(800) 931-6557
(800) 931-6557
ASP
  • Home
  • Accounting
    • FAQ
  • Recruiting
    • Recruiting Team
    • Recruiting Process
    • Recruiting FAQ
  • Openings
  • Oregon
  • Washington
  • Colorado
  • About
    • Clients
    • Testimonials
    • Diversity, Equity and Inclusion
    • Resources
    • Submit Resume
  • Contact
  • Payments
  • Blog
  • Home
  • Accounting
    • FAQ
  • Recruiting
    • Recruiting Team
    • Recruiting Process
    • Recruiting FAQ
  • Openings
  • Oregon
  • Washington
  • Colorado
  • About
    • Clients
    • Testimonials
    • Diversity, Equity and Inclusion
    • Resources
    • Submit Resume
  • Contact
  • Payments
  • Blog

​In Pursuit of Profit

Read our expert article below or sign up to get articles sent to your inbox.​

9/7/2021

Comments

When Would You Need a Part-Time Accountant?

 
when do you need a part-time accountant
We talk to people every day that are looking for accountants for their companies. And being in the business of staffing organizations through both full-time hires and outsourced accounting services, we have noticed a trend in people’s thinking…

Business owners and hiring managers typically categorize their hiring intentions into one of two buckets: a part-time bookkeeper/bookkeeping service or a full-time accountant hire. But many business leaders overlook the value that a part-time accountant (or “fractional accountant” as they are referred to in the industry) can provide to their organization.

Whether the organization is for-profit or not-for-profit, a fractional accountant can be brought in for a variety of reasons to provide the same level of expertise of a full-time, dedicated accountant. While a fractional accountant from an accounting service provider may work on a less than full-time basis, their experience-level is as high (if not higher) than your average accountant.
​
The reason a fractional accountant may bring a greater breadth of experience the role is because they work with a variety of companies across a different industries and lifecycles simultaneously, which requires that they be well versed in a wide variety of accounting topics and stay abreast of all the latest news. As a result, fractional accountants may offer more accounting acumen at a much lower cost than their full-time counterpart.

So, do you need a part-time accountant? In our experience, these are the most common reasons for utilizing a fractional accountant:
​
Part-Time
Startup Phase
In the early days of a new business when there is not a full-time need yet, a part-time accountant can provide the coverage needed for accounting-related duties without having to pay for what you do not need, freeing up cash for use in other areas. Additionally, hiring a fractional accountant bypasses the expenses required to hire someone full-time (recruitment costs, salary, payroll taxes, benefits, perks, etc.).

Small Business
Because it is a more affordable accounting solution, a part-time accountant is a great choice for a small business on an ongoing basis. If the company grows and its needs change, a fractional accountant can help transition the role into a full-time position and possibly even help hire someone into the role as well.

Short-Term
However, a fractional accountant is not simply an option to turn to for “less than full-time” work. Fractional accountants also do full-time short-term work and project work. Next, let’s take a look at scenarios where a fractional accountant can be brought in to perform a full-time role for a limited timeframe.

Parental Leave Coverage
While an employee is on their allotted maternity leave or paternity leave, the job still needs to get done. So, when your accountant goes on parental leave, it makes sense to bring in a fractional accountant to keep someone overseeing the finances of the company. Leaning on an outsourced accounting service during this time helps avoid legal issues that can arise by trying to bring in another in-house accountant while your accountant is on leave.

Disability and Medical Leave Coverage
Similarly, while an accountant is on short-term disability, long-term disability, or medical leave, a fractional accountant can keep financial operations running smoothly to avoid costly delays or oversights. However, unlike parental leave, when it comes to disability and medical leave, there is not a set timeframe to plan for. Because an employer cannot necessarily anticipate how long their accountant will be out (or if they will be able to return to work at all), hiring a fractional accountant provides the flexibility needed to keep the company’s finances in good order no matter how long the leave ends up being.

