The corporate tax year will soon end, and for small business owners that means getting year-end financial statements and tax information ready for filing. Though many people dread the process, tax preparation needn’t be a headache and it doesn’t have to cost a fortune in accounting fees either.
Quickbooks is the most widely used program for small to medium business accounting and it is fully-integrable with TurboTax and other tax programs, making the reporting and filing process seamless and error free.
The main benefits are:
Ease of use
Quickbooks is one of the most user-friendly accounting programs available. Business account set-up takes only minutes and the program offers easy tutorials as well as business and tax tips.
Business account templates cover almost every type of account for nearly every business type and corporate structure. Unnecessary categories can be deleted and you can customize the templates or add your own categories.
This program is the most trusted name in business accounting currently on the market. It is updated frequently to reflect changes in corporate, federal, and state income tax regulations.
Savings in time and money
Quickbooks is very straightforward and covers a wide variety of business and accounting scenarios. There is little need to purchase other programs or to hire an accountant or tax attorney. This means you save time and financial resources from the first use.
Here are some other ways that you can use Quickbooks to take the pain out of tax season.
- Organization is essential to keeping an accurate account of all of your business transactions. Once you set up your company’s corporate structure and chart of accounts Quickbooks tracks the applicable income and tax information for your corporate structure and each account entry.
- If your situation changes, such as going from a partnership to a sole proprietor, Quickbooks automatically adjusts the tax line information for all your accounts to reflect your change in corporate structure.
- All business and account information is accessible from a drop-down list in each category and you can add or delete categories as needed. Quickbooks will make all necessary adjustments to reflect any alterations or entries made to your accounts.
- When it’s time to file your taxes you simply choose the appropriate reporting for each type of account and Quickbooks compiles all of the information from each account into a tax report summary.
- Quickbooks allows seamless integration with the most common business programs and apps, so transferring information from one program to another is simple and error-free. Quickbooks can be integrated with online banking, check printing software, POS software, and other Intuit and third-party programs.
- Integration with TurboTax and other tax preparation programs is another time and trouble saving advantage. Since all of your income and expenses are already compiled in Quickbooks, simply export your information and the tax program will automatically fill out the appropriate tax forms and schedules. It will also compare itemized or standard deductions and make recommendations that can minimize your tax bill.
- Turbotax also does an audit check to evaluate anything in your tax return that might cause you a problem down the road. Please be aware that TurboTax doesn’t import tax information from online versions of Quickbooks, but it is fully compatible with all other versions.
Due to the flexibility, organizational structure, and user-friendly nature of Quickbooks, business accounting is just a matter of initial account set-up and prompt data entry. This program performs all of the necessary calculations, so when tax time rolls around all of the information is already for year-end report compilation and importing your income and expenses to TurboTax.