Smartphones have become an extended limb for most of us. The major elements that make smartphones, so indispensable are none other than the various mobile apps. These mobile apps have weaved their magic on us with their countless utilities. There is an app for almost every type of daily requirement. Hence, why not get hold of an application for managing your taxes?
In this continually evolving technology-driven space, conventionally managing your taxes and finances may no longer work seamlessly for your business. There is an ever-increasing magnitude of business transactions and a need for instant information updates on the go. It has opened the doors for the infusion of application and software technology in the world of finance and taxation.
Tax is a realm that is not every person’s cup of tea. It involves understanding complicated statutes and keeping track of innumerable updates for different types of entities. As the tax season nears, most entities go into a state of hysteria over timely compliance with their tax return filing needs. Manually handling the tax needs of even small-scale business firms is a tiring task. There are quite many issues in continuing with traditional tax and accounting management practices.
Problems faced in the Conventional Tax Filing methods and Management practices
- More prone to inaccuracies
To err is human, and when there is a larger deal of human involvement in tasks such as tax return preparation, the possibility of mistakes manifolds. When we contrast a regular employee’s efficiency with a tax application or software tool, the latter always has a higher chance to win. The probability of larger errors can prove quite costly for any business entity. It may result in unnecessary revisions, delays, and even tax penalties.
The entire process of tax preparation and filing can take up a great extent of your time if done without the assistance of a proper software system. It is hardly feasible for business entities to devote such a substantial amount of time to a given type of tax return or form. In this fast-paced world of digitization and smart devices, it is important to eliminate different tedious practices.
- Higher Risk of Late Fees and Penalties
Employing the traditional practices for the various compliances of your business is not viable, not just in terms of the time taken or the occurrence of errors; the failure to report relevant details can lead to interest, penalties, and even tax assessments from the authorities. No business owner wants to invite such legal troubles, which can hamper his enterprise’s seamless operations.
- Prove Costlier for Most Types of Entities
When you hire a tax consultant or professional on-premise to cater to your tax needs, it can prove quite expensive. Many business entities do not possess the financial capacity to afford such personnel for their needs. If you do not obtain the specialisation needed to handle your organization’s tax compliances, you tend to invite troubles.
- More issues in Record-Keeping
In the present era of digitization, resorting to the mundane methods of record-keeping and accounting will not work. Keeping track of all necessary documents and updating business information becomes difficult. It thus leads to an adverse impact on the tax management of your business concern
- Security concerns
Safeguarding your sensitive business information with the traditional measures in effect is almost impossible. Without the upgraded security measures, the confidentiality and privacy of your revenue and tax details get compromised. Shifting towards the latest tax management applications and tax software can prove as the best choice.
All business entities need to do away with outdated tactics if they want to succeed in the long run. Tapping the means available with the information technology boom is imperative. Although many business entities globally are using tax software, he needs a dependable medium for tax updates when one is frequently on the move. A world-class tax tracking application can act as a much-needed virtual professional for business owners.
Initor Global brings a robust and reliable tax tracking app for your assistance!
Our team has initiated a new revolution to enhance the level of our premier tax preparation outsourcing services. We are proud to announce the launch of our world-class tax tracking app- TaxTrak. Initor realises the importance of moving in sync with technological alterations. The tax return tracking application will surely address many of your tax compliance management concerns with just a tap on your phone screens.
TaxTrak Enables Tax Management With a Tap!
A visionary endeavour from Initor Global, TaxTrak seeks to ease the life of managers and business owners. It shall ease the process of monitoring the tax return preparation and filing. The app is a must-have for all types of accounting firms and CAs in the UK. It will help relieve the burden of managing the countless tax return demands for such entities.
Plus points of having a tax tracking app for business owners
A tax return tracking and management application bring some very desirable benefits for any business entity. Some of the notable plus points include:
- Supports Effective Tax Planning
Tax planning forms a critical part of any entity’s overall tax compliance requirements. No business wants to miss out on the chance of optimizing their tax liability by not claiming any eligible deductions or exemptions. Proper tax planning needs you to stay updated with the different amendments in the tax laws. A tax tracking app can help cater to such needs to ensure rigorous tax planning.
- Simplified Process of Tax Calculations
Tax tracking applications are programmed to calculate your taxes with high precision effortlessly. Your tax payment calculations are carried out after considering necessary revisions in rates and applicable tax provisions. The task that might take regular employee hours can complete in a few minutes with a reliable tax application such as TaxTrak.
- Automates Tedious Tasks
Catering to the tax compliances can involve various monotonous tasks. Using automation tools such as apps and software reduces the need for human intervention in the tedious aspects. It allows business entities to save time and avoid unwanted delays.
- Enables Businesses to Concentrate on Core Operational Activities
When the responsibility for your tax return needs is handled by dependable tax pros like tax tracking applications, you can take a sigh of relief. You can devote more time and better focus on the primary business activities as you know your tax dealings are sorted.
- Accessibility Anytime, Anywhere
The most alluring part about working with a tax tracking application is the access to summarised reports and updates whenever and wherever you want. All you need is a smartphone and an internet connection. The possibilities and ease that come with using a tax tracking application are almost limitless. Many business owners who need to travel regularly find the enhanced accessibility very conducive.
Fab Features of TaxTrak for your Firm’s Tax Needs
Creating the ideal tax return tracking app implies bringing together all the fabulous features in one place. This is what we are aiming to offer the businesses. Let us delve into the dynamic abilities which TaxTrak is all braced up to deliver.
- Cloud-based App
TaxTrak is a cloud-based application. All the information is stored securely on the cloud storage system. The data stays accessible to the authorized users via multiple devices, from your smartphone or your PC. You can easily access all the tax return updates, whether you are working from home or on a mini-vacation abroad.
- Time Saving
A considerable amount of time is devoted to collaborating about your tax returns’ details on numerous mediums such as emails, calls, messages, and the likes. TaxTrak offers you all the relevant information with a quick glance.
- Coherent Communication Services
The app has a real-time chat feature that allows you to contact the responsible personnel in no time. There is no hassle of coordinating on multiple mediums and putting yourself in a state of haywire. All information is duly organised.
- Highly Secure
Security is our highest priority. As a GDPR-compliant outsourcing firm, the app we have designed caters to all types of security standards. Your business information shall always stay secure.
- Cross-Platform Application
Do not bother whether you own an iPhone or any Android phone. TaxTrak app works on both IOS and Android platforms.
- Flexible Pricing
TaxTrak offers you the advantage of diverse pricing options. We will customize the app as per the needs of the client’s organization. The pricing system for the app is very pocket-friendly and scalable.
- Interactive and User-friendly
This tax return tracking app does not require a lot of expertise. One can easily work with it after a brief.
Top-notch TaxTrak Application at your Disposal!
Along with our superior tax return preparation outsourcing services, get hold of the TaxTrak app. Presently, the clients who are opting for our tax return package only can access the TaxTrak app. To reap the benefits of this awesome tax management tool, you can consult our professional team.
Let’s talk more about TaxTrak! Contact Initor Global to get a demo now!