The year 2022 has begun, and businesses, looking ahead to a new season that promises to be very positive, are already working on the list of tasks to complete in the first quarter of the year. The most important assignment is tax preparation.
For many small independent businesses, tax season, which officially begins today, January 24, is a stressful time because of the work involved in getting all of their accounting information in order to meet their tax obligations without making mistakes in the process.
In the world of the Hispanic independent grocery industry, where profit margins are tight, a reliable and accurate accounting system is necessary. To do so, you need the right tools and the expertise of professionals who offer efficient, in-language service.
Recently, Xero, a recognized global cloud-based small business accounting software platform, partnered with three leading tax preparation and accounting firms that serve Hispanic businesses, including independent supermarkets.
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Toro Taxes, the largest Hispanic franchise offering tax preparation and accounting services to more than 200 franchise locations across the United States, LMS Tax & Insurance Solutions, and JPG, both based in Houston, Texas, joined forces with Xero to facilitate bookkeeping and tax preparation work for their clients, highlighting Xero’s growing presence in the U.S. Hispanic market.
“We know there is an opportunity to support the Hispanic market, as there are close to five million small businesses in the U.S., and we can help them,” said Jackeline Velez, Xero’s U.S. Hispanic Market Manager. “In addition, by partnering with Toro Taxes, LMS Tax & Insurance Solutions, and JPG, we can empower even more accountants and accounting assistants in the Hispanic community to find new ways to support their clients and help them thrive.”
The coronavirus pandemic brought to light the difficulties businesses face in managing accounting processes when they need the assistance of outside accountants and tax processors.
Faced with new challenges to remotely deliver accounting services, Javier Solis, COO of Toro Taxes, said that with Xero, they will provide the most efficient tools and resources to their franchisees to serve U.S. Hispanic business owners.
“Unfortunately, many Hispanic entrepreneurs have not been able to take advantage of the assistance available from the Small Business Administration because they didn’t have their payroll or accounting in order, and they couldn’t verify the income coming into their companies. So with our capabilities and the use of the Xero tool, I think we are going to make a big difference among those Hispanic businesses to help them grow,” said Solis.