Attempting to successfully manage financial functions without the necessary level of knowledge, and simultaneously run the rest of the business is quite a demanding, if not an impossible task. This refers in particular to tax and associated legal issues.
As the mentioned areas are extremely complex and demanding, an entrepreneur must invest a great amount of energy and concentration to understand the problems, meet the required obligations, as well as resolve problems that may have emerged. In that regard, most entrepreneurs are reluctant to deal with tax and legal issues and simply wish to delegate them to somebody who will tackle them in the most efficient way.
Efficient tax management as well as management of legal issues related to financial management encompasses:
Implementing processes that will ensure meeting the set deadlines,
Compliance of internal processes and records with legislative procedures,
Tackling legal issues and disputes related to financial operations,
Devising an optimal business exit strategy for the business owner, or his/her remuneration,
The awareness that you do not pay taxes which you are not required to pay and that somebody else is taking care of deadlines, will enable you to fully focus on business management while leaving the details to your finance director.