This week’s app might seem unexciting at first glance but it could save you a lot of grief in the long run.
Available for $9.99 from the Apple app store, TaxTracker helps you track... yes, you guessed it... your tax. Using colour coding - orange for company tax and blue for personal - the app allows you to set up and keep an eye on your tax payment due dates.
The app takes into account your balance date, your GST registration details, and any extensions you may have been granted by the IRD, so it’s vital you put in the correct information at the outset. If you do make an error, you can go in and correct it but as far as I could see, you had to pretty much start over from the beginning.
The TaxTracker website actually suggests, wisely in my opinion, that you go through the set up with your accountant to make sure you do get things right.
Once you do have it set up, however, TaxTracker is fairly simple and straightforward. Set up the reminder to let you know a week before the due date that you need to make a payment. There’s also a daily count that simply counts down to the due date; as an added incentive, if you miss the deadline, it keeps counting down. In red.
Another really great feature is the budgeting calculator, which allows you to keep a close eye on what you owe and what you have paid. Combined with the Allocated Payments screen, which allows you to manage any account you have set up specifically for taxes, there should be no nasty surprises when the tax bill arrives.
The real beauty in this app is its simplicity - it’s not complicated to operate, thereby removing a lot of the fear and pain around anything to do with money or taxes. The important thing to remember is this app is not automatically connected to either the IRD or your bank account, so you still have to put in the information. That may seem scary, but in fact I think it’s an excellent way for a business owner to retain focus and clarity about the fiscal health of the company.
All in all I think this is a brilliant little app for any small business but especially one starting up - setting good tax habits early is always a good idea.
TaxTracker is available for iPhone and iPad - go here to check it out.