We could say that the tax and accounting tasks of companies are the most important part of it. And yes, it is true that selling or generating profits is essential for it to grow and continue to exist, but if we do not manage that money properly, it will not help us at all.

More and more companies are outsourcing these tasks, but there are still many that do not want to do so because they consider it more of an expense than an investment. And that is where the change is, in seeing it as a positive element for the business to have the accounts in order and everything correctly with the Treasury.

It is the SMEs and the self-employed who have the most reservations about outsourcing the entire tax and accounting part of their business. It is true that the fiscal part, due to all the doubts it generates and the problems they may have with the Treasury if they do not do it correctly, is the least difficult to delegate. But it's still hard to see why managing accounting correctly and on time is good for business growth.

Benefits of outsourcing tax management

When you have a company, you acquire, almost before creating it, certain obligations with the Treasury that must be met, and, moreover, correctly and within the established deadlines. If it is not done, there may be fines, parallel declarations and other inconveniences that, in addition to time, will make us lose money.

Here we list some of the benefits that outsourcing the tax management of your business will bring you:

  • You will know that you are delegating this task to a professional who understands how the Treasury works, the deadlines, how things have to be presented.
  • Correctly filed taxes. Depending on the type of business or company you have, you will have to make quarterly, annual, company, profit statements... There are many papers to present and your advisor will have it under control.
  • Perhaps it is the benefit that is most noticeable immediately. You will have this controlled and delegated part and you will be able to spend your time on business tasks where you are more productive.
  • It will be the advisor who is aware of all the updates of laws and new taxes to pay. Also of the decreases, increases and new reliefs that are approved.

Reasons to outsource accounting

The reasons are very similar to why you should outsource taxation, but we are going to start with one that you may not have considered.

  • Do you have a planning of income and expenses in your business? Do you know what you will need during the year to survive and grow? There are many businesses that go up to date, that put out fires as they arrive and do the accounting afterwards. But having a good planning of how the year will be will allow you to face it calmly and knowing what to do at all times.
  • Provision for contingencies. The previous point brings us to this. If we have proper planning and someone who is only dedicated to accounting, financial forecasting in the face of unforeseen events will be more efficient.
  • Time saving. Accounting is something that the vast majority are lazy to do, and day-to-day activities usually leave entrepreneurs and freelancers without time to do this part of their business, which is vital. If you delegate it, you will be sure that it will be up to date and there will be no unnecessary surprises.
  • Avoid errors. You may be an accounting expert, but the vast majority have basic notions that can lead to small mistakes. Entrusting the numbers to professionals has the advantage that they will be doing their job correctly and avoiding mistakes.

How to outsource the accounting and tax management of your company

Before delegating this part of your business you have to do a good research of what your company needs to find the right profile. Always hire those people who give you confidence and with whom you feel comfortable when delegating this delicate part of your company, keep in mind that you will have to deal with them a lot.

It is essential that, once you have it outsourced, there is good communication on both sides. Consultants need to be informed of everything that happens in the business so that their work is more effective. But this communication has to be bidirectional because you need to be up to date with everything related to the tax and accounting part of your company.

And you will have to make it clear what the competencies of each one are, so that later there are no misunderstandings and things are left undone or the work of others is stepped on.

When you outsource this part of your business you will have to do it to someone you trust, don't just look at the price, look for professionalism and quality in the service and beware of professional intrusiveness, don't be fooled.

If you need help as a company or professional, from Capellas we can advise you.

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