Tax season is a big challenge for all accountants. You need to get information from clients, clean up their books, carefully review data, and export and/or check trial balances. “Busy season” is accurate.
We can help.
The improved "Prep for Taxes" feature is a robust integration between QuickBooks Online Accountant and Intuit ProConnect Tax that introduces a streamlined approach to simplify and accelerate the tax preparation process.
Prep for Taxes consolidates all crucial financial statements—profit and loss and the balance sheet—into a single, accessible platform. This integration enables you to adjust entries seamlessly, while automatically importing the revised data from QuickBooks Online Accountant into ProConnect Tax. The ability to review, reclassify, and remap data in one place reduces the time spent juggling between different systems and ensures greater accuracy in your filings.
Here are eight improved Prep for Taxes features that can help you in the coming months:
1. Tax-ready balance sheet
One of the most useful outputs of the Prep for Taxes feature is the generation of a tax-ready balance sheet. This makes it easy to reconcile and tie-out to tax returns, saving time and reducing the risk of errors during the tax preparation process. A tax-ready balance sheet ensures that all financial data is accurately reflected, providing a solid foundation for tax filing.
CPA Lisa Brann celebrates the system, noting, "Using these programs together saves time, eliminates manual work, and potential key-punch errors. ProConnect Tax and QuickBooks Online Accountant are my one-two combo to knockout tax season!”
2. Automatic mapping to tax forms in ProConnect Tax
The Prep for Taxes feature in QuickBooks Online Accountant enables automatic mapping of accounts to the appropriate lines on tax forms in ProConnect Tax. When you categorize a client's income and expenses using this feature, the software automatically populates the corresponding lines on the client's tax form in ProConnect Tax. This greatly reduces the chances of errors and saves time because the process becomes more streamlined. This helps you better prepare for tax filing deadlines and leads to improved compliance with tax regulations.
According to surveys, users of ProConnect Tax’s "Prep for Taxes" reported saving an average of 38 minutes per return, all while minimizing error-prone manual data entries.*
3. Non-disruptive real-time adjustments
A standout feature of Prep for Taxes is its non-intrusive adjustment capability. Changes made within ProConnect Tax have no impact on the original data in QuickBooks Online Accountant or QuickBooks Online. This means adjustments necessary for tax purposes can be handled entirely within the tax preparation platform without altering the initial bookkeeping entries, preserving the integrity of the original data.
4. Centralized tax information
The Prep for Taxes feature provides a centralized location for all tax-related information. This makes it easy for you to access and share data with other team members or stakeholders, improving collaboration and ensuring that everyone is on the same page. Having a centralized hub for tax information simplifies the process and enhances overall efficiency.
5. Snapshot of income and expenses
Prep for Taxes offers a snapshot of a client’s income and expenses to date, helping you stay on top of tax deadlines. This real-time overview allows for better planning and ensures that all necessary information is ready for tax filing. By staying ahead of the game, you can provide proactive advice and help your clients meet all tax obligations on time.
6. Improved organization and categorization
Organizing and categorizing client financial information is another key feature. By ensuring all transactions and expenses are accurately recorded and categorized, you can save significant time and reduce the risk of errors during tax preparation. This level of organization is crucial for a smooth tax filing process and helps you stay on top of your clients' financial data.
7. Collaborative communication with clients
Effective communication is key to successful tax preparation. The Prep for Taxes feature facilitates easy and collaborative communication between you and your clients. You can share relevant financial information and address any questions or concerns promptly, ensuring that both parties are aligned and confident about the final results. This collaborative approach helps to streamline the process and build stronger client relationships.
8. Easy review and editing
With the Prep for Taxes feature, you can easily review and edit client transactions and expenses. This capability ensures that all financial information is accurately recorded and categorized for tax purposes. The ability to make quick adjustments and corrections helps to maintain data integrity and compliance with tax regulations, avoiding costly mistakes and potential audits.
Embrace the power of Prep for Taxes
Adopting Prep for Taxes means not just surviving tax season, but thriving throughout the season and year-round. The platform’s integrated tools reduce the traditional grind associated with tax preparation, from initial data review to finalizing returns. With all the tools in one place, you save significant time and effort, shifting your focus from mundane tasks to strategic aspects of your practice, including client engagement and business growth.
This tax season, change how you tackle tax preparation by leveraging these powerful features. Simplify your workflows, reduce error rates, and deliver high-quality service that keeps clients coming back. With these advanced tools in hand, you’re not just preparing taxes; you’re setting the stage for a more successful practice.
Join the QuickBooks Online Accountant community and experience the difference for yourself. Sign up at no cost to unlock the power of QuickBooks Online Accountant for your firm.
*The percentages mentioned are based on a blind survey of taxpayers who used a tax professional in the 12 months prior to July 2023.
