Use accounting software to keep on top of tax

Fri Feb 19 2010 18:26

Businesses should use accounting software to help track the debts they are owed.

The use of accounting software could help businesses to keep on top of tax.

Such is the advice of Colleen Gibb, president of Gibb Widdis Chartered Accountants Professional, who tells Canadian Business that entrepreneurs should attempt stay on top of their paperwork all year round.

Claiming it can be easy for business owners to lose track of how much they are owed, Ms Gibb states the use of accounting software can help make them aware of outstanding debts and when to write them off when filing their tax return.

Printing an "aged receivables" list on a regular basis was recommended, something should prove "a cinch" when using accounting software.

Ad this software can also help them to track profits and revenue to help figure out exactly how much tax they owe.

Such comments come as a recent Forrester Research study revealed that more than a fifth of IT executives and technology decision-makers at small and medium-sized businesses plan on improving their accounting software this year.