Will Virtual Accountants Put Local CPAs Out of Business?

23 Nov Will Virtual Accountants Put Local CPAs Out of Business?

Posted at 06:00h in

Virtual Accounting

by Becky Brown  •  0 Comments

will-virtual-accounting.jpgAs 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.

  • You can work with a local virtual accountant

If you main concern is keeping your business local then you can look into hiring a local virtual accounting firm. Keeping Your Balance is a virtual accounting firm that has served the San Francisco area for over ten years. If you live in the San Francisco area you can support a local business and get the benefits of using a virtual accountant. You do not have to work with someone across the US to benefit from the services of a virtual accounting firm. You can enjoy the benefits of virtual accounting, such as having constant access to your information that is stored in the cloud, and know that you are supporting a local, US based business.

  • All accounting professionals must move toward integrating technology

There is no denying that technology needs to be a part of your accounting equation whether you use a virtual accountant or hire someone in-house. You likely use technology in several areas of your business and need to be able to seamlessly integrate the details of your finances. For example, if you own a restaurant you probably use software to keep up with sales and hours worked by your employees. An accountant that is comfortable with technology will use accounting software that can integrate with the other programs you currently use. All CPAs need to learn about and put technology into use as a part of their business in order to compete in an ever-changing marketplace. Virtual accounting meets a real need that businesses have to streamline and integrate all of their processes.

  • CPAs have had to adapt before

Think about how everyone did their taxes before computers were in wide use. They either did them on their own using hard copy tax forms or went to a CPA and allowed them to take care of it. Advances in technology have led to numerous types of software and programs designed to help people and businesses with their accounting needs. Despite the fact that so much more technology is available, there are still local CPAs in almost every town. Advances in technology did not put all of them out of business but they did have to adapt. The same is true in this situation.

Virtual accountants and local CPAs both have a role to play in the marketplace. Choosing a virtual accountant over a local CPA will not put them out of business if they are willing to adapt to a changing marketplace. In some situations your local CPA is also a virtual accountant. The needs of your business are the main issue you need to consider when searching for the right accounting professional.

 

Topics: Virtual Accounting