Four Ways a Tax Consultant is a CFO's Best Friend

2 Minute Read
Posted by Brad Mols on Jun 19, 2019 1:56:13 PM

As a Chief Financial Officer, you know firsthand that managing the daily fiscal obligations of a business can be challenging. No matter what the size or scope of the organization, you're tasked with everything from coordinating the financials and operations of the business to delivering continuous analysis of the company's short- and long-term goals. In your role as CFO, you wear many hats: employee, partner, and trusted advisor to drive working capital, increase profit margins, and enhance cost efficiencies that maintain the overall health and stability of your organization.

Tax Consultants Can Strengthen and Support Your Business Initiatives

CFOs across every industry often bring in a tax consultant as an additional, third-party resource to help strengthen and support the many intensive financial aspects of the business. Why should you consider utilizing the services of a tax consultant for your organization? When working collaboratively, a skilled, experienced, and qualified tax consultant offers a diverse range of valuable benefits to a company's CFO, including:

Full-Scope Financial Picture
Outsourced tax consultants typically spend the majority of their time assessing the tax accounting and historical statements of an organization, whereas the company's Chief Financial Officer generally targets the more broad-based financials. Having a dedicated, professional resource breaking down all of the figures within the organization delivers full-scope insight into both the past and present economic details. As a result, the company finds itself better positioned to make informed decisions going forward.

In-Depth Business Intelligence Assessment
Sometimes, it helps to have a second set of eyes to assess your company's tax and financial statements. Your chosen provider will carefully sift through critical documentation to aggregate relevant business data and intelligence, using it to create a detailed framework on the business's overall health and stability. Of course, sometimes your tax consultant can serve as the first (and often, only) set of eyes on vital information. Many overworked CFOs rely on their sourced tax professional to manage various data analysis tasks to keep the organization agile enough to make decisions in as close to real time as possible.

Assist With Future Financial Direction
A certified tax professional can assess the current financial statements to develop innovative tax strategies and solutions that support future directives and goals. They collaborate closely with the CFO, providing insight for short and long-term decisions that plan for growth opportunities as well as establish strategic future goals.

Manages Even the Most Complex Tax Issues
Some people assume that a tax consultant's responsibilities and those of a CFO are similar. However, when it comes to financial analysis, their roles are very different. Having an available tax advisor can prove an invaluable resource; your outsourced partner will work hard to lower your tax burden and increase cash flow within your company. Additionally, most CFOs are too busy to keep with the latest changes in tax legislation; however, keeping up with the continuously evolving tax laws is your consultant's full-time responsibility. Your selected firm will maintain updated documentation to ensure your business remains compliant at all times.

Contact Acena Consulting to Learn More
Acena Consulting's team of dedicated research and development tax accountants works with CFOs across every industry to help them reduce tax obligations and drive business value. Our R&D tax credit specialists make it our mission to align our resources with your goals to promote measurable growth across every level of the organization. Contact us today to hear more.

 

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