Xero has today released Workpapers for the Australian and New Zealand market, which is the culmination of the acquisition of Spotlight Workpapers less than a year ago.

Used by over 100 accountants globally, the software has been in beta form since striking a deal with the online workpapers software company in July last year.

Accountants use Workpapers as a key tool in compiling annual and periodic accounts, with the ability to upload any additional information straight into the software.

Workpapers is part of Xero’s disruptive single ledger strategy of building core accountant features around the same data as client features.

Within the next 18 months, Xero CEO and founder Rod Drury says Workpapers will be redesigned and merged with practice management, Tax and reporting software into a larger product suite called Practice Studio.

As a further disruption to the accounting software market, Xero is giving these tools away as part of its successful Partner Program.

“The launch of Workpapers is another step forward in providing a compelling set of tools for accountants, which is the major channel for Xero customers," Drury says.

"Xero has disrupted the accounting software market by unifying both small business and accountant tools on the same cloud platform.

"This results in more efficiency for the accountant, saving them substantial time and money."

Xero Australia Managing Director Chris Ridd says: “The practice of software companies charging both the client and the accountant to access the same set of books is coming to an end.

"Tools such as Workpapers, required for core compliance, are central to Xero’s Practice Studio strategy.

"This will deliver a comprehensive suite that ensures Xero is a powerful and complete solution for the accounting practice.”