If you’re a savvy business owner, I’m sure you don’t make any expenditures without first determining what benefits they’ll provide to your company. If you’re considering hiring a virtual accounting department, here are some of the benefits you can expect:
1. Your virtual accounting department is always there.
Unlike “real” accounting staff, which is only accessible at certain times, your virtual accounting department is always there. If you’re running a small business, you may only bring in an accountant or bookkeeper for few days a month. What happens if an issue arises on their off-days? If you maintain an in-house accounting department, you’re still subject to their vacations and sick days, which your virtual accounting department will never take. They’ll make sure that there’s always coverage for the work you need to get done.
2. You’ll save a ton on overhead.
When you hire in-house accounting staff, you’re signing on for lot of additional expenses. You’ll be paying for their salaries, as well as a lot of extras, including payroll taxes, health benefits, training, and recruitment costs. You’re also responsible for their office space, desks, computers, software, phones, and more. With a virtual accounting department, you don’t have to worry about, or pay for, any of these.
3. It’s a completely scalable solution.
When you hire a virtual accounting department, you’ll contract them with a service level agreement based on the volume of work you have for them. When your business grows, and the bookkeeping and accounting workload gets heavier, or if you just hit a busy spell, your virtual accounting department grows with. They’ll take care of making sure that the resources and talent you need are available when you need them.
4. You don’t have to worry about accounting software.
There are plenty of software products out there for your accounting needs. So many, in fact, that it’s quite a task to determine which is the right tool for your business. If you can find the time to test, evaluate, and choose a product, you still need to install it on your computers, take care of troubleshooting, and stay on top of upgrades. All of this is out of your hands when you hire a virtual accounting department. They’re experts on all the top software, know which tool to use for the job, and keep everything running smoothly and up to date.
5. It saves you space.
It takes room to house an in-house accounting department, and that means office space, which means real estate. If you’re a small business like a restaurant working in close quarters, it may be difficult to find even a spot for a visiting part-time accountant to do their work. With a virtual accounting department, all the work takes place off-site, invisibly to you. It’s all just “in the cloud”.
6. It saves you time.
We’ve said this so many times. If you’re running a business, time is one commodity that you never seem to have enough of, and you can’t make any more of it. So you need to use your precious time on the most vital tasks, all of which center around developing and growing your business. Why get bogged down with tedious accounting tasks, when a virtual accounting department can handle it all, and free up your time for more valuable activities?