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Implementing Benefits and 401k are easier than ever for construction and trades companies

5 min
read
Dec 4, 2024
Implementing Benefits and 401k are easier than ever for construction and trades companies

Are you wanting to offer your employees benefits and a 401k for your employees? It's even easier to setup today than ever before with new tools on the market.

Implementing Benefits and 401k are easier than ever for construction and trades companies
Zach Ahlstedt

While the rest of the population celebrates the holiday season, accounts employees prepare for a different season: tax season. For owners of both large and small businesses, tax season brings increased workloads and stress levels. Staying up until midnight on New Year’s Eve gives way to late nights at the office - pouring over piles of invoices and manually double-checking receipts while drinking coffee straight from the carafe.

Tax Season: It’s All About the Records

The first step toward preparing for tax season is maintaining a quality record system. According to the Internal Revenue System (IRS), businesses should log their deductible expenses and maintain sufficient documentary evidence to support those logs.

What is Sufficient Documentary Evidence

Approved IRS documents for expenses include receipts, invoices, and bills. Each of these documents must include the following information to pass an audit:

  • Vendor or Seller Information: The name of the business or individual you transacted with.
  • Transaction Date: The date the expense was incurred or service provided.
  • Description of Goods or Services: A clear and itemized explanation of what was purchased.
  • Total Amount Paid: The full cost, including taxes.
  • Payment Method: Indication of how the payment was made (e.g., cash, credit card, or check).

Better Record Keeping for a Better Tax Season

You can reduce the risk of problems for your business with incomplete tax records, and lower the stress and demands of tax season with a better, more efficient record-keeping system.  Outpave’s digital receipt collection makes it easier than ever to organize and review your expense data.

No More Paper Receipts

One of the biggest challenges of tax season is making sure you have a copy of every single receipt from the previous year. (Did you know the IRS requires businesses to keep receipts for three to seven years?) Not only does this result in significant storage and filing needs, but it is also very time-consuming. Outpave gives your employees the ability to scan their receipts into the system at the time of purchase. This means you will have all the information about every expense, within just a few seconds. No more piles of papers. Plus, you’ll be able to digitally search the library for specific expenses.

No More Guess Work

Even if you have the receipt, you may still have to justify the expense to the IRS.  This means knowing the allocation of the expenses. Outpave makes this easier than ever! When the receipt is scanned into the system, the user is prompted to assign the expense to a specific allocation category or project.  So you won't have to try to remember which expenses were for client dinners and which ones were for employee appreciation.

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