It is with great displeasure we are tasked with reminding you all that tax season is upon us. This is a time where everyone, both professionally and personally, begins to simultaneously channel a minor headache when they even remotely think about their finances. Although we are not certified professional accountants our team of professional property managers does have a few quick tips on how you can leverage technology to make this year’s tax season your smoothest one yet!
Consolidate All of Your Data in One Place:
First and foremost the number one thing you will want to do when preparing for tax season ensures that all your data and information has been consolidated into one secure place.
The last thing anyone wants to do is conduct a paper-race or spend time tracking down missing or important tax documents. If your property management team isn’t already using a credible and approved information system it is never too late to implement one.
Let us know if you need any recommendations.
Organize files for easy processing:
The primary use of an automated property management system is to keep an up-to-date record of all relevant documents pertaining to both operations and finances.
Use analytics to spot anomalies in advance:
If possible, your property management system should come with built-in analytics tracking and reporting tools. These types of systems will allow you to quickly scan and review any inconsistencies that may exist prior to filing your taxes.
A system with a ‘Tax Filing Checklist’ is best to ensure you do not miss anything.
Give your team a break to focus on higher-level initiatives:
Taxes are a part of doing business but can be quite disruptive to just about any organization or industry if accounting processes aren’t automated. If you’re not already using an automated data system we highly recommend you do.
Doing so will free up your team to focus on aspects of your business that reap the most rewards and it might even make your next tax season great!
Find a qualified CPA sooner rather than later:
This last section should be a no-brainer but is sometimes overlooked. Certified Professional Accountants (CPA) can help you save a lot of money in the long run.
Finding a CPA that is right for your business may take a bit of time so start early so that you can find the right fit. We are here to help if you need any recommendations.
For more resources and tips on how to prepare your rental properties for tax season check out these links below:
https://madanca.com/blog/how-to-prepare-tax-returns-for-rental-properties-in-canada/
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