How can technology help with your tax planning?

Our team are true believers in the benefit of digitalising your business accounting. Business Advisor, Daniel Lalic explains how cloud accounting software like Xero is the way to go for your business.

While many businesses are very successful and generate the necessary profits to allow their owners to live the lifestyle they desire, when it comes down to their processes, quite often it is a case of ‘if it’s not broken why fix it?’ But, is this best practice and is it most efficient?

In today’s day and age, phones are smart, TVs are smart, and cars are beginning to drive themselves, so why not make your tax process smart too? Automation is at the forefront and is eliminating our need to perform painstaking tasks, instead, allowing us to devote that saved time to the things that matter. Cloud accounting programs such as Xero allow you to easily perform bank reconciliations, it reduces the requirement for manual input and reduces the amount of time needed to be spent in front of a computer screen.

Not only this but in this digital age we live in today, businesses and individuals are no longer as worried about past indicators, becoming more focused on the present and looking forward to what’s to come. Cloud accounting has changed the way we do business and provides us with live, to the minute data, allowing the best opportunity to accurately plan your tax outcomes.

If you are constantly dreading the end of the quarter because of BAS preparation, are spending the best part of the weekend entering your entire year’s transactions into your existing account software, or think it might be time to review some of your efficiencies, contact one of our Business Advisors on (08) 8172 1444 or enquiries@altitudeadvisory.com.au to action the change that will help you better plan your business and tax outcomes.