Paying your Taxes has never been this easy!

April 4, 2016 · Posted in Accounting, Business Tips, Tax Planning · Comment 

The IRS offers several payment options for you to consider as the April tax deadline approaches.You can pay online, by phone or from your mobile device. Paying online is easy and secure. Here are a few of the options  available to you:

  1. When you’re e-filing your taxes, you can use the electronic funds withdrawal method. EFW allows you to e-file and pay from your bank account when you are using tax preparation software or a tax professional. Your can schedule your payment any time before your taxes are due.
  2. You can use IRS Direct Pay anytime to pay your taxes directly from your checking or savings accounts at no cost to you. You receive instant confirmation that your payment was submitted, and you can schedule your payment up to 30 days in advance.
  3. Another option is paying your taxes by phone or online through any of the secure debit and credit card processors. Though the IRS does not charge a fee for this service, the card processors do.
  4. There’s also the Electronic Federal Tax Payment System. It’s free, and it takes five to seven business days to enroll before you can make a payment. If you can’t pay in full, you may want to consider requesting a payment agreement. If you owe $50,000 or less in individual income taxes and can pay the full amount within 72 months or less, you can use the online payment agreement tool.
  5. There’s no need to call or write the IRS because you make the request directly from your computer. It’s easy, and your personal information is safe and secure. If you prefer to pay with your mobile device, use IRS2Go, the official mobile app of the IRS. IRS2Go provides easy access to the mobile-friendly payment options Direct Pay for free, and debit or credit card payments through an approved payment processor for a fee. You can download IRS2Go from Google Play, the Apple App Store or Amazon and make your payments when it’s convenient for you.
  6. Visit IRS.gov/Payments for easy and secure ways to pay your taxes. Electronic payment options are quick, easy, secure and much faster than mailing a check or money order. April 1, 2016 

How do we convert all of the newly available insight into better decisions ?

I have been saying for awhile now that technology frees finance & accounting departments of the time-consuming manual responsibilities of the past. As a result, today’s accounting and business finance professionals are expected to take advantage of these efficiencies – to show results and plan strategically. To accomplish this, Accountants must incorporate analytics into their daily work, in order to develop expertise at using the results of the analytics. What are these results of improved analytics? ….. better data, more aligned with Customer requirements, and agile enough to bend with changing times.

Cloud Accounting technology gives us the ability to store and organize large sets of data over time so that results can be analyzed effectively, KPIs can be benchmarked against companies in a specific peer group and resources can be allocated appropriately. These unconventional activities provide an opportunity for us to elevate the value of our businesses’ accounting function by demonstrating our ability to turn data into knowledge and ultimately provide client companies with a competitive market advantage.

ANALYTICS AND BENCHMARKING

Analytical tools are designed to help you gather insight from your data and develop a business wealth creation strategy for your company. With access to benchmarking results, you can quickly compare your company results to those within your peer group—a game-changing advantage.

The key point here is that analysis and insight not only gives you an opportunity to plan strategically, but it can also provide your company with a tangible competitive edge. Now that you know how cloud accounting technologies enable you to glean business insight from your data, learn more about how Core Performance delivers better results for its clients, stay tuned to this blog.

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