When you’re trying to get a start-up business off the ground, your main concern is developing the most innovative product or service you can, figuring out how to fund it, and attract clients. Administrative tasks like office management and even accounting functions are a necessary part of the life of your business, but aren’t really in the scope of your core skills. Virtual accounting has become an excellent solution for start-ups and growing companies who don’t have the time, the knowledge, or the resources to manage accounting in-house. Here are some of the ways virtual accounting can help your start-up business grow.
1. Your critical information is safe in the cloud.
Nothing is more important to any company than keeping its mission critical information safe from prying eyes. This is certainly true when you’re starting up. You don’t want information about your new products getting into the hands of your rivals, nor your sensitive financial data. No one can guarantee that any system is hacker-proof. But your virtual accountant will employ cutting-edge bank-grade security to keep your data as safe as is possible.
2. Virtual accounting services will help you set things up optimally from the beginning.
We’ve seen it happen all too many times. Accounting is put on the back burner or even overlooked completely when a business is getting started. But before you know it, it’s tax time and panic sets in, often times because there’s no accounting system in place other than a basket filled with receipts and other financial documents. Working with a virtual accountant from the start will help you set up your financial systems properly, and get you in the habit of recording and organizing your information so that you can always see where your finances stand at any moment.
3. Virtual accounting gives you the tools you need when you’re looking for funding.
Regardless of how far you’ve gotten in obtaining funding for your start-up business, there’s always going to be a need for another round, or a loan. And whichever way you turn for the next infusion of capital, your investors or creditors are going to want to see up-to-date, accurate financial statements. This won’t be a problem when you’re working with an experienced virtual accounting group, because all of that financial information will be available at your fingertips at any moment. An accountant who understands start-ups will not only be able to prepare the documentation you need. They’ll also be able to help you present the data in a manner which will will make the right impression on your potential funders.
4. You’ll get the sound advice you need for your start-up.
We’ve said this before: we’re not just number crunchers (though we’re really good at that). We like to think we have much more to offer, especially to startup business. We’ll manage all of your financial data, and then give you insight into how to use that information, with financial reports and forecasts that help you monitor your company’s health and project what you’ll need to do to achieve your goals.