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BizReport : Ecommerce archives : January 24, 2014

Xero releases SMB tax tips for 2014

Christmas and New Years have passed and now businesses are focused on 2014 performance. But before leaving 2013 completely in the past, Xero offers a few tips for SMBs to ready for tax season.

by Kristina Knight

Xero surveyed accounting pros at the Xerocon event recently and found that most accounting clients are using cloud-based offerings (67%). Other interesting findings include:

• 50% of respondents report their clients make mistakes because they don't have real-time insight into finances
• 30% are making or want to make deductions for vacations, 17% for family activities and even groceries
• 26% of accounting pros access client information while on vacation
• 25% access information from the beach

"It's the perfect time of year for small businesses to restructure their operations and start the New Year on solid financial footing," said Jamie Sutherland, president, Xero U.S. "Through our Xerocon and Roadshow surveys and tip jar, our accounting partners have provided us with valuable insight about financial pain points for themselves and their customers. With our array of ecosystem partners, it's Xero's goal to eliminate the pain points often found in legacy desktop platforms. The mission of our accounting professional customers has always been to empower small businesses with financial clarity, and that starts with quality cloud accounting software."

Xero's top SMB tips include spreading out tax payments, to make five and ten year goals to plan for expansions, moves and other business needs and to make appointments throughout the year with financial planners and experts so that SMBs know exactly where their business stands.

Image via Shutterstock

Tags: SMB accounting trends, SMB tax tips, SMB tips, tax tips, Xero

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