#39 Tax Preparation Exposes Your Financial Processes (and what to do about it)
Scott applies some management consulting approaches to hijack the tax preparation for your benefit. A key concept to business owners looking to improve performance and decrease costs.
When you file your taxes, the final numbers represent your company financial score-card and generating it reveals a lot about your financial processes. Is it good? Does your business leverage the financial information found in your annual tax filings? Here are ideas from management consulting on how you can decrease time and stress while doing something that needs to be done anyway.
A good financial process has record keeping, book-keeping, and uses Spreadsheets tools.
Three Key concepts:
- Develop time saving process
- Capture and review your company financial score card
- Have a positive, or at least neutral, attitude towards paying taxes.
Spreadsheet Trick: Use =MIN(cell1, cell2) to calculate which cell has the minimum number.
Spreadsheet Trick: Use =MAX(cell1, cell2) to calculate which cell has the maximum number.