What are the benefits of outsourcing your company’s taxation?


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If one wishes to devote all of one’s time to the operation of a business, the best strategy is to outsource other tasks, such as taxes and taxation, to external specialists. Have you considered this possibility?
There are many advantages to using taxation professionals, including their expertise, the saving of time, and the reduced risk of error.
This section outlines the advantages of using a third party to handle your company’s taxation, thereby allowing the business owner to concentrate on the growth of the enterprise.

Table of contents:

  1. Transferring tax management outside the company
    The advantages of outsourcing your company’s taxation
    What do we do when you outsource your company’s taxation?

Transferring tax management outside the company

Outsourcing is defined as a contractual agreement between two entities, whereby one entity (the client) engages the services of another entity (the service provider) to perform a specific business function or activity. In most cases, these are non-core areas of direct activity, and a formal agreement is reached between the two companies.
In the context of taxation, the delegation of these tasks is contemplated for two reasons. First, it provides for the accurate completion of tax returns in a timely and compliant manner, which is a cost-effective approach. Secondly, it eliminates the need for an in-house department to manage this process.

The advantages of outsourcing your company’s taxation

Does the management of taxes place a significant burden on your company’s time and resources?
Although correct management of taxes does not contribute directly to the growth of the business, it is of the utmost importance to ensure compliance with the relevant legislation. In order to achieve this, a significant proportion of businesses and self-employed individuals entrust the management of their fiscal affairs to experts.
The following paragraphs will outline the various advantages of engaging the services of a fiscal expert for your company.

– You have access to specialised knowledge

Tax and taxation specialists are highly trained in this area and are constantly updated. They are therefore well placed to provide advice on tax laws. This is the best method for ensuring compliance with regulations and the most effective utilisation of the opportunities available in this field. You will be certain that you are being kept up to date about your corporate tax return, your IGI tax return, your personal income tax return and the other declarations that you must present at the correct time and in the correct way. The assistance of tax and taxation specialists will facilitate the expeditious completion of the preparation and declaration processes. Furthermore, clients will be able to take advantage of the opportunities available to them, such as tax deductions, and will be able to manage them with precision.

– Reduce expenditure that can be re-invested in business growth

The outsourcing of tax management allows businesses to benefit from the expertise of professionals when required, without the need for a special in-house department. Instead, resources can be allocated to activities that are of real value to the company. Furthermore, the increasing complexity of tax returns and tax compliance requirements, and the necessity to automate processes, render outsourcing a viable option.
Providers of fiscal services are responsible for recruiting and training their specialists. Consequently, the client benefits from the expertise of the service provider without having to bear the costs of the necessary technological tools and training. Should the need arise for additional professional staff, or during periods of increased workload, the service provider will be responsible for undertaking the requisite recruitment in order to satisfy all the needs of its clients. The client will not even notice this, so will not need to worry about it.
Finally, clients may select from a range of subscription options, either monthly (continuous) or intermittent..

– You spend more time on your company’s core business

As previously stated, administrative tasks take up a lot of time that could otherwise be spent on activities that add value to your core business. The outsourcing of tax management allows a saving of time and of internal resources. This allows you to increase attention to essential aspects of the business, such as the creation and marketing of products or services, the enhancement of efficiency and productivity, or the training of the workforce.

– You minimise the risk of fiscal errors

It is of the utmost importance to remain up to date with taxation legislation, because the laws governing this area frequently change, and compliance with regulations is essential.
It should be noted that ignorance of the law does not exempt one from complying with it. Furthermore, errors in tax declarations can result in the imposition of fines or penalties. This is another reason for entrusting the task to a company specialising in this field. In addition to being aware of the pertinent regulations and deadlines, such companies have established controls and procedures to minimise the likelihood of errors or delays in tax returns.

– Advanced technology

In many cases, it is also necessary to have the requisite knowledge or software and technological tools to perform the tasks connected with tax declarations. For your partner, it is essential to have these in place in order to fulfil your fiscal responsibilities efficiently. When you have a specialist at your disposal, you don’t need any of those tools.

– Data security

It is important to work with companies that have procedures in place for keeping your data secure. Those companies are also responsible for maintaining the confidentiality and privacy of their clients’ data.

What do we do when you outsource your company’s taxation?

The delegation of tax processing to external professional experts enables you to save time and money and to avoid errors resulting from a lack of knowledge.
It is our mission to complete your tax returns without errors, in accordance with the relevant regulations and at the correct time. We provide guidance and advice to both companies and self-employed individuals. With regard to ancillary business operations, the availability of our assistance will enable you to direct your attention to the generation of income and the expansion of your enterprise.

More and more companies in Andorra are now deciding to rely on taxation experts to help them fulfil their fiscal obligations, to give them advice and to assess their fiscal situations.

Should you also wish to optimise the manner in which your company’s taxation matters are handled, we would be happy to assist you with your tax declaration.