The Internal Revenue Service (IRS) had delayed the start of the tax season back in February this year. This provided businesses more time to re-assess their assets and prepare for the taxes better. The deadline for individual tax filing has also been extended to May 17, 2021. Taxpayers can file their individual as well as self-employment taxes without any penalties or interest by May 17. This extension applies automatically and does not require taxpayers to file any form or even contact the IRS.
However, the challenges of tax filing remain intact even after the delay and extension. It is even more challenging if you own a company. There are a lot of variables that need to be assessed appropriately before filing your business taxes. It is irrespective of whether you choose to file yourself or appoint a tax professional for the same.
Moreover, this tax season is going to be even more challenging because of the COVID-19 situation. The government introduced several acts like the Coronavirus Aid, Relief, and Economic Security (CARES) Act to combat the effects of the pandemic. While these acts and measures help you get through a difficult phase like the novel coronavirus, they do increase the complexity of tax filing as well.
Therefore, you require a technologically sophisticated and easy-to-use tool for making the overall tax process easier and smoother. Intuit’s QuickBooks is one such application that helps you get through the tax season 2021 smoothly. While the software is well-known for its accounting capabilities, it does help you manage all your reports and utilize the data for easier tax preparations. Moreover, you can host the application over the cloud for getting the flexibility of syncing your data with your preferred tax software.
In this article, we will see how QuickBooks helps you manage all your tax-related activities effectively and makes the overall tax season 2021 easier than ever for you. So, without further ado, let’s dive in.
Make your tax season 2021 easier and effortless with QuickBooks Hosting:
By hosting QuickBooks, you get advanced capabilities that enable you to prepare your taxes comfortably. The following are the benefits you get with QuickBooks hosting that make your tax season 2021 easier and effortless:
1.Effective Data Management
All your business data, be it sales report, payroll, or profit and loss report, is vital for accurate tax filing. However, tracking data from multiple sources is easier said than done. By hosting QuickBooks on the cloud, you get a centralized space to capture and manage your data and files.
This centralized space makes it easier for you to access, upload, or download a file instantly. That too from the comfort of your own place. Moreover, if you wish to take a professional’s help for your taxes, you can instantly provide access and get your job done.
2. A Unified Platform for All Your Applications
QuickBooks Desktop is a sophisticated application that streamlines all your accounting activities. But, you still require tax software for filing your taxes. You can easily integrate your preferred tax solution with the QuickBooks software.
However, due to system load, you may avoid installing them on your local systems and host QuickBooks over a flexible cloud platform. That way, you can easily integrate tax solutions like Drake, ProSeries, Lacerte, and ATX, etcetera with your QuickBooks.
There are no restrictions as far as system resources are concerned. This enables you to integrate other essential applications like CRM and Office suite. Thus, you get a comprehensive accounting process on a unified platform. This saves a lot of your time and effort during a tax season.
3. Secure Tax Operation
Your accounting data is critical to your business and hence, a prime target of cybercriminals and internet fraudsters. Further, the chances of data breaches and phishing scams increase exponentially during a tax season.
Therefore, you need to secure your entire accounting and tax process. With QuickBooks, you get a robust security architecture. It has sophisticated security measures like distributed firewall, antivirus management, ransomware prevention, and network monitoring, etcetera that ensure the safety and security of your data and files. You get an access control feature that enables you to allow or deny access to important files and folders.
4. Effective Data Backup and Restore Services
Because your data is critical to your business operations, it must be stored in more than one place. However, doing so on a local server adds to the complexity of your IT infrastructure and increases the financial burden. It is also prone to any hardware threat that may affect your local server.
With QuickBooks hosting, you get automatic backup and restore services. That too with a limitless retention period. Thus, your data is automatically backed up and can be stored for as long as you wish. This helps you access all your past financial and accounting data during a tax season.
5. Managed Services
Effective management of your IT process is important for making things easier for your business. There are various complex tasks like updating applications, replacing hardware devices, and upgrading your system resources, etcetera, that hamper your business’ productivity. All these activities consume a lot of time, meaning the loss of many billable hours for tax professionals.
With QuickBooks hosting, all your IT-related activities are catered to by your service provider. They have a team of experts that upgrades and maintains the hardware infrastructure regularly. You just have to sit back and use all your applications hosted on their cloud environment. Your service provider also consults you while migrating to the cloud. That way, you do not lose any data in the transition. Many of the top service providers offer these services free of cost.
6. Smoother Collaborations
Managing your accounts is not easy. You need inputs from various departments for preparing different QuickBooks reports. This is essential for you to accurately preparing your taxes. However, this requires you to coordinate between several systems and transfer information from one system to another through emails. It becomes even more difficult to provide this information to an external tax professional.
QuickBooks hosting offers you a unified workspace that facilitates easier collaborations through simultaneous access to multiple users. They just need to log in to start viewing, editing, or sharing files. That too from any location across the globe and at any time. This removes the necessity of sending long emails and prevents the loss of information. It is extremely crucial for your business during a tax season, saving a lot of your time.
7. Round the Clock Support
There are a lot of processes involved in tax preparation. You have to collect information from various sources, prepare your tax forms, and share them with the IRS. At this time, you want to avoid any system failure or desktop issues at any cost. You don’t want to lose your precious time fixing your systems instead of focusing on the tax process.
With QuickBooks hosting, you get superior customer support. The best service providers in the market provide 24×7 support that ensures your application is up and running all the time. You can reach their competent support team through a call, an email, or a chat. They offer you instant support, helping you fix any issue you encounter down the road.
Amidst the COVID-19 pandemic, it is difficult for a business to keep abreast with all the new modifications being introduced by the concerned authorities. It becomes even more difficult for you to manage your accounting and financial processes and prepare your taxes accurately. QuickBooks hosting helps you prepare your taxes without breaking a sweat.
Thus, if you too want to make your tax season 2021 easier and effortless with QuickBooks hosting, host it over the cloud from a competent service provider. You will get a dedicated approach towards tax filing, without worrying about any of the IT-related challenges. You will also get a committed support staff to help you manage everything comfortably.