What is Tax Management?

Overview

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The aim of tax management is to ensure that the provisions of the Income Tax Act and related laws are followed. Through the tax management function of various tools, you can handle local and foreign tax rates.

Software with Tax Management

PRODUCT NAME	SW SCORE(OUT OF 100)	AGGREGATED RATINGS (OUT OF 5)
Quickbooks	98	4.2
myPOS	98	4.2
Paycom	98	4.4
Gusto	97	4.2
BigCommerce	97	4.2
Xero	97	4.3
OpenCart	96	4.4
Deel	96	4.8
Shopify	96	4.6
X-Cart	96	4.3

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Accounts Receivable

Accounts receivable refers to the outstanding invoices a company has or the money clients owe the company. The phrase refers to accounts a business has the right to receive because it has delivered a product or service. Accounts receivable, or receivables represent a line of credit extended by a company and normally have terms that require payments due within a relatively short time period. It typically ranges from a few days to a fiscal or calendar year. Companies record accounts receivable as assets on their balance sheets since there is a legal obligation for the customer to pay the debt. Furthermore, accounts receivable are current assets, meaning the account balance is due from the debtor in one year or less.

Accounts Payable

Accounts payable include all of the company's short-term debts or obligations. For example, if a restaurant owes money to a food or beverage company, those items are part of the inventory, and thus part of its trade payables.

Bank Reconciliation

A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.

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Contents

Related Topics

Related Categories

Related Features

Software with Tax Management

Related Features

Accounts Receivable

Accounts Payable

Bank Reconciliation

We understand SaaS better

SaaSworthy helps stakeholders choose the right SaaS platform based on detailed product information, unbiased reviews, SW score and recommendations from the active community.

Buyers

Makers