Cloud Computing

RAS

Just wondering if MIPs use cloud computer accounting systems and how they compare to the more traditional Sage/Quickbooks packages. Also, interested if MIPs would recommend any particular cloud system amongst the others. Thanks

reader

RAS wrote: »

Just wondering if MIPs use cloud computer accounting systems and how they compare to the more traditional Sage/Quickbooks packages. Also, interested if MIPs would recommend any particular cloud system amongst the others. Thanks

I use Xero- you still have to enter sales + purchases but what is nice is that the bank (and credit card and paypal) accounts download into Xero via a bank feed. Therefore all you have to do is allocate bank receipts to sales + payments to purchase invoices (no more typing out dates, descriptions and amounts re: bank transactions).

It's good if you want to get the client to do the inputting because they can input the sales, purchases and allocate the bank transactions, and then you can log on and just review + amend. No more messy bank rec's. I prefer Xero to Sage & would say it's just as good (if not better) than VT.

The only other website-based systems I know of are Kashflow and Iris Open Books, however I think that Xero is the market leader and is 'evolving', i.e. there are updates every few months, and there are various add ons that link well to Xero, e.g. receipt bank and vend.

JodieR

I use quickbooks (desktop) version for loads of clients and love it. in comparison I find quickbooks online version AWFUL. I'm sure I've ranted about it before on here so I'll not repeat myself, but I think it'll be a few years before online software catches up with desktop versions and until it does it's not something I'm likely to reccomend to clients unless they have very specific needs.

burg

I've used accounts portal which is cheap and ok but not brilliant.

I now currently use and recommend clearbooks which is really great. With an accountants account you get it over 50% cheaper than their advertised rates.

BIG WAL

I've only briefly used Xero, and found it excellent. However, VT can produce final accounts in
iXBRL, which together with the Tax Comps easily attach the CT Return using HMRC's software.

How do Xero and other cloud software deal with iXBRL and CT submissions ?

reader

BIG WAL wrote: »

I've only briefly used Xero, and found it excellent. However, VT can produce final accounts in
iXBRL, which together with the Tax Comps easily attach the CT Return using HMRC's software.

How do Xero and other cloud software deal with iXBRL and CT submissions ?

I think Xero are currently in the process of developing the ability to produce abbreviated accounts for Companies House (I'm not sure when they will release this- maybe next year) but I don't think they have any immediate plans for iXBRL functionality re: full accounts & tax comps & CT600s submission to HMRC.

RAS

many thanks for the responses