virtual accounting

It is no longer a good idea to have an on-site bookkeeper that handles your accounts. Virtual bookkeepers, also known as virtual accounting and bookkeeping services, are becoming more popular. They can be as efficient as an on-site accountant but offer many other benefits.

A Virtual Accounting consultant is someone who can help you with all your accounting problems more professionally than a full-time employee and at a lower cost.

Here are five reasons you should consider hiring a virtual accountant.

1. Save on Overhead

Virtual accounting services can help you save overhead. They work on a contractual basis and do not require employees to be hired. You also get vacation time, benefits, payroll taxes, extra office space, and other office expenses. It is possible to save money by not purchasing software such as Quick-books/ Tally that costs more than Rs.10,000 per annum.

Virtual accounts distribute these costs among their client base to maximize quality and reduce costs per client. They can address any internal record-keeping issues and provide reliable information that you can trust.

These not only save money but also help you save time on hiring, training, and managing your internal bookkeepers.

2. Redirecting precious time into operations

You can hire a virtual accountant to take over the tedious task of reviewing work and managing accounts. This time can be used to manage the company’s productivity, the recruitment process, or any other business planning requirements.

3. Timely and accurate reporting

Your financial reports are available at your disposal whenever you need them. Your data is always at your fingertips, no matter where you are located. Expert accountants are able to provide virtual accounting services.

This is in contrast to traditional external accounting services, where one person (or group) is only available during nine-to-5 office hours. You may not be available due to vacations, illness, or holidays. Virtual accountants can work around your schedule and answer your questions.

4. You can add on additional services to help manage your business

Virtual accountants are able to provide additional information services for you if you have a team of accountants. You can collaborate with your virtual accounting team to create the report you require to analyze sales growth over a particular period. You can request ad-hoc reports to make managing your business easier. This will provide you with timely information that will help you make better decisions.

5. Make the most of technology

Virtual accountants are your single point of contact, supported by a team. Secure logins make it easy to access your data, which is accurate and timely.

Virtual accountants help you to leverage technology in your business. Software specialists from the team will suggest apps and functions help you get more out of your services.