WHAT ARE VIRTUAL ACCOUNTING SERVICES?

Is virtual accounting the right approach for your company? What makes a company primed to switch from an internal accounting department to a virtual accounting solution? And how do you know if you're choosing the right virtual accounting firm?

As the leaders in virtual accounting since 2004, we've served hundreds of many business owners with virtual accounting services and a full-service virtual accounting department. And while they run the gamut across size, location, and industry, they have a few things in common that may help you decide whether making the switch to virtual accounting will work out for your company.

Top Characteristics of Companies Hiring Virtual Accounting Services

1. They're comfortable with outsourced services in general and don't require in-house employees for everything. They don't have to be already outsourcing their accounting but they should be comfortable with the idea of outsourcing something--or are already doing it.
2. They use cloud-based technology. It could be QuickBooks Online or just any other technology out there, but they're comfortable having information accessible in the cloud and shared with multiple users. Online banking and online bookkeeping are services they're comfortable with.
3. They prioritize real-time information. Waiting until the month-end to close the books and "look back" at what happened in their accounting isn't going to work for them. They expect dashboards and information as needed and virtual accountants who can make it happen to utilize accounting software.
4. They expect professional, trained accountants to be working on their financials. A team of accounting specialists, controllers, CPAs, and other accounting professional experts is expected when hiring a virtual accounting company and bookkeeping services. Additionally having a dedicated team member assigned to their account.
5. They expect to be able to communicate directly and openly with their team. This isn't a help desk where someone gets back to you eventually. If you have an accounting emergency, a real live virtual accountant who works on your account regularly will be the one answering the call.
6. They expect insights. Looking back on what happened doesn't cut it in accounting anymore. Proactive recommendations and analyses of financial statements, financial records, and financial data that business owners can use to make decisions aren't a "nice to have"--they're a "must-have" now.
7. They understand that the accounting industry is dynamic. That's why they're hiring a virtual accounting firm that keeps up with emerging technologies, accounting software and evolving best practices.
8. They expect to have online access to their financial data wherever they are. They don't want to have to wait for a printed statement and they don't want to have to rely on outdated information.

Are Virtual Accounting Services Cost-Effective?

Above all else, what these small and medium-sized businesses appreciate about their bookkeeping services is the ability to have flexible solutions and approaches to their virtual accounting. They aren't stuck with what their part-time bookkeeper or internal accounting professional decides--they have an entire company dedicated to taking care of their accounting needs.

And while a virtual accounting firm can be a cost-effective choice, that isn't the main motivation--at least not at first glance. What really happens is cost savings are recognized in the form of improved processes and efficiencies and an ability to grow and scale a business to generate more revenue and profitability, making hiring virtual accounting services one of the best things you can do for your bottom line.

So while it may save money in some areas of the business, it opens up the opportunity to spend more money on growth down the line.

Learn more about how a cloud-based virtual accounting services solution can benefit your growing business today.

Since 2004, entrepreneurs have ditched the burden of managing an internal accounting team and focused their efforts on growing their businesses by hiring us to handle their virtual accounting needs.

With flexible processes and the latest accounting technology at their fingertips, they're able to meet deadlines and turn a profit. Not only do we help them avoid common pitfalls but our clients have happier staff members who don't have to manage a team of internal accountants or deal with disjointed financial information from disconnected systems or outdated processes.

It's no wonder that businesses are choosing to outsource their virtual accounting requirements. The benefits are clear:

• Money saved on staff salaries, unemployment fees, training, severance packages, and the hiring of new employees.
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• Accuracy in financial reports through real-time information sharing and updated processes.
• Increased productivity for entrepreneurs who can focus on their businesses instead of keeping track of employees who are tasked with bookkeeping.
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• The freedom to choose the delivery schedule that works best for their business and 24/7 access to their financial information.
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Can You Afford Not To Hire A Virtual Accounting Company?

When you're looking at your budget, it might be tempting to put hiring professional accounting services off for a little while longer, but don't! The consequences of not properly managing your company's accounting and bookkeeping needs can be detrimental to the health of your company.  

Fortunately, outsourcing your virtual accounting to us doesn't have to be expensive. Businesses choose us because we offer flexible processes and customized solutions that fit within their budget.

Our company understands that each business is different and has specific needs that need to be met in order for it to grow and thrive. That's why we take the time to get to know your business, your team, and what success looks like for you before recommending or implementing new systems or processes.