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Can A Virtual Accountant Manage Employment Taxes for My Small Business?

30 Nov Can A Virtual Accountant Manage Employment Taxes for My Small Business?

Posted at 08:00h in

Virtual Accounting

by Becky Brown  •  0 Comments

can-a-virtual-accountant.jpgYes, 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.

A virtual accountant can manage the HR and payroll for your company

If you neglect your HR and payroll responsibilities you will start to have major problems very quickly. Employees expect to get paid, the government requires you to properly file all taxes, and compliance with industry guidelines is essential. Falling behind in these and other areas of HR and payroll can cause problems that can impact your ability to continue doing business. Thankfully, you do not have to be the one who is constantly thinking about and working on HR and payroll responsibilities. A qualified virtual accountant can take over these tasks for you and make sure that everything gets done to the highest standard. Some of the payroll and HR tasks a virtual accountant can do include:


  • Complete payroll processing
  • New hire reporting
  • State and Federal filings and tax payments
  • W-2 generation
  • State employer applications and setup
  • Workers Compensation audit reporting


  • Employee file audits
  • Compliance
  • Onboarding and offboarding
  • Benefits implementation and administration
  • Employee relations
  • Employee handbook development or updating
  • Policy and best-practices development
  • Workers Compensation claims management
  • SDI and Unemployment claims management
  • LOA management


A virtual accountant can take over day-to-day accounting responsibilities

In most situations, you can put all of the day-today accounting responsibilities of your business in the hands of a virtual accountant or firm. The virtual accountant will help you integrate all of your technology to allow them daily access to any information they need in order to do your bookkeeping. Some of the accounting responsibilities they can take over for you include:

  • Accounts payable (bills and payments)
  • Accounts receivable (invoices and collection)
  • Daily General ledger maintenance
  • Time tracking & job cost reporting
  • Payroll processing
  • Expense classification
  • Sales commissions
  • Sales and use tax filing
  • Bank account reconciliation
  • Credit card reconciliation
  • PayPal reconciliation
  • Balance sheet generation and review
  • Financial statements & custom reporting
  • Fixed asset management
  • 1099 forms
  • Coordinating with your CPA or tax adviser
  • Audit support

That is a huge list of tasks that a virtual accountant can take off your plate! This will allow you to focus on other goals and areas of your business.

Virtual accounting gives you real-time access to all of your financial information

One of the major benefits of virtual accounting is that you have real-time access to your company’s financial information. This is because your information is stored in the cloud which allows password protected access from anywhere you have a secure internet connection. In addition, a virtual accountant can provide you with any financial forms or reports you need to help you conduct business, set goals, measure progress, and keep up with taxes. Some of the reports you can have generated include:

  • Balance Sheet 
  • Profit and Loss Statement – Month 
  • Profit and Loss Statement – YTD 
  • Profit and Loss Statement by Class – Month
  • Profit and Loss Statement by Class – YTD
  • Cash Flow Statement 
  • Accounts Receivable Aging 
  • Accounts Payable Aging
  • Prepaid Expenses by Vendor 
  • Accrued Expenses by Vendor
  • Deferred Revenue by Customer
  • Open Sales Order by Customer 
  • General Ledger 

Hopefully this information clears up any questions you have about the services a virtual accountant can provide. However, it is not an exhaustive list because every business is unique. If you have more questions get in touch with the virtual accountants at Keeping Your Balance and discover what they can do for your business.


Topics: Virtual Accounting