Tax tip #4: The benefits of bank integration
January 14, 2016

Now that tax season has begun, it's more important than ever to make sure you have the right tools. There are many ways to speed up the process of completing your clients' tax returns. One such way is making sure your clients use an accounting software solution with bank integration, which frees up time, reduces errors and eliminates the dreaded shoebox of receipts.

Software with bank integration instantly pulls each and every transaction from your bank account and puts it with your financial records. This means every run for office supplies, every client dinner and every reimbursed gas receipt will be automatically accounted for and accurately recorded. There's little potential for error and no time restraints. Instead, business owners can rest assured they'll have the financial information they need when they need it.

Bank feeds save business owners and, in turn, their accountants and bookkeepers, time and money by:

Providing instant bank information
Bank feeds sync your clients' financial accounts with their accounting software, updating the latter in real time. Entering every transaction as soon as it occurs ensures nothing is missed. Individuals no longer have to spend days searching for old receipts from the beginning of the year, anxiously watching the clock count down as the IRS deadline approaches. Meanwhile, accountants and bookkeepers are saved from having to match expenses to their particular accounts. A good accounting software solution can also identify and categorize transactions, sorting them accordingly. Accounting professionals, instead, will just have to give everything a quick check for accuracy, making sure each transaction is in its proper place.

Offering faster data entry
Even the world's most skilled typist can't compete with a computer's speed. Bank feeds reduce weeks of attention and meticulous recordkeeping to mere seconds of data transfer per transaction. Instead of typing expense after expense, businesses and their accountants and bookkeepers can focus their attention on more pressing financial needs.

Improving accuracy
Humans make mistakes. Whether it's a result of exhaustion, bad memory or a hard-to-read receipt, manually inputting your bank records will lead to inaccuracies of varying sizes. It's a simple fact, but it doesn't have to cost you time or money. Instead of misspelled words and missing digits, automatic bank integration shows you the same transactions your bank sees. You can be confident the information you have is correct, and you'll have the records to back it up.

Software providing bank integration offers advantages like less time entering data, more accuracy and less clutter in the form of receipts. Let Sage help you and your clients' tax season go smoothly.

Nexus: G-WEBCD1