While maintaining accurate financial records can seem like a complicated task, the good news is record keeping doesn’t need to be stressful if you put the right digital solutions in place to help. If you’re a small business owner wondering how to make the process of filing your tax return easier, here are key ways technology can help.

Save time and increase productivity

Implementing accounting or bookkeeping software in your business can help streamline your financial processes. Software powered by the latest technologies that takes care of incomings, outgoings, expenses and more will remove the constant pressure on you to keep on top of the business records, freeing up your time to focus on what counts - selling your products.

What’s more, when the tax return deadline comes around again, good accounting software will let you export all the information needed at the click of a button, making scrabbling around for last year's figures a thing of the past.

Streamline reporting

Accounting technology lets you view real-time business reports as and when you need to. This is essential if you want to know how the business finances are doing and will allow you to spot any areas of concern early, before they can evolve into serious issues.

Furthermore, software which uses automation to streamline administrative tasks like generating invoices, overdue payment reminders or requests is invaluable, giving you an accurate overview of what your business cash flow looks like at any one time.

Work wherever, whenever

Business owners who use cloud technology will already know the value of being able to pick up work tasks seamlessly, no matter where they are or what time of day it is. Choosing bookkeeping software that utilities the cloud will mean you can keep on top of your financial tasks while out and about, submitting invoices, generating payments and updating the books as and when changes happen. This not only improves efficiency but also frees up your time to pursue new business opportunities.

Never lose a file again

If you’ve ever found yourself hunting for last year’s paperwork or desperately searching for that box file stuffed with receipts as the tax return deadline ticks closer, you’re causing yourself a lot of unnecessary stress. You’re also at risk of losing key documents that HMRC may request from you.

A digital solution will free you from the need of keeping piles of physical paperwork. Being able to upload documents, invoices and receipts to an accounting app or software will keep your records safe, secure and organised. When the deadline comes round, everything you need will be ready to go, making stressful, last-minute tax returns a thing of the past.

There are a lot of different options out there to consider when it comes to accounting technology to help with your tax return. Look for software that is user-friendly, allows you to carry out invoicing and track expenses, is designed for small business owners specifically, and is powered by the latest technologies to make the process as easy and efficient as possible. If it works with the cloud and allows you to store your documents digitally, like MYT, then that’s even better, as that means you’ll be ahead of the curve when HMRC introduces the Making Tax Digital rules for micro and small businesses in 2024.

Entrepreneurs and business owners have enough to keep track of. Luckily, technology is available to help simplify the process of filing your tax return. Take advantage of the digital solutions available on the market, giving you one less thing to worry about leaving you free to focus on the main task of taking your business to the next level.