Codestone

Category: Accounting & Financial Software

Small business owners have been reminded of the key role that accounting software can play in ensuring that errors on tax filings are avoided.

Accountancy expert and author Karla Dennis stated in an article for Entrepreneur magazine that many businesspeople are making "avoidable mistakes" with their bookkeeping.

She suggested that this is because they are attempting to rely on their memories when calculating expenses, which can cause particular problems when personal credit cards have been used to make business purchases.

"When tax season arrives, you might find yourself estimating your expenses only to arrive at a number that is either far above or below the reality," she said.

As a result, Ms Dennis stated that accounting software can be vital in helping to avoid these mistakes, while she also recommended appointing a dedicated accountancy specialist to take charge of reviewing fiscal data.

Earlier this month, business expert Gwen Moran told Entrepreneur that the benefits offered by financial software means that it more than justifies the initial expense.

Posted by Jack Gilbert