What are Xero Workpapers?
Workpapers is an online tool offered by Xero that allows compliance in Xero online accounting software to be faster and smarter than ever before. This service is provided for free to Xero silver partners & higher.
What are the benefits of Workpapers?
Workpapers integrate directly into Practice Manager.
Your team can import client lists from practice manager or add jobs as you go to specific workpapers.
Workpapers have status updates with icons, the ability to search and sort, and can import financial data directly from Xero. These status icons make it easy to view multiple workpapers in a single window and see the status or outstanding items that need to be completed.
There are over 20 workpaper templates offered by Xero that cover almost all needs of a business. If one of these many templates do not meet your needs, there is the ability to customize your own. Accountants can upload docs, approve workpapers, and have adjustments auto-journaled into client data.
How secure are Workpapers?
Workpapers can be secured to User permissions set by the account manager. They can be displayed only to certain parties or made available to an entire organization. The flexibility of how a workpaper is shared is controlled by the company.
With 24/7 access and full keystroke tracking, every modification to a workpaper is tracked along with time.
Built-in communications allow client communications via e-mail and clients can also upload documents directly to workpapers over email.
How can Workpapers be shared?
Select the workpapers you wish to share and your options include sending by PDF or ZIP to your recipients outside the organization. You can also assign access as described above to internal company members.
Workpapers can and will create a paperless atmosphere for your office and make year-end compliance a breeze.
Take-Away
Small business owners and accounting firms can utilize Xero Workpapers.
“Xero Workpapers is a powerful tool with a low cost that is able to improve accounting firm's efficiencies,” said Shelly Lingor, director of technology solutions at GunnChamberlain.
You can ask client questions directly and clients can upload docs direct and easily. You are now able to research changes in a company’s financials.
“If I was a small practice starting off, I would start with Workpapers from the beginning,” Ms. Lingor continued.