A Sudden Loss
When your accountant leaves suddenly, hiring a part-time accountant ensures you can get someone new in right away to prevent any gaps in coverage. A fractional accountant can be brought in immediately without the same onboarding process required for an in-house hire, which makes it an attractive choice for employers looking to get someone into the role quickly. Regardless of the circumstances under which your former accountant left, an outsourced accountant can review your financial accounts to ensure everything is in good order as part of their ramp up.

During a Prolonged Hiring Process
Companies that are looking to bring in an accountant that has left or hire a new accountant, may run into a situation where the hiring process is taking much longer than expected. Of course, the knee jerk reaction in this instance is to lower your expectations to get someone into the role faster, however this can have costly consequences. Instead of hiring just anyone to fill the role, savvy companies will bring in a fractional accountant to meet their needs while they keep looking for a longer-term solution.

Project
In addition to scenarios when a fractional accountant is brought in to perform a full-time role for a set period, fractional accountants can also assist with project work – either working independently or coming alongside existing accounting staff to share the financial responsibilities associated with the circumstance.

In these types of instances, a fractional accountant will assume the role throughout the duration of the project engagement, however long that may be. A fractional accountant will perform ad hoc reporting and act as a liaison with whichever external parties need access to company financial data.

During an Audit
One such instance would be during an IRS audit. During an audit, a fractional accountant (typically one who has knowledge of the audit side of the industry or experience in audit) will help guide the business through the requirements and regulations associated with being audited, to remove some of the onus from the businessowner.

Succession Planning
Similarly, when the business is being prepared to be sold or acquired, a fractional accountant can help prepare the financials for review by the buyer or acquiring entity. When the businessowner is looking for an exit strategy, a fractional accountant can help model various scenarios to determine which is most advantageous and assist with the timing of the decision as well.

When you are ready to hire a part-time accountant, please reach out to us. We would be happy to discuss your needs and find a solution that will not only meet them but exceed your expectations! 
Comments

    SUBSCRIBE:

    DOWNLOAD:

    The Ultimate New Business Formation Checklist

    DOWNLOAD:

    Accountant Evaluation

    Categories:

    All
    Accountant
    Accounting
    Accounting Systems
    Audit
    Bank Reconciliation
    Benefits
    Bookkeeper
    Bookkeeping
    Brand
    Budgeting
    Business Analysis
    Business Trends
    Cash Flow
    Change Management
    Checklist
    Closing The Books
    Colorado
    Community
    Contracts
    Controller
    Depreciation
    Ecommerce
    Economy
    Finance
    Fraud
    Government
    Hack
    Hiring
    HR
    Infographic
    Internal Controls
    IRS
    Laws
    Leadership
    Legal
    Local Economics
    Manuals
    Market Trends
    News
    Nonprofit
    Online Bookkeeping
    Oregon
    Outsource
    Payroll
    Payroll Taxes
    Planning
    Procedures
    QuickBooks
    Record Keeping
    Recruiting
    Recruiting Market Reports
    Remote Workforce
    Reporting
    Restaurants
    Risk
    Sales Tax
    Scam
    Security
    Small Business
    Social Media
    Software
    Startup
    Statistics
    Strategy
    Taxes
    Technology
    Time Management
    Washington State

    Archives:

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    June 2015
    February 2013
    October 2012
    November 2011
    May 2011



    RSS Feed

Services

Accounting Services
Recruiting Services

​

Company

About
Oregon Team
​Washington Team
Colorado Team
Clients


Support

Contact
CC
FAQ
​Resources
​Blog
​

ASP

Your resource for accounting & recruiting services. Serving Seattle, Bellevue, Redmond, Kirkland, Portland, Beaverton, Hillsboro, Lake Oswego, Denver, Lakewood, Aurora and more.
Contact us today for a free,
no-obligation consultation:
Toll Free (800) 931-6557
WA (425) 492-1901
OR (503) 473-0122
​CO
(720) 572-8211
info@asp-nw.com
© COPYRIGHT ASP - ALL RIGHTS RESERVED 
 A CFO Selections Company
Privacy Policy