Each year, businesses have housekeeping to do as they prepare for new operations, and taxes can take up most of the work. Reporting finances appropriately is important to all companies, especially if you want to avoid an audit or other tricky situations.
Each year there will be updated forms and revised filing requirements and tax rates to consider. The schedule for making payments may also have been tweaked, so readjusting calendars is critical. As a safety net, companies should research the changes first and make sure all their own finances will be reported accordingly.
Plus, they should integrate their inventory management software with their accounting software, such as Fishbowl and QuickBooks. This keeps inventory and accounting records in line with each other and saves businesses a lot of trouble down the road at tax time. (more…)