So, I tried typing the keyword “tax season” on Google search and the photo below popped out amongst other similar ones. The thing I’ve noticed among those images is that it includes a paper or a pile of papers. It actually got me thinking, do we really need to dive into a pile of papers whenever tax season comes around? In this day and age, getting used to digital forms instead of paper is very much accepted, so going paperless for business tax should be totally doable.
Photo Source: Pexels
If you are you a small business owner who wishes to cut down the time spent on rummaging through a pile of papers during tax time, but still undecided whether it is time to go paperless, we listed all the benefits of going paperless for business tax that should help you make up your mind — today!
Benefits of going paperless for business tax
Say hello to your well-organized documents.
Going paperless with your business will save you a lot of time and effort in organizing and keeping your files. Imagine yourself sitting comfortably on your desk as you put files in their respective folders using your computer. In a few keystrokes, you can easily locate important information needed in your day to day business operation. You can start scanning your documents to turn them into digital copies.
Using an invoice generator to eliminate invoices and receipts that are made of paper is now a hot trend among small business owners. Think of how quick and easy it will be to retrieve these important files during tax time.
Experience a swift and cheaper exchange of communication.
All thanks to the advanced technology of smart devices. Albeit the busy tax season, business owners need not be confined inside their offices and spend time going through their documents. Most people, especially small business owners have immediate access to emails using smart devices. It helps a lot in providing increased efficiency when it comes to tax documentation and filing. Aside from that, going paperless for business tax lessen the amount incurred on paper copies and storage costs.
On-the-go files saving and retrieval.
Say goodbye to your bulky fax machine! Saving files and retrieving them especially during tax season can be done in a few clicks. With your laptop or smartphone, pertinent documents needed to finish your tax filing can be easily retrieved, even when you are on the go.
Documents are automatically filed for backups.
With paper documents, the only way to back it up is to make duplicate copies and file them in multiple folders. With electronic files, you can choose among multiple backup points. You can save your files on flash drives, external hard drives, or through the cloud. For very important financial documents, expense apps and other similar cloud-based software provide automatic backups on a pre-scheduled basis.
Files and documents are 100% secured.
Even without locked filing cabinets and paper shredders, your files and documents are 100% secured should you opt to go paperless. With the rise of reliable cloud-based software, most of them offer bank-level data security to protect your documents and files.
Be a friend to Mother Nature.
Recycling is one of the most popular things to do if you aim to be an environment-friendly business. However, going paperless is the easiest! Aside from saving trees, small business owners can conserve energy when printing, copying, and sending documents through fax machines.
Many small business owners are making a big shift towards a paperless environment. It is also observed that it often happens before the tax season sets in. With the proliferation of improved data storage and electronic communications brought by advanced technology, now is the time to jump on the bandwagon of paperless businesses.
Can you think of other ways to go paperless in a small business setup? How can it benefit you and your business?