We’re living in an age where outsourcing has become a common practice for almost any business. To outsource all non-core functions, and focus your energies on the core activities seems to be the watchword of the day. Not surprisingly, accounting and bookkeeping are among the services that are commonly outsourced, and if you spend any time on this blog, you’ll know that there are a lot of reasons why this makes great sense. These are among the most time-consuming of tasks in the management and running of your business, and you can use the time for much better purposes. At the same time, you’ll be putting your vital financials in the hands of a team of skilled professionals, who, frankly, can be expected to do a much more efficient and accurate job of it than you or your staff can.
Still, we understand that many readers still have some reservations about turning their books over to an outside group. Admittedly, it’s a big change, especially if you’re used to having the books sitting right there in your office. Moving it all to some vague location called “the cloud” can be kind of scary, as is the idea that a team of pros who you can’t see will be managing most of the work having to do with your company’s finances. One of the bigger questions is just what services you can expect a virtual accountant to provide.
In fact, when you work with a virtual accountant, you’ll getting a full team of professionals. This means, among other things, that you’ll have a group of skilled accountants and bookkeepers, with a diverse set of skills and experience. So it’s reasonable to expect that they’re able to provide a wide range of services. This starts with being your full-charge bookkeeper, taking on all of the daily grind, including all accounts receivable and payable activities, as well as bank account and credit card reconciliation. You can also expect that they’ll handle such activities as sales and use tax filings, payroll and its associated taxes, and produce financial statements and other financial reports.
This brings us around nicely to the original question asked in the title of this blog: “How often will my virtual accountant produce financial reports for my business?”. The short answer to this question is: whenever you need them. I’m not trying to be a smart-aleck. But that’s really part of the beauty of outsourcing to a virtual accountant, and one of the big selling points. They’re ready when you need them, and are always poised to scale the size of the team up or down as necessary, in order to accommodate the fluctuations in your workload. Even better, you only pay for the services that you need, unlike hiring an in-house accountant, whose salary and expenses you’ll have to carry, regardless of whether you have enough work to keep them busy.
So, for example, you can expect that the virtual accountant will produce a balance sheet either at the end of the month or the end of the quarter, according to your preferences. Income statements can be produce as needed, when you’re looking to get a snapshot of how your business is doing over a specified period of time, usually monthly, quarterly, or annually.
If we’ve piqued your interest, and you’d like to know more about what a virtual accountant can do for you, don’t hesitate to contact the accounting pros at KYB.