How CPA's are heading into the tax season

CPAs nationwide are gearing up to prepare and file taxes for their clients. As a CPA, you know that having complete, accurate financial records is essential for filing correct tax returns. One of the most important documents is your clients' bank and credit card statements. However, statements downloaded as PDF files from financial institutions can’t be imported into tax preparation software. This is why every CPA should use a reliable bank statement converter before filing taxes.

Converting PDF Bank Statements to Excel

A high-quality bank statement converter tool like Rocket Statements will transform PDF statements into Excel in just a few seconds. The Excel files allow you to easily work with the financial data and import it into tax software like Lacerte, ProSeries, Drake Software, TurboTax, and more. Having statements in Excel makes it fast and easy to:

Review income and expenditures

Identify deductible expenses

Review itemized deductions

Import transaction data into tax prep software

Identify any missing transactions or documents

Even clients who are extremely organized rarely hand their CPAs a perfect set of financial statements ready for taxes. PDF bank statements have to be converted into Excel and reviewed for accuracy before taxes can be filed.

Benefits of Converting Bank Statements for Taxes

Preparing accurate, complete taxes isn’t possible without good financial records. Here are some key benefits of using a PDF to Excel converter for bank statements:

Identify all taxable income: Interest, dividends, business income, etc.

Verify deductions and credits: Mortgage interest, charitable donations, etc.

Avoid missed transactions that could trigger an audit

Save time manual entering transactions into tax software

Review records for accuracy before filing

Import cleanly into tax prep programs without errors

Keep digital records safe and secure

Having fully editable Excel statements allows you to organize, analyze, and review client finances to file the most accurate tax return.

What to Look for in a Converter

When choosing a bank statement converter for tax prep, you'll want to ensure it:

Accurately converts PDF files into Excel with no errors

Allows bulk conversion of multiple statements

Is fast, converting files in seconds

Is easy to use with an intuitive interface

Is secure and protects sensitive client data

Many CPAs prefer to use a paid converter tool rather than free options. Paid tools typically offer better accuracy, faster speeds, batch conversion, and better security. They’re worth the small investment for tax season.

Additional Tax Prep Tips for CPAs

Along with converting client statements to Excel, here are some other tips for CPAs to maximize efficiency and compliance this tax season:

Use an engagement letter outlining services, fees, document requirements, delivery timelines, and other policies. This sets clear expectations.

Request an extension if needed, but avoid extensions if possible. File promptly for faster refunds for clients.

Get bank statement log-ins to safely and directly download client statements. Don't rely on clients to provide them.

Review prior year returns and note any changes in marital status, dependents, income, deductions, etc.

Ask clients to organize documents and use an intake checklist. Disorganized records make taxes a nightmare.

Use client portals and secure file transfers to safely exchange financial documents.

Review returns carefully before filing to avoid errors and penalties. The CPA is responsible for accuracy.

Set clear timelines for document collection, preparations, reviews, and filing. Avoid last minute rushes.

Include a digital or printed copy of the return with e-file confirmation when delivering the completed return.

Following best practices for collecting client data, reviewing statements, leveraging technology, communicating clearly, and meticulously preparing returns will lead to a smooth tax season with maximum compliance. Using a fast, accurate bank statement converter like Rocket Statements lays a solid foundation for filing correct returns.