Now that the holidays have long since ended and the New Year is in full swing, it’s time to turn our attention to tax season. As the bane of both individual tax payer and small business alike, the tax reporting process is one full of manual work, research, and data entry. Basically, all of the things that Foxtrot does best. We’ve put together three ways in which Foxtrot can help you automate your most taxing (sorry) processes to save time and reduce the chance of error.
Chances are, your pertinent tax information is spread across multiple online bank and investment accounts, trusts, loan originators, benefit plans, and more. To save yourself from accessing each of these resources individually, copying your personal information, and then compiling it somewhere, automate the process instead. Foxtrot Professional Edition navigates websites quickly and securely just like you would. This “digital employee” can log in to each of your online accounts, scrape the information you need, and then paste it all into a spreadsheet for easy viewing. Or, have Foxtrot input the info directly into your tax preparation software.
If you use QuickBooks Online for book keeping but another disparate platform for tax preparation, use Foxtrot to integrate the two applications to save time. Just as you copy and paste data from one location to another, so too does Foxtrot. The difference? Foxtrot can do it faster and without error. Automating tax workflows is the best way to save time here.
For small businesses owners, tax season is more than simply reporting and paying. Your employees likely make changes to their number of deductions, filing status, and even healthcare benefits on an annual basis. If you use a desktop or cloud-based HRM software to manage employee changes like these, Foxtrot can perform them automatically. By automating this tax process, you’ll save time repetitively changing the same information for every one of your employees.