Virtual accounting is a set up or system in which a qualified professional accountant provides services virtually, rather than being physically working at the client’s office. Virtual accounting provides all of the same aid and assistance of having an accountant for your business, but because the accountant is a contractor, the cost is often less expensive. These services allow for more flexibility for the accounting professional and the business.
Without having to hire another full-time staff member at the office, a virtual accounting services allow clients to deal with their accounting needs via a qualified accounting professional. This helps cut costs by ensuring that businesses will only pay for the accounting work they need. This is a great accounting answer for small businesses who need help with their accounting but do not have the finances for another full-time employee.
Virtual accounting services are also a great advantage for larger companies who have an accounting department but need extra help and assistance. Virtual accounting professionals can easily incorporate into the existing department and provide assistance and support as long as they are needed. This offers a unique blended quick fix for those businesses who need extra help, but are not yet ready to hire additional accounting staff.
Thanks to an increasingly global economy and the growing complexity of tax regulations, the job market for accountants and auditors have a promising job outlook.
Organizing and maintaining financial records, balancing the books, provide auditing services, preparing and completing tax returns. The duties are done remotely thus the accountants work read like a textbook example. This is one of the reasons why virtual accounting jobs are an increasingly favored option for accounting professionals looking for work flexibility.
The benefits to hiring a virtual accountant that it’s more efficient to handle meetings through email, Skype or even over the phone. You don’t have to take an entire day to meet with your virtual accounting team. That doesn’t mean you won’t get to know and trust your virtual accounting personnel, though. Virtual accounting can mean excluding the small talk and getting more accomplished tasks in less time.
Since preferring virtual accounting services, many clients report that they feel more in control of their business not less. An online financial service puts all your important financial statements right at your fingertips. You can access metrics for accounts receivable, accounts payable, income statements and balance sheets, as well as budgeting and forecasting reports. All of this information is updated and delivered per client’s request, and then accessible in a networked drive, from any secure internet connection.
In a virtual setting when the accountant is not there, the value provided can be less evident to the client. Instead of time served, the focus moves to achieving the end result without putting in all that time especially time spent face-to-face.
Making sure that their clients are receiving value is why the communication and the accounting service are critical to success.
The client’s business gets a new higher value service that can manage and supervise the finance function and provide a factor of mentoring the in-house staff accountant. This can help the staff accountant move beyond day-to-day detail and start thinking and working more strategically on a longer-term outlook resulting in a hugely positive impact on the business.
Benefits of Hiring a Virtual Accountant
- It surely saves money and time for training and development the accountants for your needs
- Helps you to receive updates without personal interaction with accountants
- Cuts down on office expenses that are needed for in-house accountants
- Eliminates the recruitment process of accountants and other issues related to it
- Helps you to focus more on your core business rather than the accounting work of your company
- Helps to take advantage of the saved amount on office infrastructure and recruitment to invest in important business activities and developments
- Provides direct services of experienced, qualified and trained accountant, who have the best knowledge of various business sectors