If you're an entrepreneur growing your business, you've likely faced this dilemma: should you hire a full-time economist or partner with an external consulting firm?
This question doesn't have a single answer, but there are some concrete situations where an outside economist is the wisest solution. Let's explain why.
Services that every business needs to have guaranteed.
Even a small business that has moved beyond the initial registration phase faces a series of legal and tax obligations. These include VAT returns, corporate income tax returns, withholding tax returns, social security and health insurance contributions for all employees, and documentation of rent or other income generated by the business. All of these are mandatory and have clear deadlines which, if not met, result in penalties.
Every registered business is required to prepare and submit annual financial statements: the balance sheet, the income statement, the statement of cash flows, and the explanatory notes. Furthermore, businesses that wish to obtain loans or apply for development projects, funds, or partnerships must have accurate financial documentation and a clean tax record.
Another aspect that is often overlooked is assistance with other administrative processes.
For example, changes at the National Business Center (such as adding partners, changing the company name or its registered office), applications for licenses on e-Albania, or documentation for hiring foreigners are all processes that require legal precision and practical experience. If you don't have someone who knows this system, a simple action can turn into a costly delay or mistake.
Why is an external economist often the best solution?
For a small or medium-sized business, it is far more cost-effective to work with an external accounting firm than to hire a full-time in-house accountant. This collaboration is not only about cost but also about quality and flexibility in service.
From a financial standpoint, the monthly cost of an in-house economist is much higher than it appears at first glance. The gross monthly salary can be at least 80,000 Lek, but when we add the employer's contributions (approximately 16,300 Lek), When you include office space, the computer, printer, access to accounting software, internet and maintenance expenses, the total value exceeds 110,000 Lek per month. And this does not include annual leave, possible absences, or the periodic training this employee needs to attend to stay compliant with legal changes.
On the other hand, an office like AlProfit Consult offers a whole team with deep expertise in various fields of accounting, taxation, and financial consulting. Collaborating with an external office gives you the opportunity to work not just with one individual but to access a team's structured work system: with double-checks, clear protocols, and the capacity to handle seasonal workloads. This ensures that documents are prepared accurately and on time, even if someone is on vacation or out of the office.
Another advantage is flexibility. During periods of low workload, you're not required to maintain the same financial burden. You can request only the services you need and pay only for those. Also, if you need help in an exceptional case—such as a tax inspection, an audit, or an application for financing—a consulting firm has the capacity to mobilize additional people to assist you in a timely manner.
What about an in-house economist? When does it make sense?
There are also cases when a full-time in-office employee is the most suitable solution. This usually happens in businesses with a very high volume of daily financial transactions – such as manufacturers with many employees, companies that have ongoing banking transactions, frequent payments, and multiple sources of revenue and expenses.
For example, a factory with over 50 employees and over 100,000 euros in monthly turnover, it not only needs to keep track of tax documentation but also requires daily oversight of the cash register, inventory, employee payroll, and sometimes the execution of tasks that demand physical presence. In these cases, decision-making is faster when there is a dedicated person in the office who monitors every request from management in real time.
However, even under these conditions, cooperation with a consulting firm on larger matters is not ruled out: preparing annual statements, reports for banks, assistance with pricing structuring, financial planning, and legal interpretation of the latest legislative changes.
It often happens that even in-house economists consult an external firm to verify the proper approach, to seek help in preparing the statements, or simply to have a second pair of eyes review everything before submission.
Two concrete examples to make it clearer.
Example 1
An IT company with 12 employees and a monthly turnover of about 1.2 million lekë needed a more organized financial structure. Its owner had two options: hire an economist at 80,000 Lek per month plus additional costs amounting to over 110,000 Lek per month, or collaborate with an office like AlProfit Consult for 65,000 Lek per month (the Standard package for this client).
He chose the second option and gained more than just an accountant. During the first year of collaboration, the company received assistance with preparing financial statements, optimizing monthly expenses, allocating costs by project, and was helped with the preparation of applications for two EU funds. Moreover, there were no delays or penalties on the filings, and the financial reporting was simple and clear for the manager, who had no economic background.
Example 2
A processing plant with 60 employees, daily expenses, and a rotating inventory needed an internal structure to handle day-to-day operations. The cost of an economist was justified, as payroll processing, expense recording, and the preparation of daily financial statements were critical to the company's day-to-day operations.
However, the manager also decided to collaborate with AlProfit Consult on preparing annual financial statements, reporting to the board, and for cases requiring second opinions on financial policies and tax audits. This combination proved optimal, as it allowed for day-to-day management within the company while strategic analysis and reporting quality were supported by an office with many years of experience.
How does AlProfit Consult specifically help?
AlProfit Consult is more than just an accounting firm. We help businesses save time and money by avoiding costly mistakes, filing delays, or unnecessary overhead for in-house staff. What sets us apart is our commitment to building a positive collaborative experience at every step, acting as true partners rather than merely service providers.
We work only with businesses registered in Albania that do not require the daily physical presence of an economist in their office. Our clients are typically medium-sized businesses with up to 50 employees and revenues of up to €100,000 per month. We do not offer services to NGOs. For this group of businesses, we provide a simple, reliable, and predictable pricing solution.
Our services are divided into five categories:
– Accounting and preparation of financial statements,
– Tax returns and compliance with tax legislation,
– Communication and representation before institutions,
– Financial advice for smart decision-making,
Operational assistance with payment processing, invoice preparation, and other support services.
To ensure clear and efficient collaboration, we offer three Monthly subscription package – Start, Standard, and Premium – which vary depending on complexity and business needs.
The initial business registration and the first month of service are completely free. speaks. Next, the client selects one of the packages based on size and type of activity, with no hidden fees.
Each fee is monthly, fixed, and unchanged throughout the year, regardless of the number of statements, balance sheet preparation, or other reports. At the end of each year, we review the selected package level together with the client to ensure it continues to align with the business's performance and actual needs.