Accounts Production Software Options

[numbersrule]

Having recently seen a Webinar by TaxCalc showcasing their Accounts Production Software it seemed user friendly and reasonable cost for my usage which is for doing the Accounts of my own simple micro Ltd businesses.

Are there any drawbacks with TaxCalc as it seems like a no brainer for me and just wondered if I might be missing something?

The other thing I have considered is using Xero Tax which I already have access to for one of the businesses which subscribes to Xero.
However using TaxCalc for all the three businesses may offer a more consistent approach because the bookkeeping for the other two businesses is via QuickFile Affinity.

I'd also be interested to understand what comes first, conversion to iXBRL or obtaining a signature?

 

[UK Contractor Accountant]

Are there any drawbacks with TaxCalc as it seems like a no brainer for me and just wondered if I might be missing something?

Yes it's geared for Accountancy Practices. So unless you are clued up on preparation of Statutory Accounts in accordance with GAAP, FRS102 or FR105 you are just relying on what the software churns out- GIGO springs to mind!

 

[Daybooks]

It is probably worth listing out your needs from taking on a new client through to submitting their accounts and tax returns for them.

As your client base grows what you are happy to spend time doing now will become more burdensome later. Tasks such as issuing letters of engagement, collecting identity documentation and performing AML checks all take time as will correspondence and its administration - all well before doing the real work.

Your Accounts Production and Tax Computation software won’t deal with these issues. Some software providers cater for the full suite at varying prices; some affordable, others not.

They will all provide some link or import feature to get your clients’ trial balance into the system for the necessary onward production.

The reason for saying this is that whatever you choose don’t worry about out growing it or wanting to change a few years down the road. I am currently changing provider because an integrated solution is far more important to me today than it was a few years ago.

This conversion to IXBLR is essentially nonesense in terms of your involvement. I have only a vague knowledge of what it means and care even less. It seems to me it has been promising but not achieving anything for the last twenty years. Any system must do whatever it has to do, as pointless or otherwise as it may be, but it is part of the final submission. Therefore you want the authority (approval/signature) before this.

Check out the other options - it is your choice; don’t be rushed.

 

[numbersrule]

Yes it's geared for Accountancy Practices. So unless you are clued up on preparation of Statutory Accounts in accordance with GAAP, FRS102 or FR105 you are just relying on what the software churns out- GIGO springs to mind!

I take your point, but the accounts in question really are simple, so I feel confident that it won't be GIGO, because what is going in is plain to see and therefore in my opinion what will come out will be equally plain to see. This applies to all three businesses and there is no tax owed because all three made small losses.
I therefore see no reason to employ an Accountant because it would not be fair on the Accountant because they would have no opportunity to add any value.

 

[Gyumri]

Take a look at Gbooks as it prepares accounts based on what you input and then submits the accounts, vat returns and corporation tax return as you wish. The ixbrl files are created automatically and the pricing is much cheaper than TaxCalc.

Although it's for accountants it works just as well for the business end user.

Gbooks

www.gbooks.co.uk

 

[nelioneil]

Would it not be simple to use purely HMRC online filing options for micro entities? They handle the accounts and (if necessary) the Corporation Tax return, and its completely free. Assuming you are not an accounting firm,

If you are, then Taxcalc are very good from what I hear but there are others in the market offering similar options.

 

[numbersrule]

Would it not be simple to use purely HMRC online filing options for micro entities? They handle the accounts and (if necessary) the Corporation Tax return, and its completely free. Assuming you are not an accounting firm,

If you are, then Taxcalc are very good from what I hear but there are others in the market offering similar options.

Thanks. I thought the Online Filing Option for CH would need an 'Accountancy' format of Balance Sheet and I don't fancy doing that in Excel > iXBRL hence why looking at 'Accounts Production' Options.

 

[numbersrule]

Take a look at Gbooks as it prepares accounts based on what you input and then submits the accounts, vat returns and corporation tax return as you wish. The ixbrl files are created automatically and the pricing is much cheaper than TaxCalc.

Although it's for accountants it works just as well for the business end user.

Gbooks

www.gbooks.co.uk

Thanks Gyumri
I've been taking a look at the Gbooks website and intend to initiate a Free Trial.

 

[numbersrule]

Would it not be simple to use purely HMRC online filing options for micro entities? They handle the accounts and (if necessary) the Corporation Tax return, and its completely free. Assuming you are not an accounting firm,

If you are, then Taxcalc are very good from what I hear but there are others in the market offering similar options.

Thanks nelioneil
I have now been through the purely HMRC online filing option with my simplest business and it has worked really well. I see now, that it is all by manual data entry and I submitted CH & HMRC simultaneously. So long as you create a P&L and Balance Sheet from your Accounting Software beforehand so that you have them to refer to when doing the HMRC CH manual data entry it is readily achievable for simple businesses.
Thanks