Do You Actually Need a Financial Manager for Your Business Taxes?

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.

As we all deal with the stress and uncertainty of the COVID-19 virus and its impact on our day to day lives, it's important to step back and take the time to care for ourselves. Here are some of the things that are worth consciously working on in the coming weeks.

SPEND TIME WITH LOVED ONES, especially children. In today’s busy world often our time with the ones we love gets put on the back burner. As events, activities, and schools cancel….and more and more people work at home, now is a great chance to get caught up with each other.

REDISCOVER THE SIMPLE THINGS. There was a time when we weren’t “on the clock” 24/7, when our children weren’t spending each evening in activities… when life was a routine. With much of that canceled for the near term, now is an opportunity to have family dinners, play games, read that book that you can never get to. Take a step back from the complications of the world. Take a breather.

FIND THE GOOD IN THINGS. We are bombarded all day and night with the negative things that are going on. There is much criticism over governments, mass hysteria, other nations, etc. But there are good stories out there as well. Stories of people helping people. While it's a shame that we have to work hard to find these, it is worth the effort.

Last, and most importantly, KEEP A POSITIVE MINDSET. It is so easy to succumb to the negativity that flows from a crisis such as this one. But keeping a positive mindset is one of the best things that you can do during this time. Positive energy will help you maintain your health, be productive, and reduce stress. Moreover, it is contagious. Everyone that you come in contact with (from 6 feet away of course) will be affected by your energy, even if just a little bit. And the more positive energy that is released into the world, the better this situation will be and the quicker it will resolve.


WADE THOMAS

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