How to Choose an Accountant: Outsourcing vs. In-House Accountant

Feb 6, 2024 | Accounting

An accountant is an important employee for any business. They are responsible for maintaining accounting records, preparing financial statements, and overseeing a company’s finances. Therefore, choosing an accountant is a responsible decision that can affect the success of a business.

Types of Accountant Collaboration

In Latvia, there are two main types of accountant collaboration: outsourcing and in-house accountant.

Outsourcing

Outsourcing is the delegation of accounting services to an external company. The advantages of outsourcing include:

  • Time and cost savings: An outsourcing company has a team of qualified accountants who can process information faster and more affordably than a single in-house accountant.
  • Risk reduction: An outsourcing company is responsible for the quality of its work and compensates for damages in case of errors.
  • A wide range of services: An outsourcing company can provide a wide range of accounting services, including tax audits, tax consulting, and others.

In-House Accountant

  • An in-house accountant is an employee of a company who is responsible for accounting. The advantages of an in-house accountant include:
  • Personal acquaintance and control: You can meet the accountant in person and monitor their work.
  • The ability to receive consultations at any time: An in-house accountant is always available for consultations on accounting and tax matters.

How to Choose an Accountant?

When choosing an accountant, regardless of which collaboration option you choose, it is important to consider the following factors:

Education and work experience: An accountant should have a degree in accounting and finance, as well as work experience in the relevant field.

Competence: An accountant should have the necessary knowledge and skills to maintain accounting records and prepare financial statements in accordance with regulatory requirements, including tax laws in Latvia, which are constantly changing.

Specialization: If your business has a specific nature, you will need an accountant with experience in your industry.

Responsibility: An accountant should be responsible and accurate to avoid making mistakes in their work.

Communication skills: An accountant should be able to communicate with representatives of regulatory authorities, as well as be pleasant to communicate with an employer.

Tips for Choosing an Accountant

Here are some tips that will help you choose a good accountant:

  • Ask for recommendations from friends or business partners. If you have friends or business partners who have already used the services of an accountant, ask them to recommend a good specialist.
  • Conduct an interview with an accountant. At the interview, you will be able to meet the accountant in person and assess their qualifications. Here are some questions you can ask at the interview:
  • What is your education and work experience?
  • Do you know the tax laws in Latvia?
  • Can you provide recommendations from your previous job?
  • Read reviews online. Reviews from other customers can give you an idea of the quality of an accountant’s work.

Choosing an accountant is an important decision that can affect the success of a business. By weighing the pros and cons, you can choose the collaboration option that is most beneficial for you.

By choosing our services, you can be sure that your accounting statements will always be up-to-date and comply with regulatory requirements, including tax laws in Latvia. We have a license and insurance policy that guarantee the quality of services and compensation for damages in case of errors. Contact us today for more information.

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