Improvements in technology have drastically changed the options you have for your business accounting needs. If you have always worked with an in-house bookkeeper, there is another option available that may provide you with a more cost and time efficient way to take care of your accounting needs. Below are some of the advantages and adjustments you can expect to experience when you move from an in-house bookkeeper to an outsourced/cloud based bookkeeping service.
There are a variety of advantages related to moving from an in-house bookkeeper to a cloud based bookkeeping service. The first benefit is that you will reduce the overhead related to having a fulltime employee. When you have an in-house bookkeeper, you will pay that person a salary plus benefits. The benefits can quickly add up and include things such as employer paid insurance costs and paid time off. Outsourcing your bookkeeping needs will allow you to pay only for the accounting services you need.
Time is another resource that you can save by outsourcing your accounting. For example, if your in-house bookkeeper decides to leave the company in the future then you will spend time and energy finding, hiring, training, and managing the new in-house bookkeeper. When you use a virtual accounting firm, there is more than one professional who can help you with your accounting needs so a change in staff will not put a halt to your accounting services.
Technology integration is a compelling reason to consider moving from an in-house bookkeeper to a virtual accounting firm. There is a wide variety of accounting software available and it can be overwhelming to learn all of the features and integrate them into your processes. The professionals at a virtual accounting firm will likely have access to and an understanding of the latest accounting software. They will help you integrate the accounting software that best meets the needs of your small business. In addition, virtual accounting is done using cloud based software to store and share information. The cloud based accounting model will allow you to have constant access to the financial details of your business wherever you have an internet connection.
There will be some adjustments when you move from an in-house bookkeeper to an outside virtual accounting firm. You will have to get used to interacting with your financial information in a digital format. When you want to look at a report, you will get online instead of walking into the bookkeeper’s office. In addition, you may need to collect and convert old information from paper to a digital format. It will be a little more work on the front end, but will save you a significant amount of time on the back end.
You will also have to adjust to your new relationship with the virtual accounting firm. It will be different than having a bookkeeper in house, but you will still have a professional available to you for any questions or concerns. The advantages of outsourcing your bookkeeping services far outweigh the minor adjustments you will make in order to move to cloud based accounting.