Today, more people in the United States have decided to start their own business. After all, it’s everybody’s dream to work for themselves and do something they love. However, people whose dreams come true often realize they must take care of bookkeeping and accounting.
The cost of hiring professionals prompts many business owners to search alternatives. One such option is hiring a part-time expert. Check out our article to learn more about part-time accountants and their jobs.
Types of part-time accountants
Before hiring a professional, an employer should determine the type of expert he requires. There are three main types of part-time accountants:
- Public specialists. They deal with individual clients, small firms, and organizations. They are skilled in the financial and auditing aspects of a business.
- Government professionals. They work for government agencies to guarantee that employees use funds legally and aren’t avoiding paying taxes.
- Management accountants. These professionals work for major corporations, assisting clients with financial planning and budgeting.
Given this information, if you’re a small or mid-size business owner, the best option is to consider hiring a public accountant. Part-time public assistants work in the same business industries as their full-time colleagues. However, they don’t work forty hours per week.
Typically, they cooperate with small companies that don’t have a lot of paperwork. Thus, they don’t need full-time employees for accounting tasks.
Part-time accountant duties
The part-time expert has similar duties to their full-time colleagues. They keep, record, analyze, and process the financial records of the company. They often work less than 35 hours per week, depending on the needs of their employers.
Such professionals collect and verify all transactions to guarantee that their customers’ financial records are correct and under GAAP (Generally Accepted Accounting Principles). A part-time employee’s daily or weekly duties may vary depending on the firm’s needs and the industry. However, everyday daily/weekly tasks include:
- Examining financial data.
- Ensuring transaction compliance.
- Tracking expenditures.
- Generating financial reports (monthly, quarterly, or yearly).
- Offering steps to use the budget effectively.
Part-time professionals take care of taxes during the tax season. CPAs (certified public accountants) may even file taxes on the company owner’s behalf, which is very convenient. In some cases, a part-time accountant may be hired to complete the audit.
Keeping proper financial records is time-intensive and small mistakes can be costly. BooksTime makes sure your numbers are 100% accurate so you can focus on growing your business.
Benefits of hiring a part-time accountant
A part-time accountant has the degree, experience, and skills to perform the tasks of their full-time counterpart. However, it’s cheaper to hire a part-time employee. This expert is a perfect candidate if you have a small company or have just launched a startup. However, there are other benefits of hiring such an expert:
- Lower costs. Company owners pay only for the job done by the worker. Moreover, most part-time employees aren’t eligible for standard benefits provided to regular workers.
- Diverse experiences. A part-time accountant is not an entry job when candidates apply to become experts in the industry. Typically, they have more varied experiences working with different sectors. Thus, you get an expert in accounting without overpaying.
- Flexible schedules. You can discuss with the potential candidate their salary, how many hours they should work, and other details before you sign a contract.
Part-time accountants quickly learn all aspects of your business since they have experience working in many industries and with different clients. They help you stay organized and maximize the efficiency of your business
When a business needs a part-time accountant?
Big corporations like Amazon.com, Inc. or Walmart, Inc., have entire accounting departments. Some mid-size businesses can afford to hire full-time accountants. However, small companies and startups consider hiring part-time employees a more cost-effective solution.
Hiring an expert is a necessary step. While it’s possible to keep books without external help, accounting is impossible unless you have a degree in finance. Still, public experts have more experience preparing reports and filing taxes.
Hiring a trustworthy specialist enables you to optimize your business without overpaying. They will verify all transactions, keep track of expenditures, prepare for taxes, etc. You can focus on business optimization tasks. Therefore, hiring a part-time bookkeeper is your best idea.
Hiring a part-time accountant is a better alternative to doing accounting yourself if you can’t afford a full-time employee. You can be upfront about the responsibilities and requirements of a potential candidate. It’s a cost-effective option since business owners are not required to pay standard employee benefits and taxes. At the same time, company owners get the same quality of work as when hiring a full-time employee.
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Author: Charles Lutwidge