Accounting is a profession that has incredible value and has been in demand for decades now. Payroll processing is also becoming a must-have department for every business.

The gig economy has grown in leaps and bounds over the past few years. Many people now prefer to work as freelancers rather than salaried employees. However, being a freelancer is not for everyone, and you should seriously consider starting a career as a freelance accountant or payroll processing specialist.

The following are some factors to consider if being a freelancer in the field is right for you:

Increased Career Opportunities

There has been a substantial increase in the job market for accountants. For the most part, a payroll specialist is a clerk position where you handle payroll processing for a company.

In a small company, you can be the payroll manager. However, you would have to be an experienced and knowledgeable accountant to run the payroll department for a larger company.

If you have a CPA or advanced degree in accounting, you can work as an accountant or payroll specialist in any company. There aren’t many people with the skills or experience to work as a payroll specialist; hence there is plenty of demand for the position.

Filing Taxes

As an accountant or payroll specialist, it will be your job to file taxes and administer deductions when conducting payroll processing for a company. The job can have numerous advantages if you are good at your job.

You can use your knowledge to file your income taxes and take advantage of the many deductions made to your income. ThePayStubs contain every deduction from your income. You can reduce the deductions and receive as much of your gross pay as possible.

As a freelancer, you can use your knowledge to help others with their tax deductions too. You can make a substantial income in addition to performing payroll processing tasks.

Freelancer vs. Employer

If you have a CPA, advanced accounting degree, or are an experienced payroll specialist. You have to ask yourself whether you want to work as a freelancer or a salaried employee. As a freelancer, you will essentially be running your own business.

There are pros and cons to each which you should carefully consider. You have more freedom over your work as a freelancer. On the other hand, you may experience issues with payment when working on your own account.

As a salaried employee, you get many benefits from the company, like health insurance.

However, you will be limited in your working freedom and earning capacity.

You have to decide which is right for you.

Save Clients Money

You can save yourself a lot of money as a knowledgeable payroll accountant or specialist. On the other hand, you can also help your clients save money by handling their bookkeeping and payroll needs.

Companies lose vast amounts of money due to payroll processing and accounting errors when done by unqualified personnel. By saving them that much money, you become an incredible asset and a valued member of the company, which is excellent if you are considering a career in the field.

Control Over Your Work

If you want to be a freelance payroll accountant or specialist, the greatest advantage you have over a salaried employee is the control and freedom you have over your work. It could have a tremendous effect on your work if you don’t have someone looking over your shoulder all the time.

Freedom could improve your productivity and make your work much better. A better work-life balance is also an effect of being a freelancer.

In conclusion, being a payroll accountant or specialist is almost guaranteed. The question is whether you want to work as an employee or freelancer. Use the points above to consider which would be best for you.