The World is Moving Away from DIY Accounting to Virtual Accounting

04 Mar The World is Moving Away from DIY Accounting to Virtual Accounting

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Virtual Accounting

by Becky Brown  •  0 Comments

world-moving-away-from-diy-accounting-to-virtual-accountingThe cloud changed many business functions, moving items from in-house or manual maintenance to virtual tasks. The bookkeeping industry felt the impact of this change more than many, forcing businesses and accounting employees to look at more efficient ways to operate their financial recording and tracking.

Efficiency

Gone are days when stacks of forms and piles of receipts left accounting not only a big mess, but an unproductive and painfully slow area of the business. With such a manual system of recording and storing original receipts, accounting teams easily became overwhelmed. Only the most organized bookkeepers could control the paperwork chaos that accompanied accounting tasks. This often meant many businesses fell short in keeping reports, filing taxes on time and producing invoices, purchase orders and tax stubs for key – and timely – financial decisions.

Manual data entry, when a client provided stacks of receipts and statements, required not only accounting knowledge, but also data-entry skills on the part of a business’ accounting team. It also meant that report deliveries waited on a slow, tedious process, often delayed during vacations or sick days. The age of real-time information and digital bank statements requires accounting personnel to keep up with the times. However, this proves difficult for many in-house accountants, as they must expand beyond simply accounting skills to embrace changing technology beyond accounting software. This includes cloud data tools and other online accounting interfaces with vendors, banking institutions and taxing authorities.

The updated methods of virtual accounting allows for a more efficient delivery of your business’ accounting needs, saving you not only time, but also money. While the data-entry portion of bookkeeping chewed through time of a full-time employee, you now only need to pay for the accounting portion of that work. Virtual accounting allows you to do so, only paying for what you need without the salary, overhead and benefits previously needed for full-time tasks.

A Marriage of Accounting and Technology

This is where partnering with a virtual accounting firm excels. This sectors holds equal footing in technology and accounting expertise. In fact, by eliminating some of the more pedestrian tasks of past bookkeeping, it allows a virtual accounting team to focus dedicated time on truly productive accounting tasks, while providing real-time information for all their accounts. This allows a virtual accounting partners the opportunity to greatly expand the scope of an in-house bookkeeper, accounting department or even an overwhelmed owner trying to cover accounting tasks. This scope may now include the expertise of a bookkeeper, payroll resource, tax preparation advisor and CFO roles, depending on your company’s needs, all within the time span of previous accounting.

If it’s time for your company to turn toward the modernization of virtual accounting, speak with one of our professionals. We can customize solutions for your business, giving you greater control and less headaches concerning your business’ accounting.

 

Topics: Virtual Accounting