Stress-Free Tax Preparation

1. Note key taxation dates 

Lodging dates and reporting times for businesses are different every year, as well as between business and personal accounts. Being aware of any specific dates is your first step to managing your preparation stress. Purchase a financial diary, record key dates, and set reminders for these dates weeks in advance. This will allow you to make an appointment with key accounting personnel so you can stay on top of things.

2. Manage staff workloads and leave 

Don’t let external commitments and staff shortages exacerbate your stress during taxation time. Depending on the tax demands for your business, you may need to restrict staff leave and planned events to ensure maximum staff are available to cover the workload. Your time is crucial too; avoid conferences, training, and significant product or service launches and sales during this period.

3. Keep up-to-date all year round 

When recordkeeping is behind schedule, your stress will rise as you try to make up for lost time, spending hours fixing weeks — even months — of neglected bookkeeping. Setting aside a small amount of time each week (for either yourself or an employee), or outsourcing your bookkeeping is the best way to stay on top of your accounting. 

Don’t go it alone 

Small business accountants and tax professionals exist for a good reason; they can complete your tax in a fraction of the time that you can… Usually with better, more accurate results. Without the work on your shoulders, you can put your time and effort into other areas of the business, and survive the tax lead up without stress and pressure on your schedule. Talk to us to learn more.