Benefits of Virtual Accounting
In today’s fast-paced world, where everything is available to you from clicks away on your smartphone, where cloud technologies are running businesses, where global commerce is more streamlined than ever, and where there is still not enough hours in the day for owners of small businesses, there’s become an increasing demand for Virtual CFO & other accounting solutions. Whether owners want to streamline their accounts payable department or receive expert advice to help make key strategic decisions, Virtual CFO & accounting services are providing clients with service platforms that are easy-to-use, convenient, and offer modern solutions for today’s modern obstacles challenging owners.
Virtual Accounting is the future of outsourced accounting services. Technology has rapidly evolved everyday tasks as well as how we communicate and go about our day-to-day business functions. Administrative assistants are being replaced by bots, filing cabinets have been replaced by services like Dropbox, and signing a legal document no longer involves a pen and paper. It is no different in the world of accounting. Technologies allow for automatic syncing and categorization of data, video conferencing, screen sharing, easy transmission of files, password management, legal digital signatures, and so much more that renders meeting in person less of a necessity in order to accomplish business essentials. Brick and mortars are emerging little by little as the less dominant business model, as virtual solutions provide a sustainable model that create new opportunities free from the boundaries imposed by the brick and mortar model.
Here are some of the benefits realized by adopting the virtual accounting model for your business:
Cost-Effective – By hiring Virtual Accountants instead of a full-time employee, businesses incur less costs and profit more. Businesses don’t spend money on employee taxes, health insurance, holiday pay, PTO, and sick pay. The costs associated with providing a physical office space with a desk and computer are eliminated in the virtual accounting model. Virtual accounting firms have minimal overhead themselves, meaning premier service is provided at low costs.
Efficient & Flexible – Virtual Accountants work around your schedule, building timelines based on your needs. This remote model makes them accessible at your fingertips while having all the data available at the tips of their fingertips. When dealing with Virtual Accountants, you will never find yourself in a scenario where your CPA tells you, “I’ll get that sent over to you when I get back to my office…” Virtual firms aren’t constrained to office hours and can be reached through various communication channels wherever you may be. Have you ever had to find time on your lunch break to go to your CPAs office to drop off your tax documents or sign an e-file authorization form? In the virtual age, those days are over.
Sustainability – Virtual Accountants are nearly 100% paperless. With cloud technology and secure infrastructure, all important documents can be shared and even signed without having to print out a single piece of paper. It’s just sad how much paper is wasted through the traditional brick and morter CPA firm model through in the course of a day just so they can tick red marks on a financial report with a pen just to be redone, reprinted, and marked up all over again in a wasteful cycle of preparation and review.
Staffing Concerns – If there’s an industry where employee burnout is truly an epidemic, it’s accounting and finance. Employee turnover is at an all time high. Finding qualified accountants who align with the company culture is time consuming. On the other hand, the costs associated with hiring and training new employees are eliminated when hiring an outsourced team to handle your accounting functions. Employees quitting out of the blue, calling in sick, or taking extended vacations are no longer the concern of the business owner or CEO for outsourced services, allowing your team to focus on what they do best and the function at the core of your business.
It’s true that Virtual Accounting might not be for everyone. Unfortunately for those who have, voluntarily or involuntarily, rejected technology, they will not be good candidates. Virtual Accounting and other business solutions is a full on embrace of technology, adaptability, and flexibility. Whatever the old way was, there’s an easier, better, and more affordable way. For the majority of the people and businesses out there, the question really becomes not why partner with a Virtual CFO but when?