Are you looking to save time? Every accountant knows just how time-consuming tax-related tasks can be, but LodgeiT can help you streamline your processes. By integrating with QuickBooks Online Accountant, you can enjoy faster tax prep and lodgement. Here are five ways LodgeiT can save your firm serious time compared to traditional tax lodgement and ledger systems.
1. Single ledger
Traditional accounting relied on accountants copying clients’ data into a ledger system to prepare annual accounts, statutory reporting and tax lodgements. From here the accountant would adjust journal entries back into the client accounting software.
LodgeiT allows accountants to save time, as you can use QuickBooks Online as the single ledger rather than exporting financial data into a ledger system. This gives you a direct books-to-tax option and reduces the amount of time spent moving data between ledgers. QuickBooks auto maps with LodgeiT giving you a single source of truth.
2. ATO prefill data
LodgeiT automatically pre-fills data straight from the ATO, which also saves you time when preparing returns, as data is imported into the tax/BAS forms. This eliminates the need to rely on back-up copies and asking the client for documents which then have to be entered manually.
3. Electronic signatures
Traditionally, accountants had to ask clients to sign off returns and end of year accounts in person. However, LodgeiT allows you to send off forms via email, which can then be signed by the client electronically – saving both you and your client time.
4. Auto-mapping from client accounting
Whether your clients are using QuickBooks Online or another accounting system, LodgeiT auto maps the chart of accounts from the client accounting software to the tax preparation platform. This saves you anywhere from 15 minutes to 1 hour per client as you don’t need to manually input data across for tax/BAS preparation and lodgement.
5. Syncs with QuickBooks Accountant
LodgeiT integrates with QuickBooks Online Accountant which allows client details to sync and imports the financial data for tax/BAS lodgement. This gives you a full practice management solution as QuickBooks provides a document manager, job workflow, client billing and time billing.