Building sound financial habits can make tax time more manageable for SMEsWith the tax filing deadline fast approaching, small and medium-sized enterprises (SMEs) are being urged to get their tax affairs in order, as leaving submissions until the last minute continues to create unnecessary pressure for many businesses. For SMEs navigating complex obligations and an uncertain economic environment, building sound financial habits throughout the year can make tax time more manageable and turn compliance into a source of stronger business insight. Making tax preparation a regular exerciseThe opportunity, says Xero, is for small business owners to move tax preparation from a once-a-year compliance exercise to a regular financial management discipline. “Tax penalties and interest can be punitive on a business’s cash flow,” says Colin Timmis, regional director for EMEA at Xero. 4 tips for SMEsBy treating tax preparation as a continuous business discipline rather than an annual deadline, small businesses can reduce stress, protect cash flow and create more time to focus on growth.