New Tax Laws in 2021: 5 Changes that Taxpayers Should Know About
October 15, 2021
As your business grows, however, things start to change. It becomes harder and harder to keep up with everything that needs to be done, and something has to give. By outsourcing strategic tasks, like finding an online bookkeeping and accounting team you can trust, you can open up time in your daily schedule without spending a fortune on full-time employees.
Small business outsourcing is a great strategy, but there are some parts of the business that are a better candidate for outside help than others. Let’s take a closer look.
This is the obvious place to start our list. There are two reasons accounting and bookkeeping are prime targets for outsourcing. First, they are time-consuming. It will take time for a new business owner to learn how to handle the books for the company, and it will take even more time to keep up with those books month after month. Turning this task over to a third party is a huge time saver.
In addition to time savings, the importance of maintaining accurate books is another compelling reason to outsource this task to a pro. Having accurate accounting records is essential for filing taxes, making business decisions, and much more. Rather than tossing and turning at night wondering if the books are right, outsource bookkeeping and rest easy.
It’s easy to fall into the trap of trying to design your own website. After all, there are plenty of affordable DIY tools available today that promise to make the job of website design an easy one. To be sure, anyone with basic computer skills could have a site up live on the web in just a matter of hours. Whether or not that site would be worthy of representing a business is another matter entirely, however.
For the average small business, outsourcing web design work is well worth the investment. Asking a freelance designer to create a clean, functional WordPress site is not particularly expensive and will lead to an improved finished product. Also, if the site is built on WordPress or another user-friendly platform, you may be able to do basic maintenance on the site yourself, after the initial design phase is completed.
Getting back to the financial side of things, tax preparation is another perfect task to outsource. Depending on how your business is taxed, you may need to do this just once per year – meaning you won’t have to spend much money on tax prep annually. And, as was the case with accounting and bookkeeping, the peace of mind alone that comes with using a professional to file taxes is easily worth the investment.
This might be a surprising entry on our list, but outsourcing marketing is a powerful way to supercharge the growth of your small business. As a small business owner, you likely have expertise related to the company you have created. For instance, if you are a service provider, it is the act of performing that service that actually delivers value to your customers.
Marketing is a skill all to itself, and it probably doesn’t have anything to do with your core competency. Instead of learning on the go and trying to put together your own marketing campaign, find a 3rd party to do the work for you. Working with a marketing agency can be surprisingly affordable and may allow you to reach heights that simply wouldn’t have been possible otherwise.
The last stop on our list is related to the idea of outsourcing your marketing. Just as marketing is an advanced skill that takes years to learn properly, so too is sales. Without plenty of sales experience, you may struggle to sell potential customers on your products or services – even if you are a recognized expert in your industry.
When outsourcing sales, you will likely be able to work out a deal that is based largely on commissions. This structure puts you in a can’t-lose situation – you’ll be paying for sales that are made, meaning your revenue will be growing and you will be happy to spend the money.
All of the five points on our list can be resolved with a single step – contacting Windroot to set up outsourcing for your bookkeeping and tax filing needs along with Web Design and Sales-Marketing requirements. Windroot brings clarity to the financial side of your business so you can focus on delivering memorable products and services to your customers. Contact us today to learn more!
Even in a normal year, there may be small changes in the ways that people file their taxes. But the COVID-19 pandemic has caused the tax code to change more than usual this year. For this reason, there are several tax law changes in 2021 that taxpayers should know about.
Investing in payroll services takes the stress out of keeping up with these changes. Having a tax and accounting professional take responsibility for ever-changing rules guarantees nothing goes overlooked.
Reasons To Outsource Payroll · Consider the Cost of Your Time · Payroll Taxes Are Complicated · Tax Laws Change All the Time. Read more.
If you are a small business owner looking for tips to being efficient, read to learn about the top 5 tasks that should be outsourced.
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