If you have come to the place where you need additional help with your accounting/bookkeeping then outsourcing to a virtual accounting firm is a great option. Using a virtual accounting service can save you time and money over the long term of your business. If you are unsure or resistant to the idea of outsourcing your bookkeeping needs it may be because you have some misconceptions about what it really means. We will go over four of the most common misconceptions so you can make an informed decision about where to get help for your accounting needs.
- The people that work at virtual accounting firms are less qualified than traditional accountants.
You may have some concerns about the caliber of people working at a virtual accounting firm simply because you are unfamiliar with the standards of the industry. The reality is that the accounting professionals at a virtual accounting firm in the US are required to meet the same stringent standards as other accounting professionals. This means that the professionals at a virtual accounting firm will be able to work with you in all the same ways as a person you hire to be an in-house accountant or bookkeeper for your company.
- It will be difficult to access my financial information if I outsource the bookkeeping needs of my company.
One of the major benefits of working with a virtual accounting firm is the constant access you will have to all of your company’s financial information. Your financial information will be stored in the cloud which means that you can access it from anywhere you have a secure internet connection. This gives you the ability to work at any time of the day and from any location without needing to run to the office and grab your financial statements.
- My financial information will not be safe if it is all stored electronically.
When you hire a virtual accounting firm you are also hiring a team of technology professionals. The security of your financial information is very important and there are safeguards in place when your information is stored in the cloud. A high quality virtual accounting firm will have all of your information stored on a secure server. Your files will also be backed up on a regular basis. In addition, your information will be password protected so only the people you choose will have access.
- If I outsource my accounting needs I will be sending jobs outside of the US.
Outsourcing and offshoring are similar terms but it is important to know the difference when making business decisions. Outsourcing simply means that you are getting help from an outside, third party. It could be the company next door or a business in China. Offshoring means that you are specifically using someone outside of the United States. So, when you outsource your accounting needs you can choose to use a US based virtual accounting firm.
Outsourcing your accounting needs to a virtual accounting firm may be a great fit for your company. You can create a custom accounting plan for your business and avoid the hassles that come with hiring an in-house bookkeeper. Now that a few of the common misconceptions have been dispelled take some time to look a little further into the option of virtual accounting for your business.