One of the challenges for many consultancies and law firms is to carry out accounting processes with the highest possible degree of automation. When dealing with a large number of clients, it is very difficult to perform calculations manually without making errors. Generally, clients send bank statements to the accounting firms and the advisors have to make sure that there is consistency between the bank details, the invoicing and the accounting.
This can be achieved more efficiently when your advisory firm integrates with tax software. You will not need to manually enter the data into an accounting program or use Excel, as the calculation for the bank reconciliation could be done automatically with the data sent to you by your clients.
What is bank integration?
Bank integration consists of checking the consistency of the income and expenses reflected in the accounting with the receipts and payments reflected in the company's bank accounts, using software that allows to anticipate deviations in the accounting entries, as well as discrepancies between the declared and the bank data.
When you ask yourself what bank integration is, it is possible that it is because up to now in your consultancy you have always managed it manually. Thus, it is possible that the calculation of the data has led to possible human errors, which can have consequences. For example, products or services that have an invoice, but the customer has not paid for them, or lack of foresight about payment dates.
Benefits of bank integration
It is possible that up until now your consulting firm has been doing the calculations manually for the bank reconciliation. If there is no integration between your accounting software and the bank data, it is normal that you have to perform the calculation manually and that you depend on the moment in which the clients send you the bank statements.
This may allow you to perform a manual and basic management service, but it is not feasible when you handle many clients at the same time. In addition, if you want to carry out financial management actions, such as forecasting collections or claiming unpaid debts, manual processes can be enormously complex and it is always better to work with tools that provide real-time information.
Agility in tax matters
This is one of the clear benefits of bank integration. Your advisors will not have to check the data manually. When a client sends you bank statements for the month or quarter in Excel, there may be hundreds or thousands of transactions. There may be duplicate transactions, payments that have not been made, or collections that have not been received.
Then you will have to calculate the tax forms, VAT and Corporate Tax, as well as the Annual Accounts for the Commercial Registry. You need to catch any errors or delays early. If there is not an accurate correspondence between the accounting and what is declared, your accounting will have errors.
Risk mitigation
The integration between the tax software and the bank not only allows you to make the tax forms error-free. It is also a great help for proper risk management. Invoices have a due date and it is necessary to comply with it to avoid surcharges. Companies can be losing liquidity every week due to non-payments, and then that has consequences. With an expense control program that facilitates bank integration, this could be solved in your office or consultancy. There are also other risks, such as an inspection by the Tax Agency and serious discrepancies in your data.
Data management and analysis with AI
Artificial Intelligence is playing an increasingly important role in the automation of business processes. Companies that handle a large amount of data, as is the case of consultancies, need solutions that incorporate AI to facilitate data analysis, which includes detecting errors or making predictions that provide knowledge to advisors about the state of the company's accounts.
Reduced time to check transactions
It can take a long time to check all of a company's bank statements. Imagine having to do several at the same time, manually, and with reduced turnaround times. It is much easier to check transactions in an automated way with a financial management program that allows you to perform bank reconciliation.
Real-time information
On the other hand, we must not forget the advantages for any consultancy or office to be able to access data in real time. This avoids loss of time, errors and delays that may occur as a result of not having the data at the time, having to notify clients so that they send us the necessary documents to prepare the accounting and keep the accounts.
Do I have to use tax software for bank integration?
By integrating tax and banking software, your practice can run its processes more efficiently and productively. The result is that fewer errors will occur, your clients will be more satisfied, and you will not run the risk of losing clients or having negative consequences for your client as a result of a tax audit.
The good thing about having a bank integration software is that you can combine this type of tool with an ERP system, and thus be able to manage all the processes of your company, from the control of the evolution of sales to customer management.
Discover the advantages of implementing reliable, secure, flexible and customizable software solutions, such as Zucchetti's consultancy management software solutions, to help you work in a more optimal and time-saving way.
This can be achieved more efficiently when your advisory firm integrates with tax software. You will not need to manually enter the data into an accounting program or use Excel, as the calculation for the bank reconciliation could be done automatically with the data sent to you by your clients.
What is bank integration?
Bank integration consists of checking the consistency of the income and expenses reflected in the accounting with the receipts and payments reflected in the company's bank accounts, using software that allows to anticipate deviations in the accounting entries, as well as discrepancies between the declared and the bank data.
When you ask yourself what bank integration is, it is possible that it is because up to now in your consultancy you have always managed it manually. Thus, it is possible that the calculation of the data has led to possible human errors, which can have consequences. For example, products or services that have an invoice, but the customer has not paid for them, or lack of foresight about payment dates.
Benefits of bank integration
It is possible that up until now your consulting firm has been doing the calculations manually for the bank reconciliation. If there is no integration between your accounting software and the bank data, it is normal that you have to perform the calculation manually and that you depend on the moment in which the clients send you the bank statements.
This may allow you to perform a manual and basic management service, but it is not feasible when you handle many clients at the same time. In addition, if you want to carry out financial management actions, such as forecasting collections or claiming unpaid debts, manual processes can be enormously complex and it is always better to work with tools that provide real-time information.
Agility in tax matters
This is one of the clear benefits of bank integration. Your advisors will not have to check the data manually. When a client sends you bank statements for the month or quarter in Excel, there may be hundreds or thousands of transactions. There may be duplicate transactions, payments that have not been made, or collections that have not been received.
Then you will have to calculate the tax forms, VAT and Corporate Tax, as well as the Annual Accounts for the Commercial Registry. You need to catch any errors or delays early. If there is not an accurate correspondence between the accounting and what is declared, your accounting will have errors.
Risk mitigation
The integration between the tax software and the bank not only allows you to make the tax forms error-free. It is also a great help for proper risk management. Invoices have a due date and it is necessary to comply with it to avoid surcharges. Companies can be losing liquidity every week due to non-payments, and then that has consequences. With an expense control program that facilitates bank integration, this could be solved in your office or consultancy. There are also other risks, such as an inspection by the Tax Agency and serious discrepancies in your data.
Data management and analysis with AI
Artificial Intelligence is playing an increasingly important role in the automation of business processes. Companies that handle a large amount of data, as is the case of consultancies, need solutions that incorporate AI to facilitate data analysis, which includes detecting errors or making predictions that provide knowledge to advisors about the state of the company's accounts.
Reduced time to check transactions
It can take a long time to check all of a company's bank statements. Imagine having to do several at the same time, manually, and with reduced turnaround times. It is much easier to check transactions in an automated way with a financial management program that allows you to perform bank reconciliation.
Real-time information
On the other hand, we must not forget the advantages for any consultancy or office to be able to access data in real time. This avoids loss of time, errors and delays that may occur as a result of not having the data at the time, having to notify clients so that they send us the necessary documents to prepare the accounting and keep the accounts.
Do I have to use tax software for bank integration?
By integrating tax and banking software, your practice can run its processes more efficiently and productively. The result is that fewer errors will occur, your clients will be more satisfied, and you will not run the risk of losing clients or having negative consequences for your client as a result of a tax audit.
The good thing about having a bank integration software is that you can combine this type of tool with an ERP system, and thus be able to manage all the processes of your company, from the control of the evolution of sales to customer management.
Discover the advantages of implementing reliable, secure, flexible and customizable software solutions, such as Zucchetti's consultancy management software solutions, to help you work in a more optimal and time-saving way.