Corporate Tax Filing Guide for Businesses and CFOs
Corporate Tax Filing Guide for Businesses and CFOs If you want to grow a financially-healthy
With 2022 coming to end, it’s time to reflect on which financial procedures work and which ones need improvements, such as accounts payable and receivable.
This allows you to identify bottlenecks and improve workflows – key factors for better team productivity.
With that purpose in mind, we have compiled 10 financial new year resolutions to help you launch your business to new heights in the upcoming year.
While some finance processes accelerate business growth, others are just a waste of time. They take away your focus from important tasks, negatively impacting your team’s productivity.
To avoid this, we recommend giving the Eisenhower Matrix a try. This method helps you prioritize tasks based on their urgency and importance:
One of the biggest challenges for finance leaders is tracking their team’s performance. In manual processes, this often leads to micromanagement, causing employees to feel untrustworthy.
With the help of automation software, you can eliminate the issue and streamline team activities to boost business productivity.
Peakflo, for instance, offers a centralized workspace that lets managers access team activity reports, create financial workflows, and send reminders for outstanding tasks.
If the COVID-19 pandemic has taught us one thing, it’s that a crisis can happen at any time. So, preparing your financial condition for the unknown is a must.
To do that, plan a budget for emergency funds, set spending limits, and keep track of your business expenses.
In addition, giving each department their own credit card enables you to track transactions more effectively. This way, you can minimize errors during month-end closing and year-end closing.
As previously mentioned, planning budgets effectively allows your business to stay afloat during hard times.
For best results, we recommend implementing the 50-30-20 budget rule:
Managing your accounts payable process is the next step of achieving better financial productivity. The average small-to-medium-sized company spends 25 days processing an invoice – that’s almost a whole month wasted.
By using an automation tool, the number decreases significantly to just 3-5 days. That means more time to work on other crucial finance processes.
With Peakflo, you can streamline accounts payable workflows – from generating purchase orders quotes and getting faster approvals to scheduling payments in bulk and better forecasting with real-time reports.
There’s one thing every finance team will say yes to, and that’s a healthy cashflow. The problem is, 93% of companies experience late customer payments, which can pose business risks.
For that reason, optimizing your accounts receivable process is non-negotiable. Start by creating a clear SOP regarding payment collections.
To ease the process, it’s best to implement accounts receivable software like Peakflo. Through our user-friendly dashboard, you can track customer invoices and send automated follow-ups via email, WhatsApp, or SMS.
Planning taxes strategically enables business owners to reduce their taxable income and keep more of their hard-earned money.
Thankfully, we have plenty of tips regarding tax management. Having a breakdown of taxes for all invoices and bills will provide more transparency on your income and expenses. In Peakflo, you can clearly see the type of taxes mapped to each bill and invoice in real-time in a single dashboard.
Additionally, finance teams need to make sure that all customers have included their withholding tax (WHT) payment receipts in their invoices. To simplify this process, accounts payable and receivable software will automatically extract withholding taxes by codes at year-end for a faster closing.
There’s no better way to improve finance productivity than automating repetitive tasks. With Peakflo, streamlining accounts payable and receivable processes have never been easier.
Our centralized workspace allows you to:
To understand how Peakflo works in real time, check out our 2-minute product tour or try our free trial.
We hope by reading this article, you can adjust your business and finance strategies for 2023. Good luck and happy new year!
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