Guide: Preparing Your Business for a Better Tax Season

Preparing for tax season can be a daunting task for businesses of all sizes, especially for finance teams. However, the good news is that implementing the right technology and automation tools can help alleviate the burden of year-end tasks.

In this article, we’ll provide expert tips on how to properly prepare for tax season by assembling a tech stack tailored to your accounting department’s needs, reviewing your financial statements (including income statements, balance sheets, and cash flow statements), recording year-end closing journal entries, and reviewing financial ratios/metrics. Additionally, we’ll outline strategies for getting tax-ready.

By following these steps, finance teams can make the year-end process smoother and less stressful, allowing them to refocus their strategies for the next financial year. So, whether you’re a small business owner or a member of a larger finance team, read on for our top tips on how to prepare for tax season and make the most of this important time.