When comparing traditional bookkeeping to cloud computing and hiring a virtual accountant, the flaws of traditional methods become evident, and you realize that it’s slowing your business down.
The traditional approach to bookkeeping means hiring either an external accounting firm or an in-house bookkeeper which requires elaborate hiring procedures. Once they are on your team, they will need constant training and managing. There’s also the issue of having to monitor their activities — having one person in charge of your bookkeeping does increase your risk of theft and fraud.
With the costs and inconveniences involved in retaining an in-house accountant, it’s no wonder more companies are exploring virtual accounting services. However, the increasing shift towards virtual accounting has more to do with its benefits rather than the downsides of traditional accounting.
Here are five reasons why hiring a virtual accountant will propel your business in the right direction:
Reduced costs mean an increase in profitability. With a virtual accountant, you only pay for the services you need. With an in-house accountant, you have to pay a full-time employee’s salary; there’s also the matter of employee benefits, social security, and unemployment taxes. And remember, even when you hire an experienced professional, you still incur the costs of training them. With a virtual accountant, you also reduce costs because they don’t need the dedicated office space, supplies, and equipment that an in-house accountant would.
The Convenience of a Virtual Accountant
Budgets, business growth, and other concerns can all be easily discussed through virtual meetings. In-person meetings can be disruptive to the busy business owner who doesn’t spend the majority of their day at the office. A virtual accountant means sessions conveniently conducted online from anywhere you have Internet access, saving you precious time that is wasted traveling back to the office only to meet face-to-face.
Faster Access, Quicker Response Time
When your ability to run your business is optimized, you have more time to focus on the work that matters. Faster access to your financial data means quicker response time and improved decision-making. When you have enabled accounting services, you have instant access to all the financial data you need.
Streamlined Processes You Can Trust
Your virtual accountant works with you to manage your company’s bookkeeping processes, ensuring you never lose control and are always in the loop. They will advise you on third-party apps to integrate with your accounting systems to improve efficiency and save time. Your password-protected and therefore secure, and is accessible 24/7 to anyone you authorize.
Access to Expertise
When you choose to hire an in-house accountant, you fish in a small pond of talent. Depending on where you are, that could mean settling for any bookkeeper who lives in your area. With virtual accounting, you’re not limited by geographical boundaries. You can hire a virtual accountant from the most reputable virtual accounting service provider regardless of where you are located.
With virtual accounting, you not only get a dedicated bookkeeper but access to valuable cloud technology and customized accounting software. To move your business in the right direction, recognize that traditional accounting methods are slowing you down and that a switch to virtual accounting is in order.
Until the next time,