CPAs (Certified Public Accountants) + VAT Return: The Challenge
As cpa, preparing bank statements for vat return is a common but time-consuming task. Quarterly VAT returns require matching bank transactions to sales and purchase invoices. Working from PDF statements adds unnecessary time to an already tight deadline.
How BankScan AI Helps CPAs (Certified Public Accountants) with VAT Return
BankScan AI converts any US bank statement PDF to Excel instantly — supporting Chase, Bank of America, Wells Fargo, Citi, and 30+ US banks for seamless client work. For vat return specifically, BankScan AI extracts VAT-inclusive sales and purchases, zero-rated transactions, exempt supplies, inp automatically.
How CPAs (Certified Public Accountants) Handle VAT Return
When preparing bank statements for vat return, cpas (certified public accountants) need to CPAs receive client bank statements for tax return preparation, financial statement compilation and review, and audit procedures. They reconcile bank . BankScan AI automates the data extraction step.
Key terms you'll encounter: bank confirmation, reconciling items, substantive testing, adjusted trial balance.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 3 months per VAT quarter (standard scheme); 12 months for annual accounting scheme users of statements for vat return.
AI extracts what you need
Our AI extracts VAT-inclusive sales and purchases, zero-rated transactions, — formatted for cpas (certified public accountants) workflows.
Complete your vat return work
Download Excel files ready for vat return. Transactions split into VAT-bearing and non-VAT categories, with net and VAT amounts separated; must reconcile to Box 6 (total sales) and Box 7 (total purchases)
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for CPAs (Certified Public Accountants) — VAT Return
- Built for CPAs (Certified Public Accountants) — Saves an average of 30 minutes per client per engagement on bank statement data entry, or 10+ hours per week during busy season for a firm with 200+ clients
- Software compatible — Output works directly with QuickBooks Online, Sage Intacct, CCH Axcess
- Built for VAT Return — Convert bank statements to Excel to quickly identify VAT-bearing transactions, match against invoices, and prepare your VAT return accurately.
- Key data extracted — VAT-inclusive sales and purchases, zero-rated transactions, exempt supplies, input VAT on expenses, output VAT on sales, EC acquisitions, reverse charge transactions
Compliance: CPAs (Certified Public Accountants) + VAT Return
When cpas (certified public accountants) prepare bank statements for vat return, specific compliance requirements apply.
- CPAs must comply with AICPA professional standards and state board licensing requirements. GAAP and GAAS standards govern financial statement preparation and auditing. IRS Circular 230 governs tax practice. Peer review requirements apply to firms performing audits. Client records must be retained per state-specific rules, typically 5-7 years.
- Legal basis: Value Added Tax Act 1994; VAT Regulations 1995; Making Tax Digital for VAT regulations (The Value Added Tax (Amendment) Regulations 2018)
VAT Return — Built for CPAs (Certified Public Accountants)
VAT returns due 1 month and 7 days after the end of the VAT quarter; late submission triggers a surcharge of up to 15% of VAT owed under the default surcharge regime
Try Free — CPAs (Certified Public Accountants) + VAT Return