It’s tax season again, which means long hours and weekend days spent gathering financial records and deciphering pages of bank statements. For solopreneurs juggling multiple client books on top of their own business finances, organizing all this transaction data feels utterly daunting. 

Fortunately, new intelligent automation platforms are here to relieve accounting stress for entrepreneurs and individual filers alike. These tools ingest the messy PDFs and Excel statement exports we struggle with, transform them into perfectly clear streams of categorized transactions, and feed the clean data right into tax software. 

In this article, we’ll explore three of these essential intelligent platforms that reduce headaches for filers and accountants managing multiple books.

Rocket Statements – Easy Bank Statement Converter

Organizing financial records remains an immense pain point for solopreneurs approaching tax season yearly. Making matters more chaotic – critical statements originate from various banks and credit cards in formats like PDFs, Excel and CSVs. Rocket Statements now exist to alleviate the grunt work of converting scattered statements into reconciled streams of data ready for leading tax prep solutions. This invaluable bank statement converter works with over 1,000 institutions to ingest Excel, PDF and CSV transaction reports. Proprietary technology structures messy merchant names, dates, and amounts into a unified dataset across all linked statement sources.

H&R Block Tax Prep – Robust Filing With Maximum Returns 

H&R Block continues building out a well-rounded tax filing experience, combining DIY software ease with access to Certified Public Accountants for review. Snapping pictures of W2’s prefills returns while built-in tips maximize eligible deductions. For gig workers, the platform also estimates quarterly payments, providing prompts to pay on time. Advanced accuracy checks flag any errors, ensuring maximized refunds.

QuickBooks Online – Seamless Accounting Integration 

While not exclusively a tax platform, QuickBooks Online remains a ubiquitous small business accounting leader. For entrepreneurs supporting multiple entity books, QBO enables effortlessly consolidating various bank statements into respective company charts of accounts. Come tax time, automated Schedule C forms, and other reporting summarize key tax details needed by filers and accountants alike for accurate DIY/pro filings.

Transitioning tax preparation into the 21st century, solutions applying automation and AI alleviate significant pain points individuals and small business owners face yearly. Intelligently tracking transactions eliminates post-mortem financial reconstruction. Purpose-built support around freelancer deductions and accounting consolidations also grants necessary guards and guides leading up to crunch time. Do yourself a favor by engaging one or more of these essential platforms well before the looming deadlines. Your future self will thank you next season when financial clarity and organization reign from the start!

Good Practices for Leveraging FinTech This Tax Season 

• Link Financial Accounts Early: Connect solutions to bank/card accounts in January so transaction data feeds in ahead of the tax crunch. Use tools like Rocket Statements to convert your bank statements into Excel formats that you can upload to your tax filing app.
• Establish Tax Filing Account: Create login credentials early with TurboTax, H&R Block or CPA-assisted service. 
• Review Spending Habits: Trim discretionary expenses using Mint’s insights to maximize tax deductions. 
• Export Final Transactions: In March, export the latest statement data from Rocket Statements or Mint into a filing solution. 

Double-check Filings: Review completed returns thoroughly yourself or have a CPA review them before accepting.

Published By: Aize Perez