You Should Hire an Accounting Firm over Freelancers
Philippines is one of the best countries in the world to outsource your accounting and bookkeeping services because the talents are hardworking, dedicated, trustworthy and loyal professionals.
However, in outsourcing your services for a long term and sustainable support it is recommended to contract with the accounting firms instead 0f the freelancers.
8 Practical Reasons why you should contract an accounting firm over the freelancers in the Philippines
1
Expertise and specialization
Accounting firms often have a team of professionals with diverse expertise and specialized knowledge in different areas of accounting. This means that you can access a wider range of skills and experience compared to a single freelancer who may have limitations in certain areas.
2
Scalability and capacity
Accounting firms typically have the resources to handle multiple clients simultaneously. They can easily scale their operations and allocate more staff to your project if needed. This flexibility is particularly valuable for businesses with changing needs or growth aspirations.
3
Guaranteed availability of support
Working with an accounting firm ensures that your financial records and processes are not dependent on a single individual. If a freelancer becomes unavailable due to illness, vacation, or other circumstances, it can disrupt your accounting operations. In contrast, accounting firms can provide backup and ensure continuity of service.
4
Quality control and peer review
Accounting firms often have established quality control processes and procedures in place. They enforce strict standards to maintain accuracy, consistency, and compliance. Additionally, the work of individual accountants within the firm can be reviewed by their peers, minimizing the risk of errors or omissions.
5
Compliant with GAAP
Accounting firms are managed by highly competent professionals and mostly are Certified Public Accountants (CPA). Hence, it follows their understanding of full accounting cycles following the Generally Accepted Accounting Principles (GAAP) locally and internationally. Freelancers, especially none accountants may not have this proficiency.
6
Infrastructure and technology
Accounting firms generally have access to advanced accounting software, tools, and infrastructure to streamline their processes. They can leverage technology to improve efficiency, accuracy, and data security. Furthermore, some have equipped themselves with power supplies and internet connection for service continuity in times of natural calamities. Freelancers may not always have the same level of technological and viable resources at their disposal.
7
Diverse Services on Accounting and Bookkeeping
Accounting firms often offer a broader range of services beyond basic bookkeeping, such as tax planning, financial analysis, budgeting, and forecasting. They can provide comprehensive financial insights and advice tailored to your specific business needs.
8
Reputation and accountability
Established accounting firms often have a reputation to uphold and are more likely to prioritize customer satisfaction. They are accountable for their work and have a vested interest in maintaining long-term client relationships. While freelancers can also be reliable, accounting firms generally have a stronger track record and more established brand presence.
For the above practical reasons, it’s important to note that these points may not apply universally to all accounting firms and freelancers in the Philippines. Each case should be evaluated based on the specific needs of your business and the capabilities and reputation of the professionals or firms you are considering.