- What are the challenges in Tax on Income Preparation?
Generally, most of the small & medium sized companies have faced the same problems in Tax on Income Preparation as the following:
- No the Financial Statements
- Not update the taxes rules and regulations
- Not familiar with the tax on income format
- Lack of accounting adjustments knowledge
- A lot of error in manual accounting
- Lack of inventory management knowledge
- Lack of cash management knowledge
- Lack of fixed asset management knowledge
- Lack of sale management knowledge
- Lack of cost management knowledge
- Lack of payroll management knowledge
- Less experience in the specific industry
- Not maintain the records properly
2. How to overcome those challenges in Tax on Income Preparation?
Actually, owner/top management should pay attention the below recommendation from our tax and accounting expert:
- Using accounting system for bookkeeping
- Generating the financial statements on time
- Having enough staff to manage the company accounts
- Putting the Company’s internal control in place
- Having a clearly reporting line communication
- Having files management guideline/system
- Updating the new tax regulations
- Completing the tax form correctly and file the tax on time
- Outsourcing the tax and accounting jobs with professional accounting firms if you don’t have enough accountant