Has anyone taken the plunge on this or thinking about it, if so how are you finding it? Or is that not likely because the dedicated final accounts and tax software works so much better for accountants?
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I just saw a DIY Xero final accounts and I didnt have enough feet and hands to put in my mouth
They managed to report all sorts of confidential stuff they just didn't need to. On the plus side the contract my client is negotiating now has a lot of new data we didn't know before. So much for the "we went be able to tell much if anything from the filed accounts" as I logged on and quickly retracted the former statement. We know both the turnover and profit margin on their business - which all it does it deliver the contract my client is tendering for. Muppet city.
its wonderful how much damage sophisticated software in untrained hands can have. Roll on AI, even bigger mistakes possible!
When I looked at it, it was not ready for me as not as good as taxcalc, although as its free I am sure plenty will jump ship when they are happy it will do a job, as it will be a decent cost saving if you dont have to pay for practice software. Not sure of how it is developing currently as its not talked about much.
I use it for bookkeeping only. I last looked at the final accounts facility 2 or 3 years ago. It didn't seem ready at that time. Looking at some of the comments here, it still isn't ready.
In any case, I would still need a final accounts and tax solution, since not every single client is on Xero.
Just got this ironically. 17% increase on Premium which is essential if multicurrency is needed. Not acceptable. Standard only increases by 7%.
We’re writing to let you know about some changes to our Business Edition plan pricing for UK subscribers.
From 13 September 2023, the price of Xero Business Edition plans in the UK are changing as follows:
• Starter will increase from £14 to £15 per month
• Standard will increase from £28 to £30 per month
• Premium will increase from £36 to £42 per month
• Ultimate will increase from £49 to £55 per month
Yes in a previous role.
I quite liked Xero to produce accounts for Partnership and Sole Traders, we had an import into separate Tax Software.
For Companies is was a bit clunky. Management accounts on Xero, then stat accounts, CT600 etc on XeroTax - didn't really like this, felt very basic.
Not experienced it for personal tax but joined a Xero webinar and it looked like it felt a long way short.
We've found Xero Personal Tax and Accounts to be decent and use it for a lot of our clients. Being able to import the figures directly from Xero Bookkeeping into the accounts makes preparing the bulk of the figures really easy providing you have the bookkeeping nominals set up and organised.
The Statutory accounts and CT work fine but are a bit more clunky than other systems. However, once you've worked through them a few times, it becomes second nature and you learn the areas which need reviewed compared to using other systems.
Likewise for the personal tax. It has some clunky elements but then there are some really handy features such as the prior year figure comparison. For many tax returns, clicking that option flags up any obvious areas for review.
I.e. Where employments/pensions differ a lot from the prior year.
It can't currently do everything but its the same as other systems. They all have their quirks
