Accounting and bookkeeping are time-consuming, laborious, and sometimes difficult responsibilities, but of course, they’re essential to the survival of your business. So it should be no surprise that virtual accounting is becoming a very popular solution to the challenge of managing your finances. We’re talking, of course, about outsourcing these vital functions to a group that specializes in accounting and bookkeeping services. If you’re trying to decide whether virtual accounting is the right solution for your company, here are some things you should know:
1. Virtual accounting is affordable.
There are few things more important to a growing company than keeping costs in check. It may surprise you to learn that virtual accountant is almost always more cost effective than managing the process internally. Hiring an accounting staff, even if it’s only one bookkeeper, means salary, benefits, and more overhead. With a virtual accountant, you only pay for exactly the services you use.
2. Virtual accounting keep your financial data secure.
There are few things in your business that you need to keep more securely guarded than your financial data. It’s not easy to find and keep staff members who you can trust with your financial information. This can be particularly awkward for a small local business who hires a bookkeeper in their own community. When you outsource your accounting to a virtual accountant, your information is stored securely in the cloud. All data is encrypted using the highest level of security to keep your sensitive information safe from prying eyes.
3. Your virtual accounting department grows as your company grows.
One of the biggest challenges of maintaining an in-house accounting department is managing the ebbs and flows of business cycle. There will be times that your bookkeeping workload will be greater than others. This is not a problem when you work with a virtual accountant, who will deploy their highly skilled staff as needed to meet the requirements of your work. And when your company takes off on a growth spurt, they’re always ready to take on the extra volume of work.
4. With virtual accounting you get access to best-of-breed technology.
Even if you’ve been around long enough to remember the old bookkeeper sitting in the corner of the office, scratching entries into a huge ledger book in pencil, you know that’s no way to do business in these digital times. Technology is easily accessible, but it’s not always easy to know what are the best software tools to use, or to keep these, and your computer hardware, up to date. When you hire a virtual accountant, you’ll reap the benefits of all the effort they’ve already put into researching the best programs to use to get the job done in the most efficient manner.
5. Virtual accounting works for businesses of all sizes and all industries.
If you’re concerned that your business is too small to warrant hiring a virtual accountant, we think you’re going to be pleasantly surprised. In fact, outsourcing your accounting is a cost-effective way to get a full spectrum of bookkeeping and accounting services, even when you’re just starting up. At KYB, we love to help businesses grow. Why not let us give you a free consultation to see how we can give you peace of mind and more time to focus on growing your business?