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Freelance accountants do bookkeeping tasks on a part-time basis, moving from company to company when finishing a job. Freelancers can be university students, a semi-retired CPA, or anyone seeking a dynamic job with business experience. There has been a major shift toward the freelancer throughout the professional world. In 2020, a projected 43% of the global workforce will be considered freelancers.
It is common for SME to not be able to handle the burden of a full-time accountant. This is where natural synergies between the SME and freelance accountant form. The freelancer can provide high-quality services at the company’s convenience. Freelancers can utilize this valuable work experience to help take the next step in their business career.
The role of a bookkeeper is integral for any-sized business. They are responsible for maintaining accurate financial information for the company. For SME, the roles and responsibilities of bookkeepers are even more important. General tasks of a bookkeeper can include:
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- Vendor payments
- Bank cash management tools, TransferWise or other platform
- Salary vs. Dividend tax planning
- Cashflow planning
- Budgeting
- Variance Analysis
- Board reporting
- Support by Payroll Compliance Practitioners
- WSIB/EHT filings
- Year-end T4
- Processing payroll
- Reconciliations of bank/credit card accounts/Cash
- Deferred revenue/expense tracking
- Accurate online payment gateway
- Departmental bookkeeping/accounting
- T2 Corporate tax returns
- GST/HST filings
- Tax planning
- CRA audit support
- Complex tax (reorganizations/M&A)
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