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MyWorkpapers addresses key frustration in accounting industry with Dual Codes

June 13, 2024

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With the advancement of the latest accounting systems, many firms are finding new challenges that make their work more complex, rather than simplifying their processes.

To combat this, MyWorkpapers has launched a new Dual Codes feature that allows firms to import data from any system via integration or spreadsheet and maintain each system’s Chart of Accounts.

This then allows firms to map their Trial Balance with whatever financial statements system. MyWorkpapers then remembers and maintains both Chart of Accounts codes for Trial Balance to revert to when needed.

Ultimately, this ensures that the same code is available on every file, which helps firms review their information more easily and helps create a consistent and familiar approach that reduces the potential for mistakes.

“Firms are increasingly using a diverse technology eco-system that relies on the use of multiple platforms, with various integrations, to maintain Trial Balances for various clients,” said Stephen Burgess, Chief Revenue Officer at MyWorkpapers.

“Having spent quite some time speaking with our users and many others within the industry, this growth in technology has created new challenges as each bookkeeping and financial statement system has its own Chart of Accounts.

“This means that every line item on the Trial Balance needs to be mapped accurately for import/export between different accounting systems.

“This adds complexity to systems, that are meant to be making the lives of accountants easier and the lack of consistency between clients, each using a different account solution, creates complexity and increases the likelihood of errors. Dual Codes addresses this issue head-on.”

As an added benefit, the latest feature from MyWorkpapers allows firms to ringfence their client data, which allows businesses to move more easily between different platforms, without the need to constantly import and export information each time.

“This innovation is developed directly off the back of our work with accountants using these systems day in and day out,” added Steve.

“We believe it can significantly improve the way that many practices work, not least the many existing users of our own cloud-first working paper platform.”

Not willing to rest on its laurels, MyWorkpapers is already working on further enhancements to this new feature, including further integrations with General Ledgers.

It is also developing new features that all journals to be posted both ways to bookkeeping and accounts production and provide a breakdown of what’s in the figures.

To find out more about MyWorkpapers’ latest innovations, please book a demo.

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