Xero is all about becoming more efficient, and a large part of those efficiency gains come from good, clean and reliable data flows. Think bank feeds – data doesn’t need to be re-keyed or double handled. Why can’t that apply to all facets of your practice?
Well, now you can extend those efficiency gains from Xero to your tax workflow. Xero has revamped its “Export” section under the “Advisor” tab to include formats that import beautifully into Intuit Lacerte Tax and CCH ProSystem fx Engagement. With Xero, you can simplify your workflows – export in a click from your accounting workflow to import easily into your tax workflow. Now it is even easier to offer a full range of services to your clients.
In our series on moving to the cloud, we’ve spent some time talking about freeing more time for your value added services. Tax is one of those areas where you can provide highly value-added services to your clients. With Xero’s new export tool, you’ll spend less time worrying about getting the data and spend more time advising and guiding your client on tax issues. These export formats are only available to you as the Financial Advisor.
If you’ve done your 1099 filings with Track1099, you’ve already seen how this efficient data flow changes the way you work. In a couple of clicks, you can get all your 1099 filings done. Filing a tax return is much more complex, but you start off right by getting the data in nice and clean. The best part is that both tax programs remember your trial balance import mappings so getting them right in the first year gives you great gains in subsequent years.
In two associated blog posts, we walk you through the details of how to export the data and work with it in Lacerte Tax and CCH ProSystem fx Engagement. These two tax suites are only the beginning – watch out for more tax exports and integrations in the future.