BlogSharesight Features & Tips

Save time & money by sharing your portfolio with your accountant

by Emma van der Maas, Customer Support Manager, Sharesight

Even though most investors use Sharesight throughout the financial year to keep their portfolios organised, we inevitably see a spike in activity around EOFY and tax time. That’s because despite our best intentions, most of us are not as organised as we’ve lead ourselves to believe.

Featured - Save time & money by sharing your portfolio with your accountant

Regardless of how you use Sharesight, it is possible to ease the tax time crunch and save money on your accounting and bookkeeping bills.

The surefire way to do this is to get your accountant involved early. But if you’re reading this and checking the calendar, don’t worry! Sharesight will have already automated a portion of what accountants charge for anyhow.

Share portfolio access with your accountant

From within Sharesight, you can send your accountant a secure, private login so they can access your portfolio. This means they can see your holdings, dividends, and corporate actions.

Portfolio Sharing - Sharesight

Your accountant will benefit from the same real-time access to the portfolio that you enjoy. Any trades you make or dividends you receive will appear for them too. This also means they can produce the reports they require because they’ll have access to your portfolio history as well.

Sharing access means they can retrieve your information independently.

Access to a portfolio can be withdrawn or modified to your liking. You can control whether or not the accountant can “read only”, or make edits. Furthermore, you can share one or multiple portfolios based on your needs. You’re in complete control.

Leverage professional-grade tax reports

You might be wondering whether Sharesight can provide all the information your accountant needs. Yes, in fact Sharesight is also used by hundreds of accounting firms and professional investors. Sharesight has 9 reports designed to make tax time easy.

iPads - Taxable Income Report + CGT Report

Two reports your accountant will love are the Capital Gains Report and the Taxable Income Report.

Your accountant may also ask for a “valuation” report or a “snapshot” of your portfolio. The information they’re looking for can be found by using the Performance Report and choosing an end date at the financial year end. All data will be as at that historical date.

The Historical Cost report might also come in handy as it displays closing quantity and market value as at the date chosen.

The reports can be exported and the time periods can be customised, which gives your accountant a real time window into your portfolio, or a snapshot in time.

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Prepare your portfolio for your accountant

The beauty of using Sharesight is that by its very nature, it’s collects all of the data your accountant requires (minus the hefty hourly fees)!

Sharesight tracks your trades, automatically populates dividends and most corporate actions so that it can calculate your performance. It also updates your portfolio every day so your return and valuation figures are up to date.

It’s always a good idea to double-check your data though. Below are a few tips on how to ensure your portfolio is accurate and ready for your accountant:

  1. Verify and confirm your unconfirmed transactions.
  2. Check if your trades are recorded correctly.
  3. Check whether you need to manually record any corporate actions that weren’t handled automatically.
  4. Check if the return of your portfolio is correct.

Work iteratively with your accountant

Think about it. How often have you been asked by your accountant to dump or upload a whole bunch of historical data only so they can reprocess it? This is time (and money) spent on recreating the past. The best accountants are the ones who help you plan for the future. By using Sharesight you’ve already done all the historical work for them!

By adding all of your investment data into Sharesight and sharing access, you’re already in terrific shape for this tax deadline, and not to mention next year’s.

We know that 70% of Sharesight clients previously relied on a spreadsheet to track their investments. Investors turn to Sharesight so they can accurately track their performance and to make doing their taxes easier – if you think about it, you can’t do one without the other.

So why not let your accountant benefit as well?

Simplify your portfolio admin with Sharesight

Join thousands of Australian investors already using Sharesight to manage their investment portfolios. To get started, simply sign-up for free, import your holdings, and watch as corporate actions such as dividends and stock splits are automatically incorporated. If you decide to upgrade, you’ll unlock advanced features and everything you need to run your tax reports and gain unparalleled insights into your portfolio performance throughout the year. And as an Australian tax resident, you can save even more by claiming your Sharesight subscription fees on your tax return1.

FURTHER READING

IMPORTANT DISCLAIMER
We do not provide tax advice. Make sure you seek appropriate tax advice before implementing the ideas in this post.

1 If you derive income from the sharemarket, your Sharesight subscription may be tax deductible. Check with your accountant for details. If you wish to claim your Sharesight subscription on this year’s tax return, you must upgrade and request your invoice by 26 June 2019, and your invoice must be paid by 30 June.

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