Thursday, December 12, 2013
Tax and accounting apps and softwares can simplify your business proceedings by automating complicated processes like tax calculations and help you save time and money. There are a lot of applications and softwares that can help you with this task but you have to very careful about selecting them because once you make your investment in the technological market, there is no turning back!
This article is here to help you with your selection process. We have here 5 key points that will help you select the right tax and accounting apps and softwares for your business.
ToolsFirst of all, narrow down your priorities. See which tools you need most and why. For example, when it comes to tax payments you need to keep tax records, log in details regarding the tax payments, manage time, and stuff like that. Once you know what you need from tax and accounting apps and softwares, you can easily find the ones that have tools to facilitate these tasks. Compare the tools of different tax and accounting apps and softwares and see which ones can benefit you most. For keeping tax records, Sage Peqachtree Pro Accounting, AccountEdge from Accilivity and QuickBooks Pro from Intuit are considered some of the best software.
Estimation of Tax SavingsSmall business owners often glide away from paying taxes because they are often not sure how much money they should spend in paying taxes. They don’t want to pay extra amount; therefore, they end up paying none at all. You can customize your tax and accounting app and software to calculate tax savings on the funds. There is an online app available by the name of Tax-Aside that calculates tax returns on your weekly expenditures. You can find a lot of more apps too!
Do Not Pirate Your Tax And Accounting App And Software!When you settle on a particular app or software, purchase it and get the licensed product. You will be authorized to copy the software on certain amount of computers; if you copy it on more than that amount then you will be charged. Pirating is illegal and can land you into trouble!
Calculate Your Income TaxesLarge businesses hire tax lawyers or professionals to calculate their annual income taxes. Although this is the right approach but it can be very expensive for small businesses. You can purchase tax and accounting app and softwares to automate this task. Most of these software are updated annually so you’ll have to upgrade them every year. This will cost you less than a tax professional!
Data ProtectionWhen you are automating your business’ tax and accounting procedures, make sure to create backup of all the information. When you use online apps and software, they mail you all the information so they are safely tucked up in your email memory but when you are using software you will have to create your own backup! Make sure your data is safely stored and protected.
Ben is a Charter accountant and international tax planning advisor in Cyprus, working for KSA Corporate Company. He is enjoying living in Cyprus as it’s a perfect destination for business and holidays at the same time