Ability to prepare interim management accounts with estimated Corporation Tax.
Ability to prepare interim management accounts with estimated Corporation Tax.
Xero Tax should allow accountants to prepare management accounts for an interim period, such as 3, 6 or 9 months, before the financial year has ended.
At the moment, we can run bookkeeping reports in Xero, but we cannot prepare a proper set of accounts through Xero Tax until the financial year has ended.
Previously, using IRIS, I could prepare quarterly, six-monthly or nine-monthly accounts in the same format as the annual accounts, together with an estimated Corporation Tax calculation.
This is essential for providing clients with accurate figures during the year, particularly for tax planning. Clients need to know their current profit, Balance Sheet and estimated Corporation Tax liability before the year end, not afterwards.
I am very surprised that this isn't currently possible within Xero Tax. For an accountancy practice using Xero for accounts and tax, the ability to prepare interim management accounts and calculate estimated Corporation Tax should be a standard feature.
Joanna Brown
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