafted.

MyWorkpapers is the next level up in terms of additional flexibility, access to templates from the likes of Mercia for additional compliance and the ability to plug in other cloud systems.

Next level up after this is Silverfin, but you're into serious money then!

When it comes to GoProposal or Practice Ignition both are great apps, with good integrations and excellent support. The key differentiator for me is this: GP will help you if you have a pricing issue in your client base; PI will help automate the client onboarding process. Again, next level up on these kind of apps are: PandaDocs or Proposify

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Replying to johnt27:
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By CW2012
26th Jun 2020 18:33

Thank you for the thorough response, I will certainly take note and look into the issues that you've raised.

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