Tax preparation software is by far the most important and useful tool during – and before – tax season. Still, there are other tools in addition to this software that you can use to prepare your business and have an easier tax season this year. Here are three tools we recommend you try for tax preparation:
As mentioned above, tax preparation software is by far the most important and useful tool you can use for your business during tax season. While there are many to choose from, we recommend Quickbooks Online.
Quickbooks Online offers many features including money insights, mileage tracker, receipt snaps, auto expense, and smart invoice. Additionally, your accountant can have access to your Quickbooks when filing your taxes and handling your bookkeeping.
If you would like to try Quickbooks Online this tax season, connect with ModVentures for Custom Quickbooks services today.
Whether you are trying to get organized now or set up a system for the year, a physical accordion folder or filing cabinet is useful. Although there are plenty of online resources to make your tax season easier, traditional organizational methods are good for those who are not technologically savvy or prefer paper.
Accordion folders and file cabinets can be ordered online or found in almost all superstores. Find a folder that works best for you and separate your paper tracks with clear labels. If you use an online method of keeping track of recieipts/invoices, you can still use an accordion folder as a backup.
A staple at ModVentures, the Business Savvy Influencer Course is a course that teaches new entrepreneurs how to set up their business and understand their tax return. The Business Savvy Influencer Course is broken into four modules:
Ready to join our community of like-minded Business Savvy Influencers
and transform your hobby into a business? Check out the full breakdown of the Business Savvy Influencer Course here.
Tax season is difficult for both established and new businesses that do not have systems in place to gather and record information throughout the year. If your business is rushing to prepare for tax season, you may need to look further into establishing set systems to ensure a smooth tax preparation process in the years that follow.
If you feel that tax preparation was completed throughout the year, but have found yourself dealing with last minute issues, there may be a larger problem in your business finances. Connect with ModVentures today for a smoother tax season or an advisory session to get your business on the right track this year – and next.