In order to pay fewer taxes, the organization, the correct management and the forecast are important, and this can only be achieved by applying them throughout the year.
Control all your Business Expenses:
For freelancers and companies, managing multiple expenses for the activity they perform and managing the tickets is not an easy task, as they run the risk of losing or deteriorating over time. The problem with this that causes that there are many expenses that are not managed, thus losing the opportunity to deduct them. You can also consult with any experienced financial advisor like Ed Rempel in order to save some money. Ed Rempel Brampton has been a Certified Financial Planner for over twenty years, and an accountant for thirty-three years
To achieve this objective, the first measure to take into account is that all the deductible expenses related to the activity that they perform adequately must be recorded. This means saving and recording invoices, receipts, travel expenses, subsistence allowances or lodging for the entire year.
Keep track of expenses during the year to be able to deduct them and save taxes:
This is probably one of the most tedious parts of accounting, since it involves storing papers, storing them and declaring them on time. However, it is the best way to balance the collection of taxes, since the Treasury takes into account the expenses incurred for the performance of the activity. The use of technology can greatly facilitate this work, since nowadays there are ‘online’ accounting programs that allow you to digitize your invoices by only making a photo with your mobile phone at the same time.
The physical paper can be thrown away, avoiding having to worry about registering, storing and storing it for at least six years as required by law. These applications are approved by all tax agencies; this means that the images of the tickets have legal validity in the case of an inspection. It’s easy, fast and safe.
Automate what consumes a lot of time:
Today, as we know, time is literally gold. Therefore, by optimizing their processes, companies can save a few Euros at the end of the year. If we are going to do a meticulous management of the expenses, in order not to devote more hours to this task, it is interesting to have a program that makes the bank reconciliation automatically.
Bank reconciliation is a monotonous task that steals a lot of time and in which, in addition, it is possible to make mistakes. The best way to solve it, in this case, is to ally with a technology that automates the reconciliation of bank entries.
There are programs that connect with banks, extract information and match bills and tickets
There are programs that, in a completely secure way, connect with banks, extract information and match invoices and tickets independently. Thus, the person in charge of this task will only has to supervise, approve the operation with a single click and so you can be sure that you have not forgotten any expenses.
In addition, we can also control the balance of the bank and its evolution to ensure that there is sufficient liquidity to meet the payment of expenses and taxes when the time comes.