Running a successful small business is always challenging, and quite the juggling act too. One of the first thing that entrepreneurs learn is that owning a business means you’ll be pulled in ten different directions at once. When you are in charge of everything, all the responsibilities fare on your shoulders. You’ll have to bounce between many critical areas, ranging from corporate strategy and marketing and sales to key administrative activities and financial management too. The saying ‘there are never enough hours in the day’ is especially true when you are an entrepreneur.
Fortunately, there’s a smarter approach to entrepreneurial management that can help create the time you need to focus on the most critical aspects of the business. You’ll be able to make things manageable if you outsource key administrative functions and services that can be professionally managed by outside firms. When you choose this route, you’ll free up much needed time to focus on the core needs of your business. You’ll also have peace of mind knowing that the areas you outsource will be managed by professionals who will get the job done right.
Pension Management and Retirement Planning
One of the key perks of having your own business is the ability to set up pension plans that can benefit both the owner(s) and the employees. When you offer a professionally managed plan, you’ll be able to shelter more of your income and can provide key benefits that will help you attract more high-caliber employees too.
When it comes time to explore your retirement options, you’ll want to work with a firm that has years of proven expertise in this area. It’s also important to work with true professionals who not only know the ins and outs of retirement planning, but who also bring a personal touch to truly understanding which options would best meet your long term needs.
Running payroll can be incredibly complex. Whether you have a handful of employees or hundreds of workers, making sure you deliver accurate paychecks and timely reporting can be quite the task. There are a lot of payroll rules and calculations that go into issuing checks, and there are penalties when you don’t do things right.
In addition to the weekly, bi-weekly or monthly checks, there is a host of government reporting that must be filed by specific due dates. You are responsible for total accuracy of that reporting, and also for remitting the employee taxes and withholding amounts you deduct. It’s far easier to outsource these processes than attempt to manage them in-house.
Sales Tax Calculation and Compliance
If payroll processing and tax calculations are complex, then sales tax calculation and compliance is at a completely different level still. If you are a retailer with a national presence, you’ll find yourself immersed in a plethora of rules and arcane regulations that govern the rates, calculations and reporting required for the different sales tax entities.
The best way to handle sales tax compliance and rate issues is to outsource it to experts who take care of these issues for companies every day. You’ll be able to use their software to correctly apply tax rules and rates to line items on your invoices. They’ll also provide accurate tax rates for each state, county and city, and file your required monthly, quarterly or annual returns.