Sage Advice

How can mompreneurs wrap up tax season?

 

At any given time of the year, moms who own their own companies have a lot on their plates. These women have to run a small business and contend with all of the obstacles that arise in the office, from managing employees to fostering relationships with corporate partners and everything in between. More than that, they also try to dedicate an equal amount of time to their friends and families. That doesn’t always work out—a Sage 50 Accounting and Mompreneurs survey revealed that two-thirds of mompreneurs dedicate more than 20 hours every week to their business.

As such, when hectic times of the year—such as tax season—approach, things can get a little harried. Something often has to give. Maybe they spend less time at home because they’re trying to get all of their financial information together, or perhaps they try to balance and end up making mistakes on returns or having to rush at the last minute.

But these scenarios don’t have to happen if they have the right tools at their disposal. Before Tax Day in Canada arrives on April 30, mompreneurs can gather all of the data they need and make sure they’re in a good place financially as long as they have accounting software and knowledge of basic bookkeeping skills.

Laws are always changing

Tax laws change frequently, both across Canada and from province to province. Investigating the tweaks that have been made, especially at the last minute, can be a massive time suck and throw a mompreneur’s work-life balance off in April.

But many accounting programs have automatically updated systems that can help owners stay current with new regulations each year. This way, time that would have been spent browsing through Canadian legalities could be dedicated to personal matters.

If mompreneurs have been keeping track of data, no problems are expected Perhaps the best thing about using a bookkeeping program is the fact that it’s so easy. With a few keystrokes, mompreneurs can enter financial data into the system in mere minutes. This is a big upgrade from using Excel spreadsheets and doing the books manually and can even allow leaders to shave hours off their schedule.

Because software makes it so easy to keep monthly bank statements, receipts, and other important data organized and secure throughout the year, when April comes around, mompreneurs won’t have to rush to wrap everything up.

Need accounting software?

Sage has accounting software for your start-up, small, or midsized business.

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