February 20th 2024 11:00:00 AM
Acumatica WMS Gives You Advantages at Tax Time
February 5th 2019 16:00:00 PM
Adding Scanco Warehouse for Acumatica feeds valuable real-time data into the system so manufacturers and distributors can gain a complete view of inventory and operations efficiencies. Acumatica WMS is a management solution that is designed and certified specifically for Acumatica users. It integrates seamlessly with Acumatica to automate cycle counts, physical counts, warehouse and bin transfers, and more.
Would you like to learn more about an Acumatica WMS which can help your business? You can find out whether this, or one of our other solutions, is the right fit for your company when you get personalized advice from an expert at Scanco. Contact us online or call (330) 645-9959 to arrange your personal consultation.
How Acumatica WMS Helps you with Your Income Taxes
No one looks forward to completing their income tax return. If you are a business owner, you are responsible for your personal tax return, plus ensuring that your corporate tax return is filed by the due date. You also need to ensure that all W-2 forms for employees and 1099 forms for independent contractors contain accurate figures.
Enter Scanco Warehouse, your cloud-based, hand-held warehousing and inventory management solution. This business platform lets you keep track of important aspects of your business, accurately and conveniently.
- Keep Track of Inventory
One aspect you need to keep track of when calculating your business income tax return is the amount of inventory you have on hand. You can locate by item, conduct physical counts by item, or count by bin. Scanco Warehouse also tracks inventory that has been transferred from one warehouse to another and matches sold items by order.
- Monitor Materials Accurately
Inventory is only one set of numbers which must be monitored to calculate your taxes correctly. You also need to keep a close eye on materials. If the cost of materials is increasing but your productivity is remaining about the same, you may need to negotiate more favorable terms with suppliers or look at working with other suppliers who can give you better rates.
- Achieve Accurate Labor Numbers
The cost of human resources is a significant one, whether you are in the manufacturing or distribution business. You want to ensure that you have enough staff to keep your operation working efficiently without being under or overstaffed at any one time.
Scanco Warehouse allows you to track labor, so you know exactly how much time was spent completing a job. This feature makes planning for similar jobs in the future easier. The software also allows tracking of a job through various stages of production or work order. Depending on your specific needs, you can set up Acumatica WMS to use time cards so workers can sign in and out from a handheld device when working.
These records can then be used to complete your corporate income tax form. You don’t have to worry about numbers being put into a spreadsheet (and the possibility of errors). If an employee or an independent contractor has a question or a concern about the number listed on his information slip, the figure can be confirmed quickly, with a minimum of fuss.
- Save Time When Preparing Income Tax Return
We’ve all heard the expression, “Time is money.” Whether you have your corporate income tax return prepared in-house or you send it out to be prepared, it’s still a necessary, time-consuming function. If the company accounting department is working on income tax, then it has less time to focus on other necessary tasks for the company. The more time an outside accounting firm spends working on your corporate return, the more you will spend on fees.
Contact Scanco online or call (330) 645-9959 to learn more about how you can benefit from Acumatica WMS all year round.