Small businesses looking at virtual accounting options often weigh if they’d be better served with an in-house bookkeeping staff. While there are some advantages to onsite employees, many of the advantages of virtual accounting allow small businesses to operate more efficiently. Here are a few things to consider in your comparison, especially when looking for ways to decrease costs and increase the productivity of your financial team.
In-House Staff Costs
Beyond the obvious expenses of salary and benefits, in-house bookkeeping staff costs businesses in expenses for recruiting, training, and, if necessary, recruiting and retraining again in cases of employee turnover. In-house staff also contributes to your business’ overhead costs such as office space, equipment and supplies, as well as social security and unemployment taxes.
Unless you have extensive experience in accounting, you or your team will interview and select in-house candidates for skills you’re not always familiar with. Virtual accounting agencies build teams specifically qualified to meet clients’ needs, in a variety of industries, from the continual inventory cost management needs of restaurant clients to international payroll issues of the online service industry.
Speaking of staff skills, using a team instead of an individual in-house employee allows you access to custom-trained staff to best serve your needs. No longer, do you have to keep up with current tax or payroll regulations, as it’s all done with your team. And, if complications surface in your bookkeeping work, high-level supervisors add the expertise of a personal CEO reviewing your books.
With virtual accounting, you’re never left waiting for an employee to return from vacation, holiday or sick leave to make your bookkeeping a priority. And, if there are pressing issues such as tax filings they are behind on, an overwhelmed employee must prioritize needs above yours. Your virtual team allows you to monitor and review your finances at your convenience, not your employees.
Software training for not only day-to-day bookkeeping, but also sales and other tax filings takes precious, productive time away from in-house employees. In addition, every time an update is needed or online process changes, an in-house employee must divert time from their financial tasks. With your virtual team, you’re not spending time or money on these housekeeping tasks.
Paying Only for Your Needs
Many times, small businesses don’t have enough work to keep a full-time bookkeeper busy. However, it’s hard to send an employee home without pay during slow periods for your business. With virtual accounting, they address your needs and then move onto other tasks, available when you next need them. You pay for what you need, not for someone to check their social media or roam the office out of boredom.
The more you learn about advantages of virtual accounting, the more sense it may make for your business.