Do you really need to hire a full-time accountant if you are a small or medium-sized business owner? Here we look at the benefits of hiring a freelance accountant.
The words “freelance bookkeeper” is not a favorite phrase for some business owners. There are several reasons for this and all of these are misguided. So here are a few myths that need to be addressed:
Myth: Freelance bookkeepers cost too much
Truth: In fact, hiring a contract bookkeeper can save you money as you only pay for the hours that they actually work on your books. This means you don’t have an employee sitting around with anything to do while you are paying them by the hour. You also don’t have to pay for sick, holidays, vacation time, overtime, or any employee benefits.
So, while you will typically be paying more per hour to hire a freelance bookkeeper; this will actually balance out and save you money with employee expenses that you don’t have to pay.
Myth: The bookkeeping work won’t get done on time
Truth: Freelance bookkeepers are business owners and as such, they take meeting deadlines for their clients very seriously. They know that if they continually miss deadlines, they won’t be in business for long. That’s why most competent freelancers have systems in place to ensure that your work gets done and reports are filed on time.
Myth: They won’t have any control over the books
Truth: While giving up the bookkeeping to someone else can feel like control is being lost, it doesn’t have to be that way. If the business owner develops a good relationship with the freelancer, they should be able to contact the bookkeeper when questions arise. Additionally, receiving monthly financial statements in a timely manner ensures that the business owner can make critical decisions sooner.
So if you are struggling with whether or not to hire a freelance bookkeeper because you are worried about these issues, now you know the truth.
When you start a new business, you are actually doing it for the love of doing the business and not for all the paperwork that comes with it. Nonetheless, accounting and business are inseparable. Keeping a trail of the money is vital for the financial health of the business and to properly file tax returns and avoid legal troubles. But more often than not, your business does not require a full-time in-house tax accountant. In such cases, hiring a freelancer is the best bet for you.
These are the benefits of hiring freelance accountants.
Ensure the quality of the work
Freelancers on a platform focused on accounting have access to other accountants who can check and verify their work. Also, because of the very nature of freelancing, they strive to deliver their best to keep their clients coming back. They also usually have fewer clients than traditional accounting firms allowing them to focus more on your work.
Freelancers are ideal for short term projects that require quick turnarounds
The accounting needs of your business are not always constant. Sometimes there is a lot of work to be completed in a matter of a few weeks. Like during the beginning and the end of your company\’s financial year. Otherwise, it\’s mostly just regular bookkeeping. Hiring freelancers help you to scale up or down your workforce, depending on your needs.
You don\’t have to worry about hiring, training, and managing the staff
The cost of hiring a full-time employee is not only about the salary and other employee benefits you as an employer have to pay. You also have to allocate resources to hiring and training them in the first place. If this can pass as only a one-time cost, managing the staff is something you have to deal with in the long run. Hiring a freelancer means you don\’t have to worry about any of these and focus more on your business.
Access to highly qualified and experienced accountants
Hiring an employee is an extensive and time-consuming process. And even after that, there is no guarantee that you will get a qualified one. After you hire someone, you cannot lay off that person just as easily. As a platform that focuses solely on the accounting vertical, Duminex Stars takes good care to hire only qualified accountants. The added benefit is that if you are not satisfied working with one of the freelancers on the platform, you can quickly choose someone else without any commitment.
The most important benefit of a freelancer is the cost-efficiency
Getting your accounting work done by a freelancer can reduce your expenses to a great extent. The cost of hiring a freelance accountant is way less than having permanent accounting staff or an accounting firm. Freelancers usually charge an hourly fee depending on the work. Furthermore, you save the expense of employee benefits like leave salary, insurance, etc. Working with freelancers also helps you to keep the employee headcount of your company low.
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