March 31 is the deadline for submitting the annual company tax return.

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This text was translated from our Spanish edition utilizing AI applied sciences. Errors might exist resulting from this course of.


March 31 is the deadline for submitting the annual company tax return . This fiscal obligation is a superb alternative for SMEs to guage their funds and enhance their useful resource administration. Regardless of this, for almost all of SMEs , the annual declaration stays a really advanced job.

Most of the SMEs depend on their accountants to hold out this course of, however all accountants rely on SMEs to have all their paperwork full and arranged. In essence, there are two components that make the declaration course of troublesome: 54% of SMEs perform their accounting processes manually and 61% don’t always monitor their accounting, in keeping with a study carried out in Mexico .

“This example creates an obstacle on the time of creating the annual declaration,” defined Julien Blaise, advertising and marketing head of QuickBooks Mexico . “Simplifying and modernizing their processes permits them to get rid of errors when sharing their info and keep away from the fines generated by delays within the supply of outcomes. As well as, by permitting them to have a steady assessment all year long, it’s going to facilitate follow-up with their accountant and their companies ”, he added.

Submitting the return on time avoids fines and eliminates the chance of incurring tax crimes. Alternatively, it might probably turn out to be a bonus to optimize assets by way of these easy steps.

Be clear about the results of the annual accounting shut

A very good steadiness sheet of a enterprise reveals the equipment of day by day operations for a complete 12 months. Within the declaration, you will need to examine that the closing corresponds to the 12 months to be declared. Then, the connection between invoices receivable and payable ought to be included, with out neglecting any outdated invoices. Lastly, you must know precisely what the entire revenue of the enterprise was. The essential factor is that each one paperwork replicate consistency in operations.

Hold the cost info at hand and completely organized

One of the frequent errors when submitting the return is neglecting to document the knowledge. The easiest way to forestall this from occurring is to have it so as and consolidated in a single system to confirm that the information pre-filled within the SAT portal correspond to the declared month-to-month workouts. Alternatively, having the generated invoices available lets you validate the information to make deductions.

Establish deductible bills

Receiving a credit score steadiness relies upon to an amazing extent on whether or not the deductible bills recorded are relevant for the enterprise line. The classes of deductible bills embrace buy of merchandise, bills associated to enterprise operations, well being companies, contributions for employee financial savings or tuition funds, as they’re thought-about important.

The best way to make this course of simpler?

The formulation merely consists of mixing three fundamental parts that each SME ought to contemplate: skilled tax and accounting recommendation, planning prematurely and utilizing administrative and accounting software program that enables them to have a document of all their info instantly and at hand. Together with good recommendation and planning, accounting software program lets you spend much less time and assets doing these duties. It additionally facilitates the connection with the accountant and makes his recommendation extra strategic for the enterprise.

Monetary and accounting administration know-how not solely makes the annual declaration of a enterprise simpler, but additionally permits having funds extra managed and simpler to know to make higher selections. This 2021, digitizing accounting processes is a small step for SMEs that may deliver them nice advantages.