In today’s digital age, many fundamental business processes are being automated. People are increasingly moving towards virtual operations as they save you time. Making operations such as accounting virtual can make a significant difference in your finance department.
Virtual accounting is getting your accounting done through remote employees, such as virtual accountants or experienced people with good skill sets. Virtual accounting services like Geekbooks manage and monitor your account bookkeeping from afar, saving time and cost and bringing along numerous benefits. Here is how your business can benefit by shifting to virtual accounting:
1. Optimized Work-Time
As a third-party accountant will deliver your work, hiring a virtual accountant can free your finance department employees from bookkeeping and accounting worries to focus on other essential business tasks. The job of recording extensive data and analyzing it will be outsourced to virtual accounting, and you can enjoy quality work from experts in this field.
2. Saved Time and Costs
Virtual accounting services provide remote access and encryption of your accounting data on the cloud. This provides your team easy access to all records and saves the cost of physically storing and retrieving all the documents and records. It also saves you the salaries that would otherwise have to be allotted for store management, document storage, and the wages of full-time accounting and bookkeeping employees. This quick availability of these valuable financial records can help prove when requesting an overdraft or loan for your business on an urgent basis.
Virtual accounting is also a very convenient option for your overall business operations. It makes all your documents available online and enables all your remote and full-time employees to work on the same projects or accounting records or report anywhere worldwide. This is particularly beneficial during times of urgency or emergency in projects where even if no one is available at the work desk, the employees can manage their work effectively as all the data is available online. This available data in a digital format can also easily be used in annual reports of your business. They can help shareholders better understand the company’s financial progress over time.
4. Improved Security
As per research conducted by Identity Theft Resource Center (ITRC), about 1,291 data breaches were reported by September 2021. This statistic was about 17% higher than the number of data breaches incurred in 2020, 1,108.
Virtual accounting comes with higher data security as all your accounting records and reports have a backup and are well-protected in cloud computing. This prevents any data losses for your company due to natural disasters, theft, or internal data breaches. Cloud security is also significantly cheaper than creating backups for physical accounting records as it requires less storage cost and is more affordable to maintain.
5. Virtual Meetings
By shifting to virtual accounting mediums, you can benefit from the skillsets of expert accountants without needing them to be physically present in the workspace. You can take the expert opinion on improving your current financial position and gain valuable insights without hiring an expert full-time at a high salary.
6. Superior Technology
By opting for virtual accounting, your business can benefit from up-to-date modern technology and maintain readable accounting records compliant with changing accounting principles without paying for the softwares. Virtual accounting services have these current softwares available, and you can benefit from these services, all included in the fees of outsourcing. Your company will also save the cost of training employees on softwares if you outsource all the work altogether.
7. Flexibility and Timeliness
Depending upon the nature and needs of your business, accounting procedures can be outsourced to virtual accounting agencies on a daily, weekly, monthly, bi-monthly, or yearly basis. A virtual accounting service can fulfill the needs of your business and create reliable records for the company in your desired timeliness. Your virtual accountant will deliver the record and assessment of your finances on your pre-determined schedule.
Online accounting services are easily scalable and can meet the changing accounting needs of your growing business. The pay-as-you-go model option of virtual accounting services enables you to grow your business quickly and scale up without paying the expense of high in-house accounting assistance. Your virtual accountant can adjust to changes in work volume, especially in busy seasons of your business where there is an increase in transactions or complexity of work.
Your company can increase its productivity and profitability in the long run by opting for virtual accounting. It can benefit your overall business in time, technology, labor, and productivity. This will result in lower overheads, and your business will have lesser expenses in the long run leading to a positive impact on your overall profitability.
Virtual accounting has numerous benefits, especially for small-scale businesses that want effective management of their financial records and require expert analysis of the financial position of their business economically. Outsourcing accounting to virtual accounting agents allows companies to benefit from superior softwares and technology and get the best service at a low cost. While having an in-house accounting expert will not only cost you more and require consistent training, a remote team of virtual accounting will provide you the same expertise with lower to no maintenance costs.
In this fast-paced world where businesses are increasingly moving towards remote work, this is your ideal time to shift to virtual accounting. