What is Virtual Accounting?
Updated: Apr 1, 2019
What’s the first thing you think of when you hear the word virtual? I don’t know about you but I always imagine a person with a VR headset on, walking around their home, swatting at things that aren’t there. Accounting and VR tech may be worlds apart in terms of industry but they aren’t that different in concept. Both allow you to experience something as if it were right in front of you without it actually being there in reality. Think of Virtual Accounting like having your own CFO, Controller, Accounts Payable or Payroll Team in your own business or home, available to swat at, without the costs and added pains of actually hosting them.
Virtual Accounting comes in many forms depending upon the firm, but there is always an accountable relationship formed between client and accountant where routine and on-demand services are rendered remotely. There’s a lot of keywords here, so let’s break down each one.
Accountable relationships are established through goal setting, plan design, routine communication and project alignment. Partnering together through every step and helping provide the tools and insights needed to make key decisions, Virtual Accountants empower owners and individuals while holding them accountable at the same time. The sense of team and partnership paired with the fruits of success and organization can help any business grow with unlimited potential.
Virtual Accounting creates the opportunity for flexible relationships by allowing services to be provided on-demand without the limitations of obstacles such as office hours, land-lines, and messy paper filings. Virtual Accounting firms implement routine monthly, weekly, and even daily tasks much like any other accounting department, but firms who value communication like we do at Frezza Haynes also set up countless channels for you to communicate with them on-demand, whether that’s a Google Video Call, a Slack message, e-mail or good old fashion phone call. Through carefully managed employee and technology infrastructures, Virtual Accounting firms are able to offer their services remotely, emphasizing reliability and convenience. Virtual Accounting firms measure productivity by outcomes, as opposed to the number of hours spent at a desk.
By capitalizing on the advantages and flexibility afforded by technology, data can be gathered in higher volumes and faster speeds, shared in more efficient and powerful ways, and businesses can operate MUCH leaner and more insightfully. For every office task, there’s a technology solution, whether that’s document storage, getting legal document signatures, presentations, group meetings, sharing documents with co-workers, receiving mail, or general project or team management. By going paperless and embracing technology, Virtual Accounting firms are creating sustainable, efficient, and surprisingly easier to use business processes for the future.