When you create a financial and resource plan for the company, it is important to integrate the tax data into the plan as well. This way, you will have a better and more complete insight into your company’s available resources and you will manage to distribute them more successfully throughout the year.
Before you incorporate the tax data into your resource plan, it is important to prepare well. This activity can be rather time-consuming, so it is important to organize the time and collect all the necessary data before you start integrating them.
First of all, you need to design enterprise resource planning (ERP) system having the tax considerations in mind in the first place. This will make the tax data integration much easier and more accurate. This way, you create a realistic system, where you take everything in consideration and have a clear idea of the beginning and the end of the tax year. Also, a high-quality ERP gives you the opportunity to easily detect any relevant tax-related data. This way, you will have no trouble in integrating tax data into a resource plan for the company.
This may seem, complicated, but keep in mind that you collect the financial data of the company anyway. Creating an ERP only requires you to pay attention to a few more details and incorporate them in the plan. It takes very little effort and it pays when you get to creating the resource plan.
When you decide to incorporate the tax-related data into the ERP, it may seem confusing and overwhelming in the beginning. However, if you follow certain order and guidelines, you will realize that it is not that much of a trouble. There are five main principles that will help you integrate tax data successfully.
First, be realistic and do not be superficial when it comes to integrating tax data into the resource plan. Pay attention to all the aspects of business and all the earnings for which the tax will be calculated at the end of the tax year, and make sure not to oversee some of them.
Second, be patient and persistent. Go one step at a time and do your best to find all the necessary tax data you want to integrate in your resource plan.
Third, make sure that the tax data are relevant and functional. Divide national from local tax requirements, since they have some different requirements. Also, they also overlap in some aspects, so you need to find them in order not to integrate the same data twice.
Fourth, make sections of the plan and integrate the data in small portions. Doing it all at once may seem intimidating, and it makes it much easier to make a mistake.
And fifth, if you are a business owner, it is a good idea to create a team who will be in charge of finding the tax data and incorporating them into the ERP. This way, every employee will have a particular task to focus on and it will be more comfortable, faster and easier for them to complete the resource plan.