An improved system of recording every transaction can bring about changes that might have a positive impact on an organization’s overall situation. In a recent article for Entrepreneur magazine, personal finance writer Karin Price Mueller advised individuals and owners of small businesses to keep tabs on and organize their potential tax deductions so that these can be used come tax filing time:
“You should keep close track of your deductible expenses throughout the year, and if you simply keep deductible receipts in a pile, now it a good time to sort through them–while your memory is fresh. If you can’t remember why you saved a receipt, you won’t be able to use it as a deducible expense.”
Mueller highlighted the importance of implementing a systematic way of tracking these transactions, not only will this save valuable time, but small and medium- scale ventures can also qualify for a Section 179 tax deduction with exemptions of potentially up to $500,000 per entity for 2015. This allows owners to have the costs of capital items be deducted by treating these components as expenses instead of deprecating the items over a period of few years. To this end, tools such as the Peachtree Quantum system (also known as Sage 50) can assist businesses in maintaining important records and backups.
A structured overview of an organization’s situation can help owners decide if a purchase or transaction should be made immediately or later. Aside from organizing financial figures in the most logical manner, a versatile and well-designed system with tight security and intuitive features can get businesses on the right track; through efficient management of issues such as archiving, personnel records, financial management, audit trails, payroll processing, supply chains, and more.
The more robust and user-friendly systems in the market can help small and medium-sized organizations take advantage of continuous access to technical support and expertise, thus freeing more of their time and bandwidth to achieving their goals and getting ahead of the competition.
Businesses and organizations interested in trying out these powerful and versatile software suites can approach local retailers or premier Sage 50 / Peachtree Quantum software resellers such as Quantum Buyers LLC to see how these systems fit their needs.
(Source: Midyear Tax Check: Organize Now, Save Later, Entrepreneur, August 3, 2010)