When we talk about taxes, we always think about paying taxes, submitting tax information to the government, responding to inspections, and settling annual accounts with the tax authorities. It's a constant and even legitimate concern, but it's actually a basic requirement for most companies. Some interesting questions include: How is tax management in the organization? Is the company prepared for increased efficiency from regulatory agencies? What have you done to reduce your business's tax burden?
Every day the Tax Authority has advanced in technology and improved data cross-referencing tools, ensuring greater assertiveness in assessments. Therefore, taxpayers are left wondering how to implement effective tax management to pay less taxes while simultaneously adapting to these technological advances for tax purposes.
Below, we've listed five tips for you to implement in your company, regardless of size or tax regime, for effective and efficient tax management to help you overcome this challenge. These tips were developed based on the experience we've gained over time.
Yes, that's right. It's from the registry that a company's biggest problems or biggest gains arise. Materials, customers, suppliers, chart of accounts, and more contain crucial information for a successful business. managementIf done well, the data extracted from these records contributes immensely to responding to an audit, including purchase or sales history by partner groups or material types, expense analysis by account group and subgroup, or for submitting tax reports to a tax consulting firm. If the record concerns materials, it becomes even more vital, as most inspections focus on goods, particularly regarding their purpose and use in the commercial or industrial establishment.
Therefore, the mission here is to take care of the registration, investing time and energy in developing a plan that guarantees a well-made, structured and traceable registration.
Procedures, operational standards, process management, compliance organizational may seem like complicated and bureaucratic terms, but they are what help us organize the company and chart paths for the various scenarios that permeate an organization. The good news is that we don't depend on all of this to have a good process managementBut yes, we need to manage processes and create standards, no matter how simple they may be. It's important to know where things begin, where they pass, and where they end. Defining procedures for the arrival, storage, and departure of goods, and considering standards for storage, document retention, types of reports, and cash flow, for example, help us better understand the organization's sectors and routines, identifying problems and proposing improvements.
By thoroughly understanding the processes and adjusting them as necessary, we'll have an organized company with defined routines and procedures. These processes and routines, as simple as they may seem, will bring us significant peace of mind when calculating taxes, planning to reduce the tax burden, and submitting tax information to the government.
No one can maintain adequate control by relying on their own memory, printed forms, or Excel spreadsheets. And adequate controls are, in fact, vital to the survival of a business. Cash flow, accounts payable, accounts receivable, and stock movement are items that require effective control to ensure the continuity of the company.
Is an expensive ERP necessary to maintain all these controls? Not necessarily. There are several technological solutions on the market, from the simplest to the most robust, that meet the needs of a wide range of business sizes and objectives. The important thing is to acquire a tool that suits your company's needs and reality, as long as it allows you to maintain the desired controls.
Well-executed controls will ensure the organization's reliability in its findings and the information it delivers, and will also allow it to respond calmly to any audit questions that may arise.
Regardless of the company's size or tax regime, the tax area is always strategic. Remember: taxes impact costs and, therefore, directly influence the profitHave you ever wondered what the tax percentage is included in the sales price? Have you researched whether there are any tax benefits or incentives for your business? If you have more than one branch, have you considered whether it's worth having different tax assessment systems for each unit? Is it really advantageous to opt for the Simples Nacional tax regime, if this is your case? Is it better to opt for Real Profit or Presumed Profit?
Yes, there are many questions, and at first glance, they seem complicated and can even be daunting. But believe me, these tax characteristics have a surprising impact on cash flow! There are several legal tools to help you pay as little tax as possible. And the less money you commit to taxes, the better your sales and investment potential.
Don't worry, you won't need a team of tax specialists with years of experience. Many companies rely on accounting firms, and there are excellent accountants on the market, highly informed and offering excellent services. Ask your accountant where you can start to implement measures to pay less taxes and improve tax control. But remember, it's important to partner with reputable firms that can help you make strategic decisions in these areas, not just submit tax returns and prepare payroll at the end of the month. If you have an in-house team, even better. qualified team, engaged, motivated, knowledgeable about your business, and constantly learning will be crucial for well-structured tax planning. And best of all, you won't have to worry about tax audits.
You may have noticed that we've talked a lot about inspections, subpoenas, and reporting. This isn't by chance, because when it comes to tax matters, we always need to be prepared. We ask the following questions: If your business received a subpoena today for an in-depth audit of the last five years, would you be able to provide clarifications with all supporting documentation within a maximum period of thirty days? Would you be able to ensure your tax burden reduction plan? If the organization has well-structured and well-structured records, well-defined processes, is managed through a system that meets its needs, and is well-advised by qualified professionals, the answer is yes, you will have successfully implemented effective tax management in your company!
Author: Alonso Lima, Tax Coordinator at SINOBRAS and Grupo Aço Cearense.
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