Tax Day is coming up quickly. Have you finished filing your business taxes? Taxes are a part of doing business you can’t ignore, but the less time you have to spend worrying about them, the more time you can devote to growing your business.
Luckily, if you use QuickBooks, you can save a lot of time on preparing your taxes. The great thing about QuickBooks is that it’s made by Intuit, which also makes TurboTax. So it’s a snap to export your financial information into TurboTax and automatically generate the necessary tax documents.
To speed up this process even more, you can use inventory management software to import all of your purchases, sales and other inventory-related data directly into QuickBooks.
Exporting from Fishbowl
I’ll use Fishbowl as an example of inventory management software that can import data into QuickBooks because it’s designed with QuickBooks integration in mind. The export process is quite simple. You just go to the Accounting Module in Fishbowl, click on Export, pick which type of export you want to do, and then click OK. You can export as much or as little information as you want.
Fishbowl also lets you schedule automatic data exports to QuickBooks as often as you like. Small companies probably don’t need to do this more than a few times a day while large companies might need to do it more frequently because of the large volume of inventory they track.
Exporting from QuickBooks
Intuit recommends using the latest version of their software before attempting to import data from QuickBooks to TurboTax. They also have several other requirements, such as having both programs installed on the same computer, registering your copy of QuickBooks and using single-user mode in QuickBooks.
Once you have everything in place, it’s fairly easy to export QuickBooks data. Just go into TurboTax and click the QuickBooks button right under the Business Info tab. Then you can choose what type of import you want to do and follow a few more instructions to get the process going.
And suddenly a big portion of filing your taxes is done! Fishbowl puts all of your company’s information on product sales into QuickBooks, and QuickBooks puts all of the financial information into TurboTax.
You can get a free trial of Fishbowl, the #1 selling QuickBooks inventory management software to see how much time it saves you on tax preparation and other business necessities. Next year, you’ll be able to file your business’ taxes long before they fall due!