Are You a Freelancer? Here’s Why You Need an Accountant

Accountants are qualified, trained, and experienced in their job. Those professionals providing accounting services in the Philippines play a crucial role for companies, partnerships, or sole-proprietorship operations. After all, it is an accountant’s job is to perform financial functions for an organization or an individual.

If you’re a freelancer who needs management consultancy and financial advice, you can hire expert accounting services in Manila. If you hire a certified public accountant, he or she can provide you with high-quality services and solutions that match what you are working on, your needs, and your overall goals as a freelancer.

One of the many responsibilities of freelancers, apart from doing their job, is to manage complex financial tasks. This means you need to keep track of the cash inflows and outflows, prepare and file taxes, as well as earn profit. These tasks can be daunting and draining. Hiring a qualified and experienced accountant would be a good idea to help you deal with your financial responsibilities and allow you to focus more on your work.

Now, let’s answer these questions: Why do you need an accountant? What are the benefits you will get in hiring an accountant? Is it really worth it?

Can Save You a Lot of Resources

You already have so many things to do as a freelancer. You have your work to do and obligations to your clients. Moreover, you also have your financial responsibilities to worry about for both your operations and family. If you think managing your financial responsibilities are taking so much of your time and you want to lessen the burden, hiring your own accountant is ideal. This holds true, especially if you’re not keen on doing math. You will have more time and be able to focus on the core of your business, while leaving the stress to an accountant.

Managing Tax Returns

Managing your tax returns may be a complex activity that includes preparing and filing your taxes. If you are doing it for the first time, you must get an accountant to help advise, and guide you. You must seek expert assistance who will help save your money and file your taxes on time so you will not have to face penalties. You can even seek help from tax and accounting services in the Philippines to help you with proper Business Registration so you can issue receipts. Eventually, you can use them as supporting documents for your taxes.

Ascertain Growth of Operations

Who doesn’t want to grow? A qualified accountant who works for freelancers and individuals who are self-employed can help your business grow. Accountants are not there only to provide you with financial advice, manage your financial accounts, help you with filing taxes but they are there as well to help you and your work grow since they have a wide experience. The problems you are facing might be issues and problems your accountant has seen and worked on already. Their firsthand experience may help you with your own problems as well. Aside from that, accountants will ensure that you are completely aware of your overall financial health so you can make sound projections and decisions. 

Knowledge in Tax Laws

One thing you must know is that freelancers like you are now required to pay tax. In the Revenue Memorandum 60-2020, freelancers, online sellers, content creators, and anyone who is earning through digital channels are obliged by the BIR to register. All the more you will need to hire an accountant to facilitate registration and assure tax compliance. Tax laws are complex because the state and local bodies may impose different policies and rules. These rules are regularly updated and changed. Fortunately, accountants have the correct knowledge about tax laws and they will know how to track and keep up with the changes. They can help you look for specific tax relief initiatives that would fit into your niche or industry. 

What is the best thing you should do?

Hiring tax and accounting service in Pasig would be a great investment. Since you’re working solo, it will be difficult for you to manage all the work by yourself. Don’t bite more than you can chew and leverage an expert’s help.

You will need an accountant who is knowledgeable and someone who has the skills and resources to accomplish the workload for you. By having your own accountant, you will be able to focus more on the core of your business. 

If you have decided to hire one, invest in the right accountant like our team. We offer free 30-minute calls so you can become familiar with our work experience and the services we offer. Choose wisely for this will greatly affect your business. Your accounting firm of choice can break or make your operations flourish.