Codestone

Category: Accounting & Financial Software

Small business owners have been advised that administrative issues relating to tax payment can be made simpler through the use of accounting software.

Business and IT expert Pam Baker told SmallBusinessComputing.com that smaller firms should already be planning ahead for the next tax year, adding that well-utilised financial software can play a key role in this.

Among the measures she recommends are ensuring that electronic records are taken of all business-related transactions, which should be backed up in case of emergency.

She also suggested synching up accounting software with the system used by a company's accountant, which will make it simpler to deal with issues such as financial reporting and payroll taxes automatically.

Ms Baker added that using finance software of this kind is the "easiest way" of ensuring the process of tax payment goes as smoothly as possible.

Last month, accountancy expert Nick Roberts stated in a Business Blogs article that firms should consider implementing a system of monthly financial reporting, as this can help managers to keep better track of their company's progress.

Posted by Lara Ward