The virtual accounting wave has swept the U.S., hitching a ride on the top of cloud computing. For business owners, it’s a one-way ticket to increased profits and greater peace-of-mind. But don’t just take our word for it. Let’s look at five ways virtual accounting services can benefit small business owners with rapidly growing companies earning as much as $25 million annually.
Virtual Accounting Benefit #1:
Reduced infrastructure costs, so you can spend more money where it makes a difference -
Virtual accounting services can save you a ton since you don’t have to pay another employee to have a full-scale accounting department at your service 40 hours a week. This represents cost savings in the form of employee salaries, office space, supplies, insurance, benefits, and technology.
Since we mentioned technology, we should also factor in the cost of locally hosted software and hardware upgrades that might be necessary for you to run enterprise-level accounting software in your office. It all adds up, while virtual accounting fees are calculated as one monthly payment that will typically be lower than the added infrastructure costs required to manage a full accounting department in your office. If you invest that revenue savings back into your business, with the guidance of your virtual financial controller, you might be amazed at the ROI.
Virtual Accounting Benefit #2:
Increased time to focus on your core competencies, the reason you launched your business in the first place -
In addition to the added costs of maintaining an accounting department, hiring, training and managing in-house bookkeepers takes time out of your day. If you’re like most business owners, you didn’t start your business in order to work on accounting, but if you often find yourself “between bookkeepers,” that might be exactly what you’ve been spending time on. Why not leave the bookkeeping and accounting to professionals so you can run your business?
Virtual Accounting Benefit #3:
Reduced risk of corporate fraud or theft -
Accountants and bookkeepers are the employees most likely to steal from a business. Company theft costs U.S. businesses $200 billion each year. One way you can reduce that risk is through outsourced bookkeeping services.
AccountingDepartment has a strict system of checks and balances, with a financial controller overseeing the virtual bookkeeper. Every month, the business owner, financial controller, and virtual bookkeeper work together to close the books. When the business owner signs off on the financial statements, the books are “locked” so no changes can be made.
In addition, all checks are generated electronically, further reducing the risk of theft.
Virtual Accounting Benefit #4:
Financial analysis to improve profitability -
Along with your full-charge bookkeeper, outsourced accounting services through AccountingDepartment gives you financial controllership services. A financial controller helps you understand your financial statements, providing you with financial analysis so you can make the best decisions to improve cash flow and profitability in your business.
Virtual Accounting Benefit #5:
Peace of mind with 24/7 access to your accounting files and financial statements -
The benefits of cloud computing go hand-in-hand with virtual accounting benefits. AccountingDepartment customers tell us they like the peace of mind that comes with having 24/7 access to their important financial data, reports delivered on a set schedule, and on-demand access to financial statements, too. If you’re sitting up at night worrying about your P&L or cash flow, a virtual accounting service can change all that. You can get up, log in, and find out important details about your company’s financial health any time, day or night, from any secure internet connection. But as time goes on and you become accustomed to working with your virtual accounting department, you’ll always be aware of your company’s financial status. That means no more sleepless nights.
When it comes down to it, virtual accounting provides business owners of fast-growing companies with annual revenue between $1 and $25 million opportunities for greater profitability and enhanced peace of mind. Those are big benefits you can take to the bank.
To learn more about how virtual accounting and bookkeeping can help you build a better business, click the button below to register for our free webinar on November 14th at 2pm EST.
