Get ready for next tax season with these 3 tips.

TLDR:

• Tax season is stressful for small businesses, but essential to prepare for.
• 3 key tips to start preparing for next tax season include hiring a contract CPA, maintaining accurate financial records, and adopting AI accounting tools.

Tax season can be overwhelming for startups and small businesses, but neglecting tax and accounting needs can hinder raising capital and scaling operations. Properly maintaining accurate financial statements is crucial in the competitive funding landscape. Here are three tips to start preparing for the next tax season:

1. Find a CPA to Hire on Contract: Many startups find it challenging to bring on full-time accounting staff due to cost and time constraints. By working with international talent partners on a contract basis, startups can access quality advice at a fraction of the cost.

2. Maintain accurate financial records and documents: Organizing financial records is essential for tax preparation. Startups can consider adopting AI accounting tools to automate financial data entry and streamline workflows.

3. Adopt AI Accounting Tools: Startups should evaluate adopting AI solutions for their tax and accounting processes to increase efficiency and effectiveness. Pairing AI technology with remote talent partners can set businesses up for long-term success.

Getting tax filings organized should be a core priority for early-stage companies. By starting preparations early, organizing financial records, and leveraging AI technology and remote talent partners, startups can simplify tax compliance and attract investors in the competitive funding landscape.