If your CPA helps you turn your mess of credit card transactions into a manageable report of tax-deductible expenses, you already know the value of keeping track of your expenses: you see it in your deductions at tax-time! However, one of our goals is to make you and your CPA work together as easily and smoothly as possible. If we can reduce the amount of busy-work and paper-shuffling involved in that relationship, to us that’s a success because we’ve helped your CPA focus on providing advice, and helped you get back to your day job faster.
Communicating with Your CPA about Your Expenses
One of the biggest messes, in our experience, is the process of collaborating to get your QuickBooks transactions up-to-date using a combination of your knowledge of the transaction, and your CPA’s knowledge of accounting. For example, you probably have some credit card transactions from the past year that were for meals, and you are probably already in the habit of jotting down a memo of who you dined with and for what purpose. But you might not be an expert in Publication 463 (2011), Travel, Entertainment, Gift, and Car Expenses. So you might occasionally have trouble knowing what account to mark your expense with.
Meanwhile, your CPA would have no trouble navigating the IRS publications and more broadly the Internal Revenue Code, if not for a lack of insight into the purpose of the expense. So, it takes two: it takes your knowledge of the nature of the expense, and your CPAs expertise about the appropriate tax treatment of the expense.
So, the question becomes, how to get your description of each expense over to your CPA, and then how to get your CPA’s account-related judgement call back to you?
Credit Card Transactions & Two-Way Sync
That basic question is, in a nutshell, exactly why we went down the path of building a two-way sync mechanism that lets you and your accountant both modify credit card transactions (you on the ProOnGo side, and your accountant on the QuickBooks side). ProOnGo Expense, with the infrastructure of Intuit’s Cloud, become the go-between — shuffling your transaction updates over to your CPA, and shuffling your CPA’s updates back over to you — so that both of you have a real-time picture of the state of your company’s expenses.
Two-Way Sync: Credit Card Transactions Flow Back-and-Forth with Your CPA
That way, in your busy life as a small business owner, whenever you have a few brief minutes to look over your expenses, you’ll know that you already have the most up-to-date picture of whatever progress your accountant has made. No need to email, coordinate, or plan — just sign into ProOnGo to review and revise your transactions.
Locking Down Your Old Credit Card Transactions & Two-Way Sync
That all leads to the question, how can you be sure that you are staying in ‘fair ball territory’, when you edit your transactions? I.e., how can you explicitly keep track of which transactions you still need to work on, versus which ones are now ancient history just sitting around for your permanent accounting records? The answer is simple:
Limit the Date Range: Only Sync Transactions "Newer Than"
By setting a date limit on your credit card transaction sync, you’ll forbid ProOnGo from modifying or retrieving updated transactions for anything older than a specified date. So, you’ll be sure to save yourself from accidentally modifying a prior-year transaction, thereby helping your CPA stay “a little more sane” during this busy time of their business cycle.
Ready to check out two-way credit card sync in action? Just press the button below to register for a free trial account.