By Tory Vance
Does virtual accounting have a future? If you spend a few minutes reading the Intuit 2013 Future of Accountancy Report, you are likely to answer yes. It presents a crucial point regarding the shifting demography of small-to-mid-sized businesses, including those with $2–$25 million in annual revenue. Tech-savvy Gen-Y (Millennials) and Gen-Xers are increasingly running small businesses in Southfield. The report states that these individuals “value their time enormously and believe that concentrating their time on the things they do best – instead of what they can do if required – is good business strategy.” For more information, contact virtual accounting services Southfield.
Why virtual accounting services can be a good option for your business?
If you or other notable individuals in your organization fit this description, online accountants can help you boost efficiency by saving you time and providing you with the convenience of accounting at any time, anywhere. Let us examine five factors that make virtual accounting services convenient and adaptable.
-
You Can Find Online Accountants When You Need Them
Since your virtual accounting department operates in your area, they are at their workplaces when you are at yours and work in your time zone. They respond quickly when you ask questions. Working with a company that outsources accounting overseas may result in a 24-hour or longer response time, in addition to language barriers.
-
Online accountants offer a variety of communication channels.
You will communicate with your online accountants mainly through email. They will respond to short inquiries through messaging applications as needed, and phone contact can always be made when the conditions call for it. When you need to contact your virtual accountant, what could be more useful than having three distinct ways to do so?
-
Your timetable determines when your virtual accounting services are delivered.
They can meet your needs for virtual accounting services on a daily, weekly, or monthly basis. Your financial statements will be provided according to a timetable that is jointly established and detailed in your Client Procedures Manual. They have a duty to deliver the services we promise under a service-level agreement. An in-house bookkeeper fails to offer that level of protection.
-
With cloud computing, virtual accounting is accessible from any place.
Your financial documents will be accessible to you around the clock from any device with protected internet access, in addition to being sent to you by email on an established date. Your financial information is safely kept in the data centers, and they are protected against floods, fires, and other threats. All of the servers’ data is encrypted for security, backed up every hour, and kept on tape for a year. If you maintain your accounting software locally, you would be responsible for all of these problems, but your accountant will handle them for you.
-
Virtual Accounting Provides the Services You Need, Adding Value and Saving Money
Convenience has been the main topic of the first four points. However, virtual accounting services also offer an extensive amount of freedom. If you have ever been in this situation, you will understand this scenario:
You arranged a part-time hire for a bookkeeper. She has a more significant workload than she can manage at the end of the month when accounts are being closed and once a week when payroll is being processed. However, toward the latter part of the month, you begin to look for busy jobs, so you assign her to make travel plans or clean the break room. A bookkeeper is not suited for these positions.
Conclusion
You pay for the services you require in virtual accounting on a monthly basis. The timetable ensures that your virtual bookkeeper is never wasting your time by messing with their thumbs or brewing coffee. However, your accounting books are accurate and current, your payroll is submitted on time, and your accounts payable and receivable are handled on time. That is convenient and adaptable.
