Australian small businesses, corporates and the majority of individuals are required to report taxable earnings and deductible expenses to the ATO. Preparing and lodging tax returns can often feel like a monumental task, cause stress and take more time than expected. Yet the availability of cloud software specifically designed for this purpose has made the process more streamlined than ever.
Let’s look at some of the ways proven cloud applications like GovReports can reduce the stress and make it easier and faster to prepare and lodge tax returns.
1. Significantly speed up the entry process and ensure alignment with Government records. ATO certified cloud software can instantly pre-fill numerous fields based on the information recorded by the Government, data from previous returns and connected financial accounts.
2. Make it easy to collaborate with tax professionals.
The ability to provide secure access to external stakeholders allows for real-time sharing of required documents and information.
3. Capability to sync financial accounts automates data entry.
Software like GovReports can directly link to the accounts in other cloud ERP and accounting applications. Automatically retrieving and populating ATO forms reduces transposition errors and data entry time.
4. Enhanced security reduces the risks of extortion and breaches of trust.
Security is a primary concern when it comes to handling sensitive tax information. Cloud tax software providers in Australia invest heavily in security measures to protect your data to comply with ATO requirements. They employ robust encryption, firewalls, and multi-factor authentication to ensure your data is safe. GovReports goes a step further and maintains the global ISO27001 certification.
5. No server and related maintenance costs
Tax laws change annually and users of on-premises applications need to install and manually update their software. Cloud tax software like GovReports runs on a browser without requiring server related fees and enhancements and occasional bug fixes are seamlessly updated. This ensures that you’re always using the most current version, reducing the risk of errors or missed deductions due to outdated rules and tax forms.
Running cloud tax software has made the complex process of accurately preparing lodging tax returns considerably more manageable and stress free. If you’re still using a hosted server-based solution, switching to a cloud provider can reduce costs as well as optimise your team’s experience, by improving accuracy, security and efficiency.
Contact GovReports to discuss making your compliance jobs more efficient, stress free and profitable.