Hassle-Free Workpaper Management With Online Accounting Software

But there will be no errors if both parties use online accounting software with which all the hassle of creating workpapers is eliminated in an instant.

How does it work?

While we’ve based the following on our understanding of Xero’s solution, Workpapers, the following features are all typically available in any online accounting software capable of handling working papers (e.g. Sage’s Workpapers).

Easy setup

Online accounting solutions let you easily create new working paper packs and immediately associate it with a client; however, these workpaper packs can be reviewed, updated and archived with just a few clicks, too. Additionally, accounting software allows you to choose from various financial years to be included in the working paper, but you still have the option to reduce the time period to your liking, creating monthly, quarterly or semi-annual workpapers as well.

Audit roles

This way there are no more debates on who should be working on a certain workpaper either: the admins in software like Xero’s Workpapers are able to assign tasks to co-workers and even set deadlines to the project. They can also decide the roles of co-workers, determining what they can see in their very own account.

Pack items

Since workpapers usually consist of multiple documents, it is more than obvious that accounting software should let you review those items one by one. This way it is ensured that the auditor can check the validity of the numbers and, in case of an error, can act by gathering the necessary documents directly from the client’s own account or by leaving a query.

Queries

Sending out a query to the client (by email) is the optimal way of acquiring missing information or documents. To make things even better, these email queries contain links that, by clicking on them, will allow the query to be immediately answered, even providing the option for clients to upload the necessary documents directly into the workpaper pack.

Queries work internally, too: you can post questions or notes to each working paper, thus asking for the help of your colleagues or the manager of the account.

Mobility

Although online accounting solutions sport many stellar features, it is mobility that is usually the most in demand by users. Thankfully that same feature is available for workpapers as well: since everything is stored in the cloud all you need is an internet browser to access the workpapers and start working on them. But if you prefer or need to work on the go you can easily get the job done via the chosen accounting software’s dedicated app.