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Consolidating Your Files Makes Tax Season a Breeze

Consolidating Your Files Makes Tax Season a Breeze

Tax season is over, and for most business owners, it has been another stressful and demanding experience.

The majority of people tend to leave their taxes to the last minute, where they gather all of their paper receipts, word documents, spreadsheets, and electronic statements from the previous year, and quickly organize and file them. This is one of the most time consuming and harrowing tasks of tax season, at least in our humble opinion. Throughout this post, we will give some examples of how we consolidate our files during the year to minimize the impact that the tax season plays on our lives.

LedgerDocs is a document management system created by bookkeepers, and designed around the needs of business owners, bookkeepers, and accountants. The system was created to share, manage, and collaborate on financial documents, and allows for files to be quickly uploaded and stored. As previously mentioned, one of the most stressful aspects of tax season is acquiring a variety of documents in which you have to organize and file. Using the LedgerDocs system, you are able to upload all types of files, allowing you to consolidate all of your business documents in one organized electronic filing cabinet.

How does it Work?

The LedgerDocs document management system is simple, and can be customized to suit your business. You are able to upload documents using three methods:

  1. Upload the documents directly into the system by scanning up to 20 documents at a time.
  2. Email the documents to your unique LedgerDocs Email address.
  3. Snap a photo using your smartphone, and submit it through our LedgerDocs iPhone App.

 See our “Acquire Documents Faster From Your Clients” Blog Post for more information on how to upload documents into the LedgerDocs Document Management System!

 Now that you have uploaded your documents into the system, you are able to organize them accordingly. There are multiple ways you can do this. First off, you are able to add a number of notes to each file, giving your documents context as to when they were created, what their purpose is, and what needs to be completed. You can also add Tags to each file, which allows you to categorize and search for documents in the future. For example, if you have a bank statement, you may tag the document with “April”, “2013”, and “RBC”. With these tags, you are able to search for “April” or “RBC” and all of the documents tagged with those terms will show up. The last tool to help organize your documents is the electronic filing system, which allows you to store documents in folders. Common folders include “Banking”, “Financials”, and “Tax Returns”. You are able to add as many folders and tags as necessary to keep you organized.

To be organized for tax time, you need to be on top of your financial documents throughout the year. By keeping your files organized with the notes, tags, and folder features of the LedgerDocs system, you will be able to easily search and examine all of your documents in one place. LedgerDocs also allows for multi-user access, which is great for collaboration among business owners, bookkeepers, and accountants, allowing for you to remain worry free during next years tax season.

Try LedgerDocs risk free 14 day trial today!

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