Tackling tax time with ease
Tackling tax time with ease
It’s that time of the year again: tax season. As a business owner, filing taxes can be stressful and time consuming. But with the right planning and the systems in place, it doesn’t have to be.
Imagine not having to go through boxes of receipts and being able to easily access your financial data so you can file stress free and on time. By taking the time to stay on top of your business finances throughout the year, you’ll not only benefit during tax season but you’ll get a clear picture of your business with up-to-date and accurate data that allows you to make better decisions.
Here are five ways ease can set yourself and your business up for success to make tax time less stressful.
1. Automate manual tasks
Tired of sorting through a shoe box or inputting data last minute? By setting up rules, bank feeds, and Hubdoc in Xero, you can automate time-consuming tasks in order to process data faster. Having all your data easily accessible in one place can help reduce the amount of time required when getting ready to file your taxes.
2. Don't miss deductions
Using apps like Dext and Hubdoc to capture expenses as they happen means you don't lose a receipt that you should be getting a deduction for, especially for expenses paid for personally. Take advantage of eligible tax breaks and maximize deductions by keeping up to date records of spending throughout the year.
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3. Manage cash flows
Taxes can seem like a big impact to your cash flow. Be sure to manage your payables and receivables so that you are paid as early as possible and you are paying your bills when they are due.
4. Stay up to date on your financials throughout the year
Checking in on your financial data shouldn’t be just a onetime task for tax prep. Staying up to date on your accounting and having clean data throughout the year allows you to not only save time during tax planning but helps you keep track of the health of your business. With better information and insight, ease allows businesses to be proactive during the year to properly plan for their tax season, including strategies that an MNP advisor can help discuss prior to your year-end.
5. Know your tax deadlines well in advance
Keeping track of when and what you have to file can help prevent last minute payments. With the ability to access your data quickly from anywhere and anytime, you won’t be surprised by your tax position when it comes time to filing.
Getting started on a new accounting platform can feel intimidating, but ease make it easy. Our accountants guide you through the onboarding process to ensure you feel comfortable with the new system and take advantage of all it has to offer.
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