Outsource Your Accounting, Payroll and Tax ResponsiblilitiesAugust 10th, 2018
Business owners – Do you want to save time, increase profits, and hold on to the last shred of your sanity?
Outsource Your Accounting, Payroll and Tax Responsibilities
By Robin Rosenbaum
Entrepreneurs in any industry have one thing in common – they are all short on time. How do you make that final sales pitch and not miss your child’s last soccer game of the year? How do you pay your employees on time and prepare Thanksgiving dinner? Is your company profitable? Are your customers paying you timely? Was your tax return filed on time? Have payroll taxes been paid? Do you owe the state an annual report? Workers comp audit…what’s that?
Are these the thoughts that are keeping you up at night? If you would rather spend these hours planning your next vacation (or even actually sleeping) it might be time to outsource your accounting, payroll and tax responsibilities.
Regaining valuable time is the first benefit to outsourcing these duties. This will give you more time to focus on growing your company. Time can be spent on clients, projects and marketing instead of doing the work yourself or hiring, training and reviewing the work being done by internal help. Freeing yourself of the worry over what is or is not done will also improve your mental health considerably!
Another benefit of outsourcing is gaining the ability to make decisions based on facts. Facts gained from accurate, timely and actionable financial statements. These facts can be used to make timely decisions such as changing marketing plans, decreasing expenses, or even being aware of which customers owe you money.
Improvements to your bottom line financial results will also come from outsourcing. Payroll, sales and income tax payments and returns filed timely will reduce your company’s exposure to penalties and fines. Relying on the expertise of the experts you hire will help you interpret financial reporting as well as becoming aware of the trends of your industry. Your company will not be absorbing the costs of internal hires who don’t have the same level of training and/or education as those in the outsourced firm do. Reduce your tax liability by proper planning and maybe even setting up a retirement plan for your business. As an added bonus, this increased profitability will also increase the value of your company.
As you move from writing checks to the big picture view, you will begin operating from a place of knowledge and strength. Isn’t it funny how setting goals using budgeting and planning bring you closer to attaining these goals than if they are never set in the first place? Give it a try – find a financial partner you like to work with and set the bar high! Take your fingers off the computer keys and give yourself a chance to remember why you chose this path in the first place.« What does the Back to School Sales Tax Holiday mean for you? || 1st Annual Give Back to Community »