Year-End Tax Planning Strategies for Businesses

Word Taxes being cut with scissors

Few things in life are guaranteed – with the exception of taxes. Though there’s nothing you can do about the certainty of the tax season coming up, you can prepare ahead of time to help make this year’s tax season as stress-free as possible.

The key to having a stress-free tax season is securing and properly managing entity documents and information before Tax Day rolls around. Many businesses rely on spreadsheets to take care of this complex process, but is this the best way to manage such important information? One of the major issues presented when managing tax and entity information in spreadsheets or paper files is that they are time-consuming to maintain and search through. If your company stores all of its entity information in separate spreadsheets, it could take hours to sift through all of it to find the exact piece of information you need. Anytime you have to update a file you’ll need to go through this process as well. It might not seem like these very manual process takes up too much of you or your employees’ work day, but multiply the time wasted by the amount of time you need to go through entity information throughout the year, and you’ll find that the hours, or days, wasted can take a serious toll on productivity.

Not only is managing important entity documents in spreadsheets inefficient, but it can also be a magnet for risk. Human error opens up entity information housed in spreadsheets to the risk of being inaccurate or even lost. The best way to prevent human error is to use a platform that allows you to store and secure this very sensitive and important information. When entity information is stored in spreadsheets, it is typically shared via email. This leaves companies open to risk because email is notorious for having security issues, and it is extremely easy to send information to the wrong email address accidentally. Filing entity information on paper and in filing cabinets presents incredible risk as well. Information on paper can be easily stolen, lost, or destroyed.

Managing entity information and keeping track of filing deadlines for dozens or hundreds of entities is a difficult and time-consuming part of preparing for tax season. Traditionally, firms with multiple entities use spreadsheets to manage all of their information and filing deadlines. While spreadsheets are great tools for running analytics on data, they are less effective at managing and organizing complex legal entities and upcoming filing due dates. There are web-based solutions that help make this process much easier and prevent a slew of problems caused by human error. EntityKeeper allows you to store unlimited amounts of entity documents and helps you securely share them with team members. Also, the software will notify you when there is a filing deadline approaching for one of your entities, helping you automate tasks. With a software like EntityKeeper, managing complex entity data is streamlined with features like unlimited document storage and easy to build organizational charts.

Ready to learn more about how EntityKeeper can help make this year’s tax season as stress-free as possible? Schedule a demo today:

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EntityKeeper is the preferred cloud-based solution to keep up-to-date information on your legal entities and share with your key personnel across your organization.

 

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