There is one nightmare situation for any business, big, medium, or small in size - a missed tax deadline.
Missing the date you need to file and pay your taxes leads to a world of stress and can also bring costly penalties which need to be paid. This is dead money, lost money which could have been used for something far more beneficial. The longer you take to file your taxes, the worse the situation also becomes.
It’s quite easy to miss a tax deadline when you’re not organised and when you’re not really in control of your own financial picture. A complicated accounting process can mean that you’re always chasing your tail, never really sure of what your financial picture is, and you’re not really sure what you need to report and what you can claim. Of course, you should have an accountant to help you with all of this, but what if you don’t? What if you’re struggling to do it all yourself?
It’s basically a nightmare situation which leads to costly penalties, which could have been avoided.
What About Cloud Accounting?
There is a solution however, and that comes in the form of Cloud accounting.
Cloud accounting is not necessary brand new, but it is something which is revolutionizing the accounting world. This is a way of recording and running your business’ finances, and one which can create a streamlined and complete situation. For example, you can use Cloud accounting to record your sales and outgoings as per the usual accounting way, but you can also add in scans of receipts, so you no longer need to keep endless paper-based record systems. You can use automatic billing, which links your invoicing to your accounts and makes everything far easier as a result. Time is saved, and everything is up to date and as accurate as it is possible to be.
In addition, you’re saving time, and time is money in the business world.
So, how can this new form of accounting actually help you avoid those costly missed tax deadlines?
Because it is organised and a far more efficient way to record your finances, that’s why.
Cloud accounting allows you to pull out information from your records with the touch of a button, and you don’t have to go through endless pieces of paper and spreadsheet entries with a calculator and a quiet space to be able to do it. Reports are easily generated, you can get an accurate and real-time snapshot of your financial situation, and you can file your taxes within a fraction of the time it takes to do it in a more manual manner.
When everything is streamlined and working together, synced in perfect unison, it’s impossible to forget anything, because it runs itself in so many ways. You also won’t put off the process of filing your taxes because it seems like such a huge job - it’s far easier when you look towards the Cloud. You can also employ a Cloud accountant, if you want to make it all ten times easier still!
Click on the link below to book a meeting.
- Written by: Jag Bath