Xero, the global small business platform, announced an integration with Tallyfor, the modern platform for business tax engagements, to deliver a solution designed to streamline tax preparation and boost efficiency for accounting firms.
Accounting firms today face “capacity shortages, recruitment and retention difficulties, and the burden of outdated legacy systems that lead to hours of manual, error-prone work and data entry.”
To address these challenges, this integration offers a modern, cloud-based workflow that integrates seamlessly with Xero, “making it easy to turn financial data into tax returns and streamline the traditional tax preparation process.”
Ben Richmond, Managing Director of North America, Xero said:
“Xero’s dedication to accounting professionals is evident not only in our own platform, but also in the strong partnerships we cultivate, to provide the most comprehensive and effective solutions. This collaboration with Tallyfor exemplifies that commitment. By building a more integrated workflow, we’re streamlining tax preparation and providing the connected tools accounting firms need to grow their practice and deliver greater value to their clients.”
The Xero and Tallyfor integration delivers significant benefits that transform tax preparation workflows:
- Effortless setup: Accountants can pull Xero data into Tallyfor in just a few clicks, allowing them to get started on the tax process immediately.
- Time savings: Tax preparation time is drastically reduced, freeing up accountants to focus on more strategic and client-facing tasks.
- Enhanced data accuracy and streamlined workflows: The integration automates the posting of journal entries from Tallyfor back to Xero, ensuring data accuracy and creating a seamless tax cycle.
Peter Wen, Co-founder and CEO of Tallyfor said:
“Tallyfor’s mission is to modernize tax preparation. Working together with Xero, we can provide a deeply integrated workflow that helps tax teams regain all the time typically lost to the inefficiency of legacy systems. We look forward to deepening our collaboration and integration so we can deliver the best possible tax season experience to Xero partners.”
As part of this collaboration, Xero and Tallyfor are committed to ongoing development, “exploring further enhancement opportunities, such as adding new and exclusive features to make tax preparation even faster.”
As noted in the update, Xero is a global small business platform that helps customers supercharge their business “by bringing together the most important small business tools, including accounting, payroll and payments — on one platform.”
Xero’s platform helps customers “automate routine tasks, get timely insights, and connects them with their data, their apps, and their accountant or bookkeeper so they can focus on what really matters.”
“Trusted” by small businesses and accountants and bookkeepers globally, Xero makes life better “for people in small business, their advisors, and communities around the world.”
As mentioned in the announcement, Tallyfor is the modern platform for tax engagements, “bringing tax preparation and tax planning together into a single workspace.”
By providing users with a host of integrations, as well as workflow automations, the system “reduces the data entry, redundant tasks and human error traditionally involved in tax work.”
With Tallyfor, tax teams can focus on “client outcomes and firm owners can focus on business performance.”