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.
Subscribe to our blog
Thanks for taking the time to read this blog, brought to you by the pros at Keeping Your Balance, a virtual accounting firm. A lot of what we discuss here are the various advantages to using a virtual accountant, in contrast with managing your books on your own, or hiring in-house accountants and bookkeepers.
As a business owner, you likely have a number of different roles within your company. It is common for entrepreneurs to wear multiple hats within the company until it grows to a place where it is necessary to add on more employees. There are some responsibilities that are easy to hand over to a contractor or employee because you realize that your time can be better spent elsewhere. There are other roles, however, that are more difficult to let go of because they are so important to the overall success of your business. Accounting is one of those responsibilities that can be difficult to pass off to someone else. Accurate accounting allows you to see where you company is financially and project where it will go in the future. But, as your company grows so will your accounting needs and it will become necessary to get if off of your plate.
Yes, a virtual accountant can manage employment taxes for your small business, but they can do much more than that. A virtual accountant can provide you with a full range of accounting services. You can verify the credentials of any virtual accountant or firm you are thinking of using just like you would if you were going to hire an in-house accountant. As you look into different virtual accountants and firms treat the process as if you are interviewing these people for a position in your company, because in a way you are. You must be comfortable with the virtual accountant you choose and trust that they can take care of the bookkeeping responsibilities. Using a virtual accountant or virtual accounting firm will allow you to take several steps toward streamlining your payroll, HR, and accounting needs so you can focus on other areas of your business.
As a small business owner you understand the importance of having the support of your local community. The local connections you have can help you develop and build your business. Your very first customers were likely people with whom you have some type of local connection. When you realize the importance of the support you receive from the community you want to do the same for other small business people. So, you may hesitate when you think about outsourcing different aspects of your business. Outsourcing to a virtual accountant is a viable option for many small business owners who need help with their bookkeeping needs. But you may wonder if local CPAs are being negatively impacted as more and more businesses move toward virtual accounting.