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The start of the tax season is upon us. As we begin to collect last year’s earnings and financial data for the IRS, our Accounting department is often put through its paces. With applications like Accounting Seed, you can reduce the stress often associated with tax season by having all your accounting records organized and stored in one secure cloud-based platform. In addition, below are a few time-saving tools and functionality available in Accounting Seed that can make your Accounting Department’s tax reporting process easier.
- Mapping GL Accounts to Tax Lines- In Accounting Seed, you can streamline the process involved with aggregating necessary accounting information for your tax returns by adding a picklist to your GL accounts and then mapping them to associated tax lines. For instance, you can run a Profit and Expense report by that picklist and easily group all the necessary accounting data for that tax line.
- 1099 Export- For companies that have to report contractor earnings, Accounting Seed gives you the flexibility to create and export 1099 data as a CSV file with a click of a button. You can also, set your parameters by year and threshold amount. Once you have exported the CSV file, you can upload and submit your 1099 report to the IRS using any recognized e-filing program.
- Stay current with Accounting – It is easy to fall behind on your accounting tasks and work up until the last minute in filing your company’s tax returns. You can eliminate the time expended cross referencing accounting records and keep current with your finances in Accounting Seed. With tools such as its Bank Direct Connect, you can easily import in real-time bank transactions from Accounting Seed and monitor earnings or interest received for tax purposes.