Streamline Your Year-End Tax Reviews With This Free Tool

Tax

Discover why accountants and bookkeepers are raving about ‘Prep for Taxes’.

Promoted by Intuit QuickBooks • 26 June 2024 • 1 minute read

As the end of the financial year approaches, accountants and bookkeepers face the daunting task of ensuring all financials are accurate and compliant. Fortunately, QuickBooks Online Accountant offers a robust solution with its ‘Prep for Taxes’ feature, designed to simplify the tax preparation process significantly.

Knock over tax time in no time with these key features

Prep for Taxes centralises the review process in a single, accessible area within QuickBooks Online Accountant. This feature allows professionals to efficiently manage year-end tasks and review financial documents. Here’s how it enhances productivity:

Centralised document management
The Documents tab within Prep for Taxes allows users to view, add, or annotate client source documents. This consolidation simplifies access and management of financial data.

Financial review and adjustment
The "Review & Adjust" tab displays key financial statements, including Balance Sheets and Profit & Loss statements, in one location. This overview helps accountants quickly assess financial changes and make necessary adjustments.

Grouping and statements
This functionality enables the reordering and grouping of accounts, which can be tailored to the specific reporting needs of each client. It also allows for the direct export of data into QuickBooks Tax powered by LodgeiT, streamlining the data flow and saving valuable time.

Accessible and easy to use
Prep for Taxes is integrated directly into the client dashboard of QuickBooks Online Accountant, making it easily accessible. The intuitive interface ensures that even those new to the platform can navigate and utilize the features effectively.

Designed for accountants and bookkeepers

Using Prep for Taxes not only facilitates a smoother review process but also ensures accuracy and compliance with tax regulations. The ability to quickly adjust entries and update financial statements in real-time allows for a more agile response to any discrepancies that may arise during the review.

Moreover, the integration with QuickBooks Tax powered by LodgeiT offers a seamless transition from bookkeeping to tax preparation, reducing the likelihood of errors and ensuring that all financial data is accurately reflected in tax returns.

QuickBooks Online Accountant's Prep for Taxes feature is a game-changer for accounting professionals looking to streamline their end-of-year processes.

Centralising document management, simplifying financial reviews, and integrating with advanced tax preparation software, Quickbooks provides a comprehensive tool that addresses the complexities of tax season . For accountants and bookkeepers aiming to enhance efficiency and accuracy, adopting this tool could significantly ease the annual tax preparation burden.

Sign up to QuickBooks Online Accountant and you’ll get QuickBooks Tax powered by LodgeiT for free. T&Cs apply.

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