5 Tips to Make Tax Season More Bearable For Your Business

  1. Collect your receipts:
    With today’s cloud technology expense receipts can be collected immediately By using something as simple as a shared email or even shared folders, you can instantly provide these items to your accountant.  Importantly, as you incur tax deductible expenses, your accountant can use them to reduce the mad scramble during tax season.
  2. Share access to T4 slips:
    The Canada Revenue Agency’s site allows you to provide online access for your accountant to view your T4 slips. Get a jumpstart on your return by giving your accountant access.
  3. Meet your accountant more often
    Make your tax planning meetings with your accountant quarterly. Instead of the once-a-year rush, these more frequent meetings will help shape their advice around events in your life as they happen. Had a new kid? Take advantage of tax savings immediately.
  4. Make your accountant an expert on your business
    Getting your accountant to be an expert on your business is more important that you may think. Their advice and experience will be more relevant once they have a better understanding of how your company works. You’re regular meeting will be more effective and their tax planning advice can be tailored to your company’s situation.
  5. Use cloud-based invoicing tools
    Getting your business linked into a leading cloud invoicing solution like FreshBooks makes invoicing a breeze. You can automatically track and share your activities with your accountant and these tools make it easy to share. Other great options include Kashoo or free options like Wave, as long as the advertising doesn’t freak you out.

RyanKaganRyan Kagan
, CPA, CA
President, Albatross Cloud Systems Inc. Albatross is an accounting technology company that provides technology support for businesses.About Ryan

I’m a sole practitioner focused on cloud accounting training for CPA firms and small businesses, as well as the preparation of business projections for the Canadian Small Business Financing Loan Program. I’m currently the president and co-founder of Albatross Cloud Systems Inc. In the past, I was also a Senior Manager with Kagan and Kagan LLP in Toronto. I received my Bachelor of Accounting (Honours) degree from Brock University in 2005 and earned my CA designation in 2007. After graduation, I went to work in my family practice where I converted my first office into a paperless environment.

I am passionate about the environment and re-designing business processes so that they are eco-friendly and socially responsible. I am a strong believer in the triple bottom line statement – an accounting framework with three dimensions: social, environmental and financial – and aspires to influence its use in all businesses.

 

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