Good reasons to hire a contractor accountant - Journal Of ...

admin | October 20, 2012 |

There are several reasons you may wish to hire an accountant on contract. The foremost reason maybe that you can?t afford a fulltime accountant in your payroll. Another important reason may be that you want to find ways to control your costs, minimize tax payment, and maximize profit. Whatever reasons you may have, contractor accountants from reputed accounting firms can help you achieve all of your goals. They also cost you less than a fulltime accountant as they only charge you by the hours or for specific tasks.

Here are some of the good reasons you should hire a contractor accountant from a reputed accounting firm:

• Economy of time and money: Hiring a contractor accountant saves you time and money. Doing your own accounting is tedious and time-consuming work even if you know how to do it, and it?s a waste of time you could put to productive work. An accountant permanently in the payroll is a drain on your resources. When you hire an accountant on contract, you need pay him only for a specific task or a period of time.

• Correct bookkeeping: Being professionals, contractor accountants are very precise and do not overlook anything. They follow the correct procedures and practices in every step. Be it payroll, tax computation or year-end accounts, they do it with accuracy and finesse that you can?t achieve. Correct accounting helps make correct decisions that are essential for the growth of the company.

• Minimize tax payment: Many individuals and companies end up paying more tax than they need to because to lack of adequate knowledge of taxes. As you may be well aware of, taxes eat into a company?s profit. Experienced accountants know all about taxes and how to minimize the payment so that you won?t have to pay a penny more than necessary. This saves money and increases the company?s profit margin.

• Gain credibility: Hiring a well-known and trusted accounting firm gives your company credibility in the eyes of government authorities and clients. When filing tax returns, you are more likely to avoid scrutiny if your documents are prepared by accountants from trusted accounting firms. You will also gain the trust and respect of the company?s shareholders and clients.

• For the growth of the company: Experienced accountant do not only prepare accounts and compute payroll and taxes, they also provide you advice on how to streamline and structure your budget. Such advice can help you cut cost and maximize profit. As well-known accounting firms have many other clients from diverse fields, they can recommend your name to their other clients, which is free advertizing and good for business.

As there are many accounting firms advertising their service, it is not easy to choose the correct one. However, there are ways to select the most suitable one for your specific need. Recommendation from trusted friends and business associates is always worth giving a try. However, the other things to look at are areas of expertise and years of experience. You don?t want to hire someone who has little or no experience in the area that you want service. For this, you need to do a market research and talk to the accounting firms personally. In short, hire only the contractor who you think has the knowledge and experience to carry out the task entrusted to him.

Source: http://www.jolcdi.com/2012/10/20/good-reasons-to-hire-a-contractor-accountant/

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