TaxBandits Integration with Xero for Streamlined W-9 Collection and 1099 Filings
Tax season can be a stressful time for business owners and accountants alike. Managing vendor payments, collecting W-9s, and filing 1099 returns can be a cumbersome process. However, there’s good news for Xero clients — TaxBandits has integrated seamlessly with Xero to simplify the W-9 collection and 1099 filing process.
In this blog, we’ll explore how this integration works and why you should consider managing W-9s and e-filing your 1099 returns with TaxBandits.
Integration with Xero — How it Helps
One of the biggest challenges in W-9 collection and 1099 filing is gathering all the necessary information about your vendors and their payments.
The TaxBandits integration with Xero simplifies this process and eliminates the time and effort needed to complete it.
With this integration, you can enjoy all of these benefits and more!
- Import Data Seamlessly: In just a few clicks, you can easily bring all of your vendor information and payment details from Xero to TaxBandits.
- Eliminate Data Entry: Once all of the vendor details are imported to TaxBandits, there is no need to enter them manually at any point during the process.
- Increased Accuracy: When importing the details, the system ensures that there are no mismatches between the information you provide and the information you report on 1099s.
Importing Data from Xero to TaxBandits for W-9 Collection
Importing your data from Xero to TaxBandits is a straightforward process. Here’s a step-by-step guide:
- Log in to TaxBandits: If you don’t already have a TaxBandits account, you can create one for free.
2. Connect Your Xero Account: In TaxBandits, choose ‘Form W-9’ and select ‘Request W-9’, Navigate to the Xero Connect section and follow the prompts to connect your Xero account securely.
3. Import Vendor Data: Once your Xero account is connected, Select the organization/payer from the dropdown menu and click ‘Allow Access’. TaxBandits will automatically retrieve the relevant information from Xero.
4. Review and Verify Data: Review the imported data to ensure accuracy. You can make any necessary edits or additions directly in TaxBandits.
5. Collect W-9 Forms: After importing the vendor information, you can begin initiating W-9 collection. With the click of a button, your vendor will be sent an email requesting them to complete Form W-9. The vendor will then follow the secure link in the email to complete, e-sign, and submit their W-9 through our secure portal. TaxBandits performs TIN Matching to ensure their EIN/SSN matches IRS records.
Synchronization of W-9 Data in Xero
In addition to a simple data import process, TaxBandits offers Xero clients exclusive features that streamline their vendor management even further!
Once you’ve collected and validated all of your vendor information through TaxBandits, you can sync this data with your Xero account, allowing you to track and manage vendor information in one secure place!
How Xero Integration Simplifies Your 1099 Filings with TaxBandits
In addition to simplifying W-9 collection and management, the integration also comes in handy when it comes to time to file 1099s at the end of the year; here’s how:
- Import Vendor Payment Data: After importing the vendor information, you can import the payment details for each of them into TaxBandits.
- E-file 1099 Returns: Based on your vendor payment data, you can now proceed to e-file your 1099 returns quickly and easily. Once you transmit the tax returns, TaxBandits will deliver the recipient copies on your behalf, if you choose one of our distribution services.
- Distribute Recipient Copies: TaxBandits allows you to distribute recipient copies of 1099 forms either via postal mail or online access, making it easy for your vendors to access their tax documents.
Conclusion
Tax filing can be tedious at times. But, when you have the right solution like TaxBandits, it can be easier than ever.
In addition to Xero, TaxBandits also offers integrations with other popular accounting software like QuickBooks, Zoho Books, and FreshBooks. This flexibility ensures that you can seamlessly integrate your tax filing with your accounting processes.
