We are quickly getting close to the end of the year and, for those in the accounting department, that means tax season. Businesses using an enterprise resource planning (ERP) solution should be able to prepare reports and tax forms with ease. The next step is getting the right forms into the right hands.
If you are one of the many businesses that utilize an ERP solution to capture all of your important business data, then you are already a step ahead of the rest. Your business data is likely to be entered, categorized, and ready to be analyzed and printed into various tax forms and statements needed to comply with today’s strict accounting standards. On the other hand, businesses using disparate, specialty accounting software and spreadsheets may be a step behind. They may be scrambling to collect critical data in order to assemble it into meaningful reports and forms. The additional step of performing data-validation to check the accuracy of the financial data adds to an already time-consuming task and introduces the risk for manual errors. Which further delays the preparation of tax reports and the mailing of W-2s to your employees.
As you may already know, businesses are obligated to provide employees with their W-2 statements by the end of January each year. Mailing statements late can result in a penalty to your business, with potential fines from the IRS, which can be quickly compounded by the frustration from your employees. Your employees are also obligated to prepare their personal tax returns and can’t get very far without their W-2 statements. If they don’t receive their statements on time they may not be able to complete their tax returns on time, which can result in penalties and fines. Protect your business and your employees from this common mistake by using the
The accounting department can deliver earnings statements and W-2 statements to employees faster and easier with the Employee E-Mail Suite. Instead of printing statements, stuffing envelopes, and sending statements via postal mail, you can simply email them to your employees. Don’t let the end-of-year tax preparation create chaos in the accounting department. Contact Integrity Data to see how you can save time, money, and get important tax documents to the right people, on time, with the
By Integrity Data, a