Don't be late, as it costs you
An important function of the accounts department is to file returns that are mandatory as per laws. Most return filing is repetitive and must be filed periodically. The filing of the return requires data massaging to make it appropriate for reporting. This process is standard for repetitive returns and if streamlined makes reporting fairly simple. However, it is observed that the accounts department fails to streamline this process and ends up filing late returns. This results in late fees and penalties and more effort. For a monthly return, this would lead to a snowballing effect and result in perpetual late filings.
Lean accounting promotes streamlining of processes to result in the prompt filing of returns with minimal effort.
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