Do You Need To Hire An Accountant As An Independent Contractor?
Opening your new business is an exciting and challenging ordeal. After years of working for others and obtaining real-world experience, you are finally setting out alone. You now have a business of your own and can choose the projects “you” want to work on.
However, like other contractors and small business owners, you’ve acquired a certain amount of financial responsibility. That’s the reason why many independent contractors hire outsource accountants to assist them in managing their financial affairs.
An objective accountant has the knowledge and expertise to help you navigate through all sorts of red tape and tax issues while avoiding fines and costly litigation problems. A hired accountant may also be used to track income, liabilities, expenses and assets.
In fact, an outside accountant might soon become your most important and trusted ally in planning and investment decisions. He or she could be a helpful guide and authority when it comes to complex requirements on the fiscal side of your business.
While there’s no legal requirement to hire an accountant, managing difficult tax and business affairs on your own is a time-consuming task. Moreover, the accountancy service you receive is a relatively small expense that could save you money for future investments.
There’s also a psychological aspect to hiring an accountant in the event something goes wrong in your business. Such a situation can be extremely stressful and is better handled by a professional who has the expertise and experience to resolve unforeseen financial issues.
Government rules and regulations can be a minefield and contractors need to possess a practical knowledge about these regulations. In addition to the assistance from a specialist in these complicated areas, you will receive the expertise offered by a qualified accountancy firm.
There are also dozens of smaller chores an accountant can handle including: setting up a company payroll, registering your VAT, filing confirmation statements, dealing with paper work, offering tax advice, filing tax returns and providing professional references.
Accountants ensure that your business is on track and your paperwork is in order. As a fundamental part of self-employment, they help develop a business plan enabling the customer to maintain momentum and stay on top of the competitive contracting market.
It’s good to have a helping hand from a company like Accounting Pro that specializes in support to independent contractors.
Accounting Pro is Ireland’s premier contractor accounting service. We are here to help, the busy contractor and company, with all your accounting and payroll needs. We are both an umbrella company and umbrella corporation and we can create your limited company. We are experts in contractor pensions, contractor health insurance, illness and sick benefit for the self employed and contractor expenses. To learn more about what we do please review https://accounting-pro.ie/ and contact us by email: firstname.lastname@example.org or phone us 01 592 1802. For the UK see Accounting-Pro UK. “Do You Need To Hire An Accountant As An Independent Contractor?” is an article written by Accounting-Pro Ireland for the benefit of everyone. Feel free to share it but please give attribution on a CC BY-SA license.