Why should you give your Tax Advisor access to your Business Account?

Jeannine Klein
Jeannine Klein May 2020 5 min

At Penta, our core mission is to support you and your company in every possible way with financial administration and accounting. The most efficient and transparent way to achieve this is a closely knitted but at the same time independent collaboration between your tax consultant and your in-house finance team. By granting your tax advisor access to your online business account you will not only be able to save money, but additionally, eliminate a large amount of time-consuming and repetitive tasks.

The Penta business banking account allows you to easily add additional users and customize individual access rights and views for them.

Add your Tax Accountant as a user to your Online Business Account

You will not only be able to save time, but additionally money if you give your accountant direct access to the financial transactions and receipts in your business account and accounting software. By optimizing your day-to-day business processes and routines, you save yourself and your tax advisor a time-consuming and mundane exchange of unsorted receipts, account statements, and file folders in the future.

With access to your business account as an additional user, you enable the tax advisor to gain transparent and easy insight into your financial transactions and remove any potential bottlenecks. You have more time to focus on your day-to-day business, allowing you to focus on your core business and dedicate more time to grow it. There are several other benefits:

  • Your tax accountant accesses the data by himself, which he needs for the services agreed with you.
  • You avoid delays in processing due to incomplete data. Your finance team has already prepared everything for the handover to your tax accountant.
  • He receives a complete record of all payment transactions in the company, which must be submitted to the tax office for a preliminary filing or the annual accounts.
  • Your tax accountant needs information about which bookings are assigned to which booking account, who is a customer and who is a supplier, when receivables or payables arose, and when they were settled, as well as which account was used to make a payment. This information can be viewed via access.
  • The obligation to document business transactions is incumbent on the companies. Accordingly, it is sufficient to give your tax accountant access to the account entries via the account inspection. This is environmentally friendly: the transfer of paper is unnecessary.
  • As a manager you always have an overview of your finances. Your tax accountant also has access to daily updated figures via his own account. This means that both sides have the same status in case of possible queries.
  • Your tax accountant can do his work faster, more efficiently, and more cost-effectively. You not only benefit from more efficient cooperation but can also reduce the number of billable hours and save costs at the same time.
  • The transparent overview of your finances as well as financial reports and evaluations serve your tax advisor as a basis for a consultation that exactly meets your needs.

Save Time on Bookkeeping

Every month there are recurring accounting tasks that have to be prepared and completed conscientiously. These include, for example, the account assignment and balancing of your receipts and expenditures, invoicing, dunning or the advance return for sales tax. Your finance team can effectively relieve you of this work if you grant them access to the transactions, notes, and documents in your business account.

Individual Access Rights

Not every employee or external partner like your tax consultant needs the same authorizations. You can assign the access rights individually. To enable an employee to compare incoming and outgoing payments on the account with incoming and outgoing invoices in the accounting system, for example, simple read access is sufficient. You can grant additional rights to selected users, such as your financial director. This allows your team to carry out the tasks independently, but at the same time in a controlled manner.

  • Categorize transactions: Your tax advisor assigns incoming and outgoing payments directly in the account to the appropriate categories. This gives you a good overview and simplifies the compilation of data.
  • Avoid manual entries: If your company uses accounting software, it can be directly connected to the business account via an interface. Manual entries of incoming or outgoing payments are not necessary, as the turnover is automatically synchronized with your business account via the interface.
  • Monitoring dunning processes: Your employees keep track of open invoices and can trigger the dunning process when they are due. 
  • Enter and assign documents: Documents scanned via the app are forwarded from the business account directly to the accounting software.
  • View helpful notes: Your accountant can view and download useful information you have added to transactions. You can immediately see what the cash was used for or who was present at the business dinner.
  • Prepare payments: Your employees prepare salary payments or social security payments so that you can pay them on time at the end of the month.

If your team relieves you of all these tasks, you will save a lot of time in which you can fully concentrate on your core business.

You can now take benefit by adding other users such as your finance or accounting team and your accountant as additional users to your Penta Business Account.

Curious about the Penta Business Account and want to benefit from optimized work processes that will save you time and money in your bookkeeping? Try Penta for 2 months free of charge and without any obligation. Furthermore, take advantage of Penta’s partnership with lexoffice! New customers receive a 50% discount on the accounting software from lexoffice for 12 months.