Getting Business Smart With Virtual Accounting Services
Start Making Accounting Less Intimidating
It’s 2018, and everything is online now. Today, more and more companies are using cloud-based services to minimize their infrastructure and operational costs. This trend is evident in accounting as well with a large number of organizations embracing virtual accounting services. These organizations include small and medium-sized businesses.
According to a Small Business Report, only 40% of small business owners feel they are extremely or very knowledgeable about accounting and finance. Accounting is, without doubt, a stressful job and no matter what type of company you run, you need to manage both your accounting and bookkeeping to run your business efficiently. This puts you can in a catch-22 situation, or does it?
Contrary to popular belief, it’s not all doom and gloom if you or your in-house resources are struggling to keep up with the constant pressure of bookkeeping. If you don’t have a trusted accountant in the city or can’t find staff knowledgeable in auditing and accounting, then virtual accounting can be the ideal solution for you.
How Virtual Accounting Services Can Help
According to one research, cloud-based accounting and bookkeeping services see higher growth rates than firms that are not in the Cloud. Know why? Because more and more companies today prefer online or cloud-based accounting to in-house accounting departments. Accounting Today 2018 “Year Ahead” Survey reveals that 45% of small companies, 57% of midsize companies and 58% of large companies select cloud accounting over desktop alternatives.
A team of accountants or virtual accountants, cloud-based accounting services provides the usual accounting, bookkeeping, and financial services remotely. Following are some ways virtual accounting services make accounting and bookkeeping less intimidating for businesses.
Since most service that deal with virtual accounting store data in the Cloud, you can access your account details and other financial information online. The best thing is that you can access the information easily as well as from any device and from any location.
You no longer need to worry about upgrading your systems. When your business grows, as will the virtual accounting services you need, your VA can handle your backend easily and efficiently. Likewise, as your business grows, you will have more employees, clients, and increased transactions, increasing the system capacity required to record everything.
Less Paperwork and Increased Productivity
84 Percent of Small Businesses Rely on a Manual Process. This can lead to a lot of unnecessary paperwork. In fact, your office can be flooded with lots of paperwork if you don’t use the proper accounting software and/or applications for your accounting and bookkeeping. This is a major reason for the rising popularity of Quickbooks Online Accountant.
Maintaining physical books and keeping track of paperwork can be challenging and time-consuming. But, virtual accounting services allows you to maintain and update every detail of your records. A virtual assistant allows you to use just one software and then provides a dashboard for you to access. The outcome of this is less or no paperwork at your workplace and increased productivity due to the online resources.
Bookkeeping You Can Trust
Virtual accountants provide a single point-of-contact for all your questions, ideas and concerns. Additionally, they ensure collaboration between your financial controller, your bookkeeper and software specialists to help them manage your bookkeeping processes and procedures. While you won’t have to worry about hiring, training or overseeing bookkeepers, you will have control of your company’s bookkeeping.
Your data will always be accessible to authorized personnel through password-protected logins, that data will always be timely and accurate.
Accounting Software and Online Bookkeeping Specialist
When you use virtual accounting services, you can expect to access an accounting software and online bookkeeping specialist. An example of this is Quickbooks Online Accountant. Quickbooks online has 2.55 million subscribers online. This goes on to show how popular QuickBooks is as an accounting solution. Quickbooks is popular because it saves time invoicing, bookkeeping, and billing. However, if you want to get the most out of this online software, then you must use Quickbooks Online Accountant. A virtual accounting service can provide you a Quickbooks Online Accountant.
You can save yourself a significant amount every year by opting for virtual accountants. Not only do you need to pay in-house accountants a salary, you also have to bear their employee benefits, recruitment costs, payroll taxes, sick leave pay, and so on. On the other hand, when you opt for virtual accountants, you receive a package of varied accounting, budgeting, and bookkeeping services at affordable prices. Unlike physical accountants, you can avail of these virtual services throughout the year without paying an additional amount.