Happy 2017! For many, this time of year means it’s the beginning of tax season. For us, it’s a time to encourage business owners to adopt a year round tax strategy. This is especially important for startups just getting their ideas and products off the ground. Bad habits are hard to break but with a little help from your accountant, good habits are easy to adopt. Here are three reasons adopting a year round tax strategy will simplify your taxes and your life.
Rather than handing a pile of reports and receipts to the tax person you talk to once a year, a year round tax strategy implements regular reviews with a team familiar with the inner workings of your business. You can rest assured that by working with an outsourced accounting team, your reports and receipts are monitored all year long by the same people actually filing your taxes.
When it comes to your books, your goal should always be to simplify the process. Adopting a year round tax strategy means that tax prep and planning are always happening in the background by the people who know your books best. This means less time answering questions about charges that happened eight months ago. And let’s be honest, that time you’re spending explaining and decoding things is time you’ll be billed for.
A year round tax strategy will take your venture to the next level. When your tax plan is synched with your business plan, forecasting and planning becomes easier. You aren’t waiting around to see what your tax burden will be. Instead, you’re using it all year long to help you make decisions about things like new hires, new offices, and product launches.
As strategic advisors, we are firm believers in a year round tax strategy because we are fully committed to year round success. And while ‘year round’ may sound like more work upfront, we promise it will save time and money in the long run.
To learn more about year round tax strategy, download Accountfully’s Guide To Taxes.
Brad Ebenhoeh is managing partner at Accountfully, a fully-outsourced accounting department based here Charleston, SC. His focus on strategy, growth and leadership has meant that Accountfully clients have increased profitability, grown into new markets and successfully launched additional revenue lines. Throughout his career, he has led major transactions and financial management projects for Fortune 500 companies, fast-growing start-ups and everything else in between.