Startup owners tend to get hands-on on every aspect of the operations, especially in their finances. But as your company scales, so do your accounting responsibilities.
Yes, you need to hire an accountant, especially today that there are a lot of regulatory changes to keep up with. Hiring an expert to look after your books may incur more savings than doing it yourself.
But how do you know which is the best accountant to hire for your small business?
Here’s a rundown on the accountants you can hire for your growing company:
These are the accountants that work for you and the company. Among the three, this one is pretty high since they come with an overhead costs, inclusive of the payroll taxes, benefits, Medicare, paid compensations for vacations, among others.
However, should you need them immediately, their close proximity to you is a great advantage.
Freelance accountants will work well for businesses seeking for a cheaper way to manage their books. Freelancers are also helpful since they have a variety of experience from handling different clients, thus making them well-versed in different regulations and compliance.
An outsourced accountant comes with the benefits of an in-house one, less the high cost. They have the same line of expertise in accounting, and have access to top-of-the-line software and best tools available in the market.
The cost of hiring an accountant depends on elements such as skills, experience and the responsibilities they will be doing. To give you a ballpark, here are figures of an accountant and a bookkeeper:
Market range: £20k-£47k (The median pay is £28k)
This calculation is based on these qualifications:
The accountant has a bachelor’s degree in Accounting, a Certified Public Accountant with at least 3 years of experience and skilled in payroll administration, bookkeeping and tax preparation, among others.
Market range: £18k-£32k (The median pay is £24k)
Here are the bookkeeper qualifications for the mentioned market range:
A bachelor’s degree in Accounting is a must. This Certified Bookkeeper should have at least 3 years of experience and is well-versed in bookkeeping, payroll administration and financial reporting.
Choosing the best accountant for your small business means putting your finances into good hands. Examine your company closely, thoroughly see what support you need, then hire the accountant that will suit your requirements.
D&V Philippines can provide that accounting support for your business. Our wide suite of services are proven to help SMEs oversee their finances clearly and cost-effectively. Download our guide Outsourcing: How to Make it Work today to know how we can be your reliable outsourcing partner in your back-end operations.