Accounting & taxation deadlines for retailers
05 Jul 2019
As you have started to make a business you must learn every aspect connected with the business world. And you probably know how important accounting and tax accuracy is for your company. You should have all your accounting details on hand any time and be aware of any law and term referring to taxes and their payments.
Due to it, you will be able easily to evaluate your income and outcome and surely will correctly know how much taxes you should pay.
It’s not a secret that business owners, especially new ones hate paying taxes. They consider working for taxes forever.
Despite many people believe taxes are theft, it’s due in return for the government’s protection and services.
Sales tax rules vary from country to country. For example in the USA tax amount varies from state to state. The charges start from 2.9% up to 7.25%. In Canada, it varies from province to province. But in many places, there are fixed amounts on most goods and services.
Every country has its own deadlines for filing taxes. For example in the USA its 15 April 2019, Canada: 15 June 2019, UK: 31 January 2020.
Sometimes countries have additional tax returns, such as deadlines for Fringe Benefits Tax (FBT), partnership returns.
For many business owners, it’s a nightmare to manage documentation activities in time. Therefore almost all of them try to invest an automated system of accounting and taxation. Automation is a salvation for both small and medium-sized businesses. You can keep your receipts in your cloud-based system and have no limits to get them in any case.
This is most important when tax time comes. So you will get rid of preparing manual papers and documentation.
Considering the fact that nowadays eCommerce owners are fond of integrating inventory management software, accounting integration is the inseparable part of these platforms.
So in case you have already invested an inventory system, you will be able to receive accounting services as a bonus.
For example, our eSwap cloud-based inventory platform has dozens of integrations with worldwide companies like accounting companies QuickBooks and Xero.
Have you ever heard about Xero or QuickBooks?
These are the best companies many retailers prefer to cooperate with.
Let’s review these wonderful platforms, their features, and eSwap-Xero-QuickBooks integration benefits.
Xero is founded in 2006. It’s a cloud-based accounting software. Xero provides business owners with the visibility of their accurate financial position. Due to its cloud-based functionality, Xero is available from any device and anywhere. It gives an opportunity to see cash flows, bank transactions, and account details anytime. It has the best support team and unlimited integration with different channels.
With eSwap-Xero integration, you can manage your online accounting and inventory management at the same time from one dashboard. The integration allows us to eliminate manual data entry, minimize manual errors. You will save time and money due to the automatic synchronization of any data.
There are other benefits you can count on. When an order is placed eSwap automatically sends the invoice to the Xero database.
The same is for purchase orders. Xero automatically receives purchase bills.
No matter in what currency you sell, eSwap will convert those sales to Xero’s base currency for accurate accounting.
eSwap will create sales taxes, local taxes and other tax types and share them with Xero in real time.
QuickBooks like Xero is a cloud-based accounting for individual accountants and small businesses. It’s the best choice when dealing with tracking expenses, bank reconciliation, creating invoices and financial reports, etc.
One more advantage is the opportunity of organizing weekly time sheets and bank deposits. QuickBooks offers special templates for creating a business logo and generate invoices, bills and financial reports as you want. It can import any data from other integrations, including Paypal, American Express and Square.
eSwap automatically sends all details connected with sales, purchases, payments, costs, etc to QuickBooks. When sales orders are placed, QuickBooks is updated and starts to create an invoice for payment.
You just need to create an eSwap account and link it to Xero or QuickBooks. It’s up to you to choose which one.
Give just a few minutes, create your eSwap account and get eSwap-Xero/Quickbook strong cooperation.
Sign up now and get a 14-day free trial as a bonus.
If you need some more information about how to set up and use this platform, you can contact our support team.