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Benefits of a Virtual Accountant

Even though software makes the bookkeeping process quicker, getting used to the tool will take time and training. The Outsource Accelerator website has over 4,000 articles, 250+ podcast episodes, and a comprehensive directory with 2,300+ BPOs…

• Bookkeeping is the process of recording financial transactions and summarizing the results in a ledger.
• These services can thus provide businesses with the support they need to keep on top of their business finances, freeing them up to focus on further growing their business.
• Maximize working capital with the only unified platform for collecting cash, providing credit, and understanding cash flow.
• In this article, we’ll explain why you should seriously think about outsourcing financial tasks to a virtual assistant.
• Online accounting services are easily scalable and can meet the changing accounting needs of your growing business.

And you might not always have the virtual accountant to mail, message, or call them. Unlike accounting, which can be done by anyone, many business tasks like client meetings and product marketing, require your input. They’ll track bills, invoices, credit cards, bank transactions, and perform other money-related tasks.

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It also allows them to retrieve any necessary documents to handle your accounting needs. So even if a crook steals your laptop or a flood waterlogs your computer, no one can access your data. A benefit for both you and your clients is no longer needing to keep physical copies of files. Virtual meetings with video cameras turned on will allow you and your client to see each other, which will help maintain a trusted accountant-client relationship.

So, make sure to communicate with your virtual accountant about the forms, reports, and information you need for this time. You should also provide them with deadlines for monthly reports and snapshots of your current financial status. Did you know that the majority of small business owners spend more than 41 hours on tax preparation a year?

Helps you collaborate with flexible staff

Financial Post indicated in 2020 that virtual bookkeeper salary for skilled independent contractors was around ​$60​ per hour. As the company is contracting a virtual accountant, it’s up to your business to evaluate the accountant and determine if they suit your needs.

37% of small businesses outsource their accounting and finance services. Virtual accountants have an excellent understanding of accounting and tax laws and the current accounting technology they use to manage complex business relationships. You can do this by networking with other businesses in your community or by advertising your services online or in local newspapers.

How are virtual accountants evaluated?

Virtual positions are becoming increasingly common as businesses turn to cloud-based software to meet their needs. Virtual booking strikes a balance between staffing arrangements and workloads. A virtual bookkeeping arrangement can be beneficial to both the business and the bookkeeper in terms of flexibility and cost. Also referred to as a remote accountant, virtual accounting positions are the same as the traditional role except that services are provided virtually rather than in person. A physical office location is not required to be able to deliver on the same services as a traditional accountant. Instead, remote accountants utilize various softwares and tools to help run and manage their virtual accounting firms and teams effectively. Empower yourself with knowledge of crucial financial information related to your company on the go.