BlogSharesight Features & Tips

6 reasons why accountants love Sharesight Pro

by Angela Thompson, Sharesight

Our professional edition, Sharesight Pro, is loved by accounting firms of all sizes – from two-partner practices to the “Big Four” (all four, in fact). From Bay Financial, to Growthwise, to PwC, these firms have embraced Sharesight’s powerful stock market data aggregation tools and comprehensive tax reports, which save them hours of manual “portfolio admin” and allow them to focus on growing their business.

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Here are 6 reasons why accountants love Sharesight Pro:

1 – Effortless setup

Does the excitement of signing a new client quickly get overshadowed by the dread of portfolio reconstruction? Whether you’re looking to track opening balances or history going back 20 years, setting up a Sharesight Pro portfolio is incredibly straightforward.

That’s because from day one, Sharesight Pro partners work with a dedicated account manager who provides one-on-one training and assists with portfolio setup. If your client only has a few shares, we’ll show you how to manually upload them in just a few clicks. Otherwise you may sync the data from their online broker, or import it via spreadsheet (csv). Setting up client portfolios in minutes instead of hours or days allows you to attract new clients, or claim back some hours in your day.

2 – Automatic portfolio admin

A portfolio is an ever-changing entity, which updates throughout the day. So in order to stay ahead of portfolio admin (and minimise any surprises at tax time), it’s crucial to track the market, as well as a client’s transactions as they occur.

Traditionally, accounting firms have had to purchase expensive databases in order to access historical share prices, dividends, and corporate actions data. Beyond the hassle of software downloads, updates and licenses, the main issue with this model is that the data quickly goes stale. In other words, the only time the data is current is on the day the work is done. The actual portfolio moves on, the spreadsheet does not.

To fill the gaps, accounting firms are left badgering clients for this data. This paper-chase is not only time-consuming but annoying for both the accountant and client. Think shoe boxes overflowing with contract notes/trade confirmations and dividend statements. It’s not pretty.

Sharesight Pro solves these problems by automatically incorporating share prices, currency fluctuations, and corporate actions such as dividends, DRPs and share splits.

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And as a bonus, if your clients are based in Australia or New Zealand and trade with CMC Markets or one of our 50+ supported brokers, their trades can be automatically sent to Sharesight, so their portfolios are always up-to-date with their latest trades.

3 – Comprehensive tax reporting

With an investor’s entire investment portfolio in one place, and up-to-date, Sharesight Pro provides accountants with everything they need for tax preparation. We take it one step further by providing comprehensive tax reports that can be accessed in one click:

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As we’ve continued to grow globally, we’ve also built reports according to local taxation requirements. Here are the current region-specific tax reports currently available in Sharesight:

By having everything you need in one place to prepare and file tax returns, tasks that normally took hours or even days can now be done in minutes, in just a few clicks. So rather than spending copious amounts of time looking back over the year’s activities and preparing tax returns, you can spend your time having forward-looking tax discussions instead – and not just at tax time, but throughout the year.

4 – Secure & flexible sharing

Rather than passing spreadsheets back and forth, Sharesight Pro allows you to grant access to staff and clients according to the level of access they require: read, read/write, or admin.

The degree to which an accountant involves clients is up to each firm, and depends on the type of client. If you have clients who are hands-on investors, you can provide them with read/write access from the get-go so they can import their portfolio from their online broker. This allows them to dictate how much trading history is added to Sharesight, and lets them manage the portfolio from an investing standpoint. On the other hand, if your client only holds a few shares and relies on your expertise, you may decide to just generate tax-time reports without sharing access at all.

For some accountants, sharing portfolio access with clients takes some getting used to. Apart from portfolio setup, there’s very little ongoing administration work to be done. While this may jeopardise portfolio admin fees, we argue that it strengthens the relationship long-term by allowing you to focus on more rewarding, pro-active activities. A strategic tax planning discussion, for example, is a lot more valuable than a tax retrospective. The beauty of the cloud ecosystem is that it relies on client engagement to really hum. We land on the side of an informed client being a happy client.

5 – Seamless Xero integration

We have an award-winning integration with Xero. So if your accounting firm uses the leading cloud accounting system, you’re in luck. That’s because when you synchronise a Sharesight portfolio to Xero, details of share purchases, sales, and dividends flow into Xero automatically, and in real-time. This allows you to easily reconcile portfolio data against bank statements – at a time that is convenient for you.

Xero - Sharesight Integration

Furthermore, Sharesight can pull-in bank account balances, term deposits and cash investments from Xero, so you can view complete financial positions directly within Sharesight portfolios. This seamless integration is the reason why we’re a “5-star” Xero Add-on.

6 – Cost effective

Whether you need to track 5 portfolios or 500, Sharesight Pro partners never pay more than $12 per portfolio, per month. There are no hidden fees, no extras that you have to pay for and no contracts. The price remains the same – no matter the portfolio value. And the more portfolios you set up, the more affordable it gets.

Sharesight is there to grow with your business. You may upgrade, downgrade or cancel anytime. Put us to the test with a free 30-day no-risk trial – there are no billing details or credit card required.