The Money Trap
I once met a successful business lady through a business association. Her company had secured some large clients and apparently was doing well. She was enjoying the trappings of wealth, beautiful clothes, a fancy car, a house in an elite Sandton suburb. She used to attend industry meetings on a regular basis.
One day she stopped attending meetings. I later heard that her business had closed down. I subsequently learnt that she owed many millions of Rands to the South African Revenue Service. I was surprised to hear this, as she sat on industry committees and discussed matters of ethics and compliance on a regular basis. I concluded that her non-compliance in tax matters was a matter of ignorance.
Outsourced Financial Management – it was an option
Knowing what little I do about her company, I have concluded that she could not justify a full-time resource such as a qualified financial manager. She paid the price dearly for not having access to this vital resource. The irony is that she could have made use of an outsourced financial manager. That way she could have had part-time access to the knowledge and expertise required to ensure tax compliance, as well as the on-going financial well-being of her company.
Utilising outsourced financial management allows one to tailor the service to their particular needs. One person may need access to the financial management expertise on a weekly or monthly basis, another person may need the outsourced financial manger to supervise their bookkeeper, while yet another may wish to outsource the accounting and payroll function entirely.
Too many business people overlook the important detail of adequate financial management. They do so at their peril.
Financial Management- Outsource it
At Leaders Business Solutions we offer Outsourced Financial Management solutions, in addition, or along-side back end office support services to alleviate your Financial Management and other management issues.