If you have abilities to handle your store finances accurately, you will rarely face trouble during tax season. But if it has some complications, your paperwork will keep on increasing along with the blood pressure.
Anyone can start a business at Singapore but the sad fact is that very few people have the ability to track finances accurately. If you are also facing same trouble then it is high time to look for some potential solutions. The great news is that you are born in a technology-rich world where it is much easier to find an appropriate solution for e-commerce accounting. If you choose right practices, it may become much easier to handle tax filing process.
Here are five simple tricks that you should implement to manage your finances to stay tension free in tax season.
Time to integrate your accounting software with online store:
The time has gone when people used napkins and old business cards to brief accounting. This world is going digital now and so many apps have been developed to integrate the business with accounting software like Zapier, Xero, and Quickbooks etc. Once integrated, these platforms will help you to generate invoices appropriately and it can also track your payouts and deposits. Accounting Services Singapore reveals that this integration helps to save time by cutting down the time otherwise wasted in calculations and scribbles.
Manage track of all revenues and expenses:
A true business owner knows the importance of efforts that are used to track business expenses and revenues. It is important to write down every expense that happens at your business terminal. Manage proper details of home-office expenses including cost of website domain, shipping cost, hosting fees and many more. All details must be stored with proper information like date and item information. Few latest applications such as Expensify, Receiptbank, and Evernote can help you to do it in a paperless way.
Check your bank accounts regularly:
The latest accounting software can help you to establish a direct connection with your bank and you can download all transaction details with ease. Maintaining a routine track of all transactions will help you to stay safe from issues like duplicate charges, transaction errors and fraudulent charges. Once your business accounting software is linked to your bank account, it will keep on providing monthly feeds about all transactions so that reconciliation report can be managed easily.
Use Up to Date Tax Settings:
You might be aware of the fact that when a store is opened for the very first time on big platforms like BigCommerce or Shopify etc. the tax settings are automatically updated as per your country of operation. You can use these settings for some time but as your business starts expanding and you start dealing with more people around the world, the settings must be updated accurately using Accounting Services Singapore.
Follow right deadlines:
Never forget to fill your tax on time otherwise you may lose more money in tax penalties. Try to complete all documentation before the deadline and complete your filing on time to stay safe from unwanted troubles.