The tax season that many individuals and businesses wish they could avoid is well underway. If you are rushing to meet the upcoming tax deadline, QuickTrainer can help with our bookkeeping software. Here are the ways our services can help you get ahead of any last-minute tax preparations.
All-In-One Simplified Expense Tracking
Keeping track of the expenses and receipts that have accumulated over the past year can be overwhelming. With QuickBooks, these expenses are automatically tracked and categorized. How? With an easy-to-use mobile app!
Simply take a photo of receipts and QuickBooks does the hard work of assessing what is deductible. The relevant, important financial information will be collected and remain easily accessible. Then, the physical copies of the documents can be safely destroyed. The QuickBooks software will do the hard work for you! It can either create new entries or match the receipts to existing expenses.
With QuickBooks, it is easy to automatically import and categorize transactions (such as income versus expenses) taken from bank accounts and credit cards. It’s not the 1990s anymore! Get rid of the piles of papers and statements, and view them all in one place.
Profit and Loss Statements
Only so many spreadsheets can be made before the numbers and data become a swirl of confusing information. Compiling the information for these spreadsheets is even more troublesome! QuickBooks can instantly generate reports such as expense summaries, profit and loss statements, and tax deduction reports.
These reports quickly provide the totals for supplies, travel, and home office expenses, if applicable. A clear summary of total income and deductible expenses is included in the report, which is needed to file accurate taxes. These sections are useful regardless of the profession but can be even more so for freelancers. Every bit of information helps and it’s crucial not to overlook anything.
Mileage Tracking for Deductions
Is driving to various locations part of conducting business? Whether to make deliveries, attend conferences, or meet with clients, mileage can be factored in to become a tax deduction.
In some versions of QuickBooks, a built-in mileage tracker to automatically log trips is available. It couldn’t be simpler as it uses a phone’s GPS to accurately track each trip. Every mile counts so it doesn’t matter how late in the year you begin to track. Every mile will be totaled into the deductible mileage to potentially save you money when filing.
Income Management
When filing taxes, it’s important to report everything, not just the expenses. If the business functions by sending invoices to clients and/or has multiple income streams, QuickBooks will keep everything in one system. This ensures every dollar is accounted for, regardless of how it is earned.
If the business uses eCommerce platforms and payment processors, QuickBooks syncs with them. This means, not even a penny of revenue is overlooked. Even if it is an honest oversight, underreporting income to the IRS can have grave consequences. Reporting all earnings accurately is important!
Functional Organization
Staying organized is beneficial year-round. However, whenever there is an impending deadline, having everything in order is even more crucial. No one wants to be running around, trying to locate important data even at a less stressful time of year.
QuickBooks will keep all financial reports and documents in one place. With the information these documents provide, cash flow reports, profit and loss statements, and balance sheets can all be easily generated. Together, they create an overview of the financial status. This helps to prepare taxes, identify potential deductions, and make filing the taxes easier.
Accurate Bookkeeping
Accurate bookkeeping should be maintained all year long. It’s pivotal to keep you aware of where your business stands financially. This shouldn’t be a surprise to be discovered solely due to the tax season!
With QuickTrainer, important information will be tracked every day to compile accurate reports for the end of the year. For example, the amount of revenue generated each month and annually. The cost of goods sold, gross margins, operating expenses, cash flow, capital expenses, and debt ratio all play a part in the business’ success!
Having the information readily available should always be a priority; it provides valuable insight into how the business is functioning. For example, how did a specific month’s revenue compare to the same month the year prior? Was there an increase or decrease? What factors caused this difference and what can be learned from this?
The information compiled throughout tax season can be beneficial for the following year. It may highlight areas that can be improved upon! Or, it can also draw attention to what is working well and should be invested in further. Smart business decisions can be made and money can be saved with the knowledge gained with QuickTrainer.
Tax Preparations Made Simple
By utilizing the tools QuickTrainer offers, organizing the relevant financial data is easy. With attention paid to IRS guidelines, organizing tax reports and calculating the estimated cost of taxes owed is simple. Rather than spending hours worrying about compiling data, time can be spent focusing on more important matters.
Easy Integration with Tax Software and Accounting Services
If you already use DIY accounting software or have an accountant, QuickBooks makes sharing the data simple. Accountants can be invited to be users, which allows them to directly review the books or export key reports.
Some tax filing programs have even begun integrating themselves with QuickBooks for a simpler import process. Everything is accessible in an organized format, which helps to expedite the filing process. This will help ensure last-minute tax preparations are completed swiftly.
Asking For Assistance is Encouraged
At such a busy time of year, it is normal for stress to run high. Such emotions can lead to errors and valuable missed opportunities while filing taxes. This is even more so the case when the available time to file is running short!
With access to expert assistance, QuickTrainer’s certified professionals will guide you through even the most complex tax issues. From the beginning to the end of the process, they will remain available to answer any last-minute questions.
If you wish to outsource the bookkeeping, discuss your options with QuickTrainer, today! Whether you need a professional’s aid for some of the process or the entirety, we will accommodate your needs.
Last-Minute Tax Preparations Don’t Need To Be Stressful!
Whether you’re a small business owner, entrepreneur, freelancer, or part of a large corporation- take charge of your taxes today! Stop stressing about the deadline and file on time with the right tools and support. With the help of our products and professionals, you’re promised to have the smoothest filing process you have ever experienced.
At QuickTrainer, we love bookkeeping, we love QuickBooks, and we love our clients. We are passionate about our business and the services we provide. Contact us today for more information on how we can help you this tax season!
Call us at (910) 338-0488 or email info@quicktrainer.net. We will get back to you as soon as possible to handle all your last-minute tax preparations today!