As entrepreneurs, you can’t help but to feel overwhelm every now and then. We get it because we’re a business too. There are too many nook and cranny to look into. Among other thing is tax. Mean ol’ taxes. The thing that you don’t want to understand but forced too. Well now, we at SmartTax is here to share some ways of easing your tax load. Ouueeiii.
So here are 3 tips (or shall we say best practice) to help you make the best of your GST filing and reporting, spending less time looking at those numbers and ledgers while opening up more room for your strategic thinking and creative product development. So, let’s file away!
#1. Proper filing and documentation.
By proper we mean religiously keeping tabs on the debit-credit of your company. Proper filing is when you subdivide all parties; suppliers and clients alike into a well organised and easy to find folders and tag it by date. Do you even have time for that? Hell no.
The good news is, you have the liberty of choosing whether to file it in physical files and folders, arranged in different sections in a square compartments of your office shelf OR you can use a well-designed cloud based tools like Google Drive or Dropbox.
#2. Bank reconciliation.
To the uninitiated, reconciliation is the process where the records in the company ledger are correct and matches the record in your bank account. Imagine that you or the bookkeeper manually checking and balancing the book with your bank statement. And accounting best practice dictates that this should be done on a tight regular basis (to keep up with the company activities). Now, imagine how prone a manual reconciliation process is to mistakes and errors. Errors that cost you leakages in your cash flow.
The yonder years of manual labor are slowly fading and automated bookkeeping system is shedding new lights to an aged old accounting problem. Hence, it’s best to leave this labor intensive process to the cloud.
#3. Use Xero with SmartTax
Alright, we’ll skip the superlative praises for Xero being the best, the most robust, easiest and simplest accounting system that’s out there in the market. Let’s talk about Xero being the system that really ‘make sense’ to your organisation. The features are comprehensive, covering all functionalities in any bookkeeping process. The calculation and data transfer are all gracefully done by Xero thorugh the clouds, no more silly mistakes and unforgiven errors.
SmartTax on the other hand is your complimentary goods and service tax (GST) system for Xero. Currently SmartTax is only available in Malaysian shores but we do plan to expand to other regions too. So watch this space. Our simpler, smarter tax filing and reporting solution is built to be fully integrated with Xero.
So there you have it. Some if not the most essential components for you to file better GST returns. By better we mean a well organised, error free, audit and filing ready. It releases you to focus more on what matters to your business.
Click HERE Learn more on how Xero and SmartTax can help your business to file better GST return to avoid penalty and unnecessary headache.