Here's What Your Tax Season Looks like with Accracy

  • Accracy
  • 26th Nov, 2023

Tax season can get really ugly for some people. Late nights, long email threads with accountants, and shouting matches with QuickBooks.

Here's What Your Tax Season Looks like with Accracy
Tax Tips

At Accracy, we give you everything you need to have a stress-free tax season, so you can focus on building your business.

Here's what that could look like for you.

How Accracy gets you ready for tax season

Our specialty is making sure you have complete, up-to-date books and financial records. We give you a tidy package with all the info you need to file your taxes, so you or your accountant can file your taxes easily.

When you sign on with Accracy, here are the three things we do for you to make tax season painless.

1. We bring your bookkeeping records up to date

We'll take care of all your bookkeeping, even if you're months (or years) behind. So long as you sign on with us six weeks before your tax deadline, we can get your bookkeeping fully caught up in time for filing.

But even if you sign up for Accracy after the six week mark, you can still file a federal tax extension and we'll get your books updated well before your new deadline.

First, we get your raw, uncategorized transaction history for the period you need caught up. That means automatically importing bank and credit card statements for your business. For any cash transaction, just take a picture and upload it to the Accracy app.

Then, we get down to the business of categorizing your transactions for you. If your bookkeeper has a question about how to categorize a generic transaction (like say, "HOBBY LOBBY, $40"), you can categorize the transaction yourself with just one tap in the app.

Finally, with all your transactions categorized, we'll build complete financial statements for each month of the year. Getting you caught up usually takes three to four weeks.

 

2. We give you a Year End Financial Package

This is the most exciting part. Your Year End Financial Package summarizes all your financial data for the year. It contains all the financial info you need to file taxes.

Once it's ready, you'll see it ready for download in the Accracy app:

Once you download it, here's what you (and your accountant) will see:

The six parts of your Year-End Financial Package include:

General ledger

This is a list of all the accounts on your books. It helps your accountant navigate your transactions.

Trial balance

This is a summary statement of all the debits and credits on your books.

Journal entries

This contains all the transactions your bookkeeper has recorded during the financial year. If your accountant has a question about any of your transactions, they'll find it here. We also include "adjusted journal entries" so your accountant can see exactly what changes your bookkeeper made at the end of the financial period.

An annual income statement

This income statement tells you how your business earned and spent money. We also provide income statements for each month of the financial year.

An annual balance sheet

This gives you a tally of what your business owns (assets) and owes (liabilities). We also provide balance sheets for each month of the financial year.

Notes for your accountant

This is essential information, prepared by your bookkeeping team. Anything important that isn't summarized in your financial statements for the year will go here.

But there are more uses for your Year End Financial Package than filing your taxes. When it's time to plan for the future, the statements in the package can help you understand how your business is making and losing money, and even find ways to reduce your expenses.

 

3. We work with your accountant

Already have an accountant who files your taxes for you? Your Accracy team will work one-on-one with them, and make sure they've got everything they need to file your taxes.

Looking for an accountant? We've got a network of CPAs we trust, and we can connect you with one who's a good fit for your business.

Ready for a stress-free tax season?

You didn't start your own business so you could spend late nights yelling at QuickBooks and trying to figure out how to calculate "adjusted gross income" for your tax return.

Accracy will take care of the hardest part of tax season for you: getting your books up to date and getting your accountant all the essential financial info they need.

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