Managing your finances effectively is not only critical for keeping your business running, but also ensuring it prospers in the long term. And when it comes to business finances, there’s no busier time of year than tax season. Thankfully, with the right accounting automation tools at your disposal, preparing to file your tax return is seamless and stress-free.
The benefits of automating your accounting software
Automation is a hot topic all over the globe at the moment, and for good reason. New technologies take care of time-consuming administrative tasks, cut down on errors, and free up business owners to think about the bigger picture instead of being bogged down in the day-to-day.
TradeGecko integrates with accounting software, like Xero and QuickBooks Online, to eliminate the need for manual data entry. Key financial and accounting data syncs to your accounting software to reduce double handling and improve accuracy. Utilizing cloud accounting also means you have access to your records 24/7 from any computer or smartphone.
Some of the key benefits to enabling accounting automation through TradeGecko include:
1. Tax compliance
Savvy accounting systems are designed to comply with payroll reporting and adhere to tax regulations automatically – so you can be confident that you’ve ticked all the right boxes when it comes to filing your tax return.
2. Simplified processes
Automated accounting streamlines the financial management process, which provides a huge time saving for small business owners. Advanced technologies also enable business owners with little to no financial training to manage their own accounting operations and comply with legal requirements.
Accounting systems take care of key administrative tasks for you, so you don’t need to pay an external vendor to manage all your financial needs.
4. Accurate forecasting
Understanding business trends and being able to make educated predictions about the future is key to business growth. Accounting software turns raw data into intelligent reports, helping you make smarter decisions about where to cut costs and where to invest.
5. Increased productivity
It’s no surprise that less manual handling of tasks means more free time to focus on important things. While automated accounting systems sit in the background doing the legwork, business owners have the freedom to work towards bigger goals and plan for the future.
6. Improved customer relationship management
Dedicated accounting and payment systems like Xero, QuickBooks, and TradeGecko Payments for wholesalers allow businesses to create and send invoices instantly, and enable straightforward digital payments – equalling a better customer experience.
7. Increased security
Accounting software is designed to keep data secure, which offers an additional layer of protection for sensitive business information.
8. Streamlined invoice approvals
Accounts payable automation allows customers to get up a workflow for all invoices to follow, then the software does the rest. It can even match the invoice to a purchase order number and send it along to the appropriate approvers.
9. Better cash flow management
Automated accounts payable also integrates with accounting software so you can monitor cash flow in real time. This helps keep track of spending, compare cash-in against cash-out, and forecast cash flow.
10. Accounting automation = easier tax preparation
As we’ve seen above, automated accounting cloud technology comes with a myriad of benefits, all of which are especially important during tax time. For tax preparation, automated accounting software helps by:
And that’s just to name a few. So it’s really a no-brainer: adopting automated accounting technology during tax season could well be the smartest decision you make this year. TradeGecko’s inventory and order management system will also allow you to manage your inventory, accounting, and operational needs from a single dashboard.
Find out how TradeGecko can help you prepare for tax season.