Bookkeeping and accounting can be a challenge for small-to-mid-size businesses with revenues up to $20 million even when all the owners of a company can meet in the same room. But when business owners are scattered across the country, a bookkeeping challenge can easily become a disaster. Virtual accounting services can bridge the gap between multiple owners in different states.
Virtual accounting offers you, and your partners, peace-of-mind that your books are done correctly, on the schedule you set, so you always have accurate, up-to-date information about your company’s finances.
Virtual Accounting Services Prevent Theft and Fraud
If you’re a business owner, of course, you want to trust your partner.
Entering a business partnership is a bit like entering a marriage in that regard; you go in to it hoping for, and expecting, the best. But 50 percent of all marriages today end in divorce, and we expect the number of business partners who cheat their company out of money isn’t much better.
A third-party virtual accounting services firm can help keep everything on the up-and-up. Because the bookkeeper doesn’t work with any of the owners, there’s no chance she can get friendly with one, and not the other, and collaborate in petty theft or corporate fraud.
All owners have 24/7 access to the books, virtually, from any internet-enabled computer running the latest version of a Web browser for secure access. You’ll always know the state of your company’s financials, and so will your partner, making theft without the other’s knowledge very difficult.
Virtual Accounting Services Makes Bookkeeping Across State Borders Convenient
But let’s say you trust your partner implicitly. We don’t mean to imply anything, after all. If you have out-of-state business partners all working in the same firm, using virtual accounting services is also the most convenient way to do business.
With cloud-based accounting services managed by AccountingDepartment.com, all partners, as well as your full-charge bookkeeper and financial controller, have 24/7 access to financial statements. Everything is handled electronically; no checks to sign and mail.
Your full-charge bookkeeper works within your time zone, (or a time zone agreed upon by the partners, if you work in different regions), but not within the same metro area as any of the owners. Even when it’s hard for you to connect with the other partners, your full-charge bookkeeper acts as the point-person for all financial matters.
Virtual Accounting Services Bring Business Partners Closer
Your full-charge bookkeeper, financial controller and all the partners will meet via teleconference weekly, monthly, or quarterly, as deemed appropriate, to review financial statements. At this meeting, your part-time financial controller may help you with strategic financial planning for the month or the quarter. All owners participate in this meeting, so everyone is in the loop.
At any time during the month, with just a few clicks, all the owners in your business are on the same page in terms of the company’s financial health. There’s no questions, no worries. Your small business bookkeeping is always up to date, and everyone’s happy.
