Should You Hire A Freelancer Or An Accounting Firm in Toronto For Corporate Taxes?

August 29, 2021 | Written by: Sohail Afzal

Should You Hire A Freelancer Or An Accounting Firm in Toronto For Corporate Taxes?

Getting your business finances done from an expert Accountant is going to be one of the smartest decisions you’ll make. You already have a lot of stress to manage your strategic business goals, and you don’t want yourself to spend a lot of time doing the corporate taxes. So, what should you do? Should you hire a freelancer for your needs, or should you hire an accounting firm that you can use whenever you want?

That’s a question where many people get confused. They don’t figure out whether to choose an accounting firm or freelance accountant for the corporate taxes. Let us tell you that there is no straight answer on which to choose. It depends on the finances of the business, budget, and the duration of the relationship.

This article will look at some of the pros and cons of both the freelancer and the accounting firm to make it easy for you to decide.

Let’s get started!

Freelance Accountant

Pros:

  • The freelance accountant’s cost is less than the accounting firm’s because there is almost no overhead cost when hiring the freelance accountant for corporate tax. Moreover, the freelance accountant might also manage to provide some add-on services and the primary service, and they won’t charge a lot for it. These are the reasons why some of the startups and small businesses would consider hiring a freelance accountant.
  • Generally, you don’t have to make any long-term contracts with freelance accountants. Whenever you have a task related to corporate tax or any other financial services, you can just contact them to get the required service done.

Cons

  • Although it is easy to find hundreds of freelance accountants willing to take you up on your offer, the problem is that it is difficult to identify the right person with the right skillset and knowledge. The freelance accountant would claim that they are the best, but you can’t trust them right away. A personal recommendation would be helpful.
  • A freelance accountant will probably have multiple clients. This means that they might not be available for you when you want them.

Accounting Company

Pros:

  • An accounting firm would be of great help for organizations that have to deal with multiple financial services. That’s because you can get almost all the financial services under one roof. The expert CPA at the accounting firm knows all the nitty-gritty details regarding all financial services, including corporate taxes.
  • They would help you with financial services like corporate taxes, reporting, payroll, to name a few. But they’d work with you and tell you the ways by which you can grow your business.

Cons:

  • The most significant disadvantage of getting your financial services done from the accounting firm is the amount of money they would charge. However, the reason is that the accounting firm will not only provide certain services, but they will help your business with things like filing taxes, implementing internal controls, etc.

Conclusion

Now you must be familiar with the pros and cons of hiring a freelance accountant and an accounting firm. You have to analyze and see which would be the best for your business. Refer back to this article whenever you decide because the points in this article will help you make the best decision.

If you are looking for an accounting firm for your business, don’t hesitate to contact us.

Sohail Afzal CPA Toronto

Sohail Afzal, CPA, CMA, MBA

Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.

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