Tax season 2018 is here. And, whether you outsource your tax to an accountant or not, as a small business owner you still have work to do to prepare for the SARS tax year.
Tax season means you need to go through your records, reconcile receipts and diligently prepare an accurate picture of your business’s financial history over the past year.
Even if you’re leaving the SARS tax year in your accountant’s hands, they can only assist you professionally and confidently if they have the full detail regarding the financial status of your company over the past year.
Accurate information means an accurate and transparent submission to SARS, which means peace of mind that you are compliant and operating above board, and that you care about securing the future success of your business.
Here are 3 tips from QuickBooks to help ease your business through tax season 2018:
- Preparing for the SARS tax year is not something you can whizz through in a couple of weeks. You should be spending 15 minutes to half an hour on financial admin every day or, at least, every week. Don’t leave your tax obligations to the last minute.
- Take advantage of incentives like tax deductions in tax season 2018. If you use your car for business, for example, this is tax deductible, and if you donate to charity or had start-up costs for your business, these are also deductible. A professional accountant will know how to make the most of tax incentives.
- Use professional accounting and financial software to manage your accounts, expenses and payroll. The majority of small business owners didn’t start their companies because they love accounting work. In fact, financial acumen is not a strong point for most business owners. Use a good accounting package to help you stay on top of SARS compliance and all other financial issues.
Access to accurate financial records is one of the biggest challenges small business owners across the world face when approaching tax season. This falls under the responsibility of administrative work, which is something a lot of business owners simply don’t get around to.
Preparing to submit to SARS is a very stressful time for many business owners and some are even inclined to bury their head in the sand up to the very last minute.
Knowing you haven’t been completely honest or omitted information because you simply didn’t keep a record of it is a sure-fire way to stress yourself out.
Avoid unnecessary pressure when it comes to the SARS tax year by utilising financial and accounting software, like QuickBooks, to its fullest potential.
The capabilities of a quality accounting software package to accurately manage, store and document your financial transactions is your best go-to tool for tax season 2018.
Accounting software is also great for running your home expenses and preparing to submit your personal income tax.
To find out how to manage your finances quickly and easily, contact QuickBooks today on 010 203 4300 or firstname.lastname@example.org