Freelancers: 5 Pros to Hire an Accountant

how to hire a freelance accountant

In this case, accountants will help you estimate how much taxes you owe for a specific quarter so you don’t have to pay too much annual income tax due by the end of the year. By hiring accountants, they will help you properly keep track of your financial records either through simple Excel sheets or through bookkeeping software. These financial records will help you assess the financial standing and performance of your business—from your monthly profit net income to your total net value. Accountants are responsible for maintaining and preparing financial statements for a company. The records are used in a variety of ways and clearly present important financial information to the stakeholders of a business.

As a whole this type of accountant offers specialization, flexibility, and low overhead. Controller will be a senior accountant with the most technical knowledge. They will guide the team, implementing best accounting practices, while ensuring the company has adequate cash flow for all expenditures. They manage the accounting department and approve all work of junior staff. Entry level accountants with 2-3 years of bookkeeping or general accounting experience.

Key skills and personality traits of an accountant

People who do not know what accountants do can easily dismiss accounting work simply as counting money or numbers. However, an accountant’s work goes way above and beyond merely calculating your net income or your taxes. Freelancing income and expenses, however, are usually straightforward, and any accountant can compute freelancer taxes. Freelancers with multiple clients tend to have multiple banking accounts as well.

  • You can work with an outsourced accounting firm or with freelance accountants.
  • Chart displaying survey results regarding what services accountants help business owners with.
  • Googling “outsourced accounting firms” will point you to virtual and remote accounting firms.
  • We provide multiple Payment terms and flexible Agreements to enable you to work the way you want.
  • I was very impressed with the quality of finance talent in Toptal’s network.
  • Hiring the right accountant is a critical decision that can significantly impact the financial health and success of your business.

Both of these options can be expensive, especially if you are looking to work with an accountant with experience. This is crucial because accountants can be paid either on an hourly basis or project basis which is why it’s important to know the scope of the tasks you need help with before hiring freelance accountant one. For example, if you have three clients, you may need to fill out three 1099-NEC forms, which will declare self-employment or non-employee compensation income. If you received international payments through PayPal or other third-party processors, you may need to fill out a 1099-K.

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