Optimize Your Year-End: Tips for Using cynergi|suite’s Year-End Accounting and Tax Season Tools

January 31st, 2024

By: High Touch Technologies

With the previous calendar year closed, rent-to-own businesses begin the crucial and intimidating process of year-end accounting and tax preparation.

Accurate and efficient year-end closing is not only critical for compliance but also for gaining powerful insights into the financial health of your RTO business. Here’s where cynergi|suite helps save the day—offering robust features that streamline some of your most painful financial wrap-up and tax reporting tasks.

In this blog, we’ll walk you through some essential tips you can use to leverage cynergi|suite for a seamless year-end accounting process and tax season.

Feature: Integrated Home Office/Accounting

Managing 1099 Forms

Did you know that cynergi|suite can help make your life easier when it comes to printing your 1099 forms?

cynergi|suite’s vendor 1099 report feature streamlines the process. By flagging vendors and linking their invoices to the appropriate GL accounts, cynergi|suite helps you manage your 1099 reporting efficiently.

You have the flexibility of selecting either 1099-MISC or 1099-NEC forms for printing within the platform.

Learn More: How To Print 1099s in cynergi|suite

Print Financials When Previous Year Not Closed

cynergi|suite’s “13th Month” feature is designed to help RTO businesses close their books for the year. This feature allows you to add an additional period to your financial calendar, enabling the generation of financial statements for the new year without closing the previous year’s books.

This transitional tool is critical to continuous financial reporting and offers a clear view of your year-end position.

Learn More: Print Financials When Previous GL Year Not Closed

Year-End Backup Solutions

Data integrity is essential for RTO businesses—cynergi|suite’s backup services offer peace of mind. With this service, our system can create a comprehensive backup of your year-end data, which can be securely stored on our servers. This essential year-end activity helps safeguard your RTO business against data loss and provides a reliable source of reference for any future queries or audits.

While this backup service is an additional cost, it represents an investment in the security and accessibility of your financial records.

If you are interested in this year-end backup service, simply contact your dedicated Account Executive or submit a support request, and our team will be happy to assist you through the process.

Learn More: Year-End Backup

MACRS Tax Reporting

cynergi|suite is equipped to handle the Modified Accelerated Cost Recovery System (MACRS). We’ve designed this feature to optimize your tax reporting and help ensure that you’re capitalizing on all possible depreciation deductions.

One of the standout features of cynergi|suite is the ability to set fiscal year parameters such as inventory start/end dates, convention, method, life, and bonus. These settings are customizable to meet your unique tax depreciation needs and can be adjusted to align with your business’s needs.

Additionally, cynergi|suite boasts an automated tax reporting feature that can be set up with your specific parameters. Once configured, cynergi|suite will automatically generate the necessary reports for your tax return.

If you’re new to this feature, let us know before March ends, and we’ll set it up for the prior fiscal year.

Learn More: MACRS Tax Depreciation

Set Your Store Apart.

We understand that year-end accounting and tax preparation can be a daunting endeavor—with cynergi|suite, it doesn’t have to be.

By taking advantage of the tools and features highlighted in this blog, you can help ensure a smooth transition into the new year with your financial and tax obligations neatly squared away.

If you have any questions about the information in this blog, please don’t hesitate to contact us or reach out to your dedicated Account Executive.

If this is your first encounter with cynergi|suite, and you’re interested in learning more about how it can help make your RTO business thrive, contact us. We’re happy to schedule a demo and show you how cynergi|suite can help elevate your RTO business.

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