As an organizational leader or business owner, it can sometimes feel like you’ve signed up for a crash course in every aspect of corporate strategy. As a result, you’ll likely consult with many experts over the lifespan of your company, allowing you to get expert advice on major decisions, and it’s no different when it comes to complex issues like business taxes. A financial consultant or in-house finance director can help oversee your organizational costs and strategy, help you evaluate your company’s strengths and weaknesses, and—most importantly for today’s blog—assist you with complicated corporate tax matters.
What does a financial manager or consultant do?
The answer to this question can vary a little depending on your organization’s size, industry, and location. However, in general, financial managers are responsible for ensuring your organization’s financial health. They’ll make sure your organization complies with critical business regulations, and they’ll offer advice and strategies based on their knowledge of business law and the overall market.
When it comes to your business taxes specifically, a financial manager will help ensure that you adhere to all relevant tax laws. They’ll also help prepare and manage your yearly tax documents and offer advice on any related issues that come up during the process.
What are the advantages of having a financial manager?
For most leaders, especially those without a background in finance or in corporate taxes, making crucial financial decisions can be both difficult and time-consuming. Most can’t spare the extra effort it takes to research and document the information they need, especially for complicated matters like corporate taxes. Fortunately, financial managers can help you weigh these crucial financial choices, or they can even take the bulk of the decision-making work off your plate entirely, allowing it to remain in the hands of an expert. Using their background and experience, they’ll help you move forward using the strategies best suited for organizations of your size or type in the current market.
In terms of business taxes more specifically, there are a few ways a financial manager can help. On top of tracking and organizing your year-end tax reporting process, these consultants keep abreast of the latest industry trends and updates as well as any tax law changes related to your specific niche. This allows them to propose strategies (and to work with the latest software and technology) to help you lower your tax risks and even save you money in the long term. For particularly complicated matters, they can also consult with their network of professional financial advisors for niche solutions.
The key takeaway is that seeking professional financial advice is a sound strategy for any organization, and it can help free up time for you to tackle the big-picture strategic choices a leader needs to manage. Decide how much support and hands-on assistance your organization requires in order to choose between an in-house hire or a consultant, and stop letting your corporate taxes be more complicated than they should be.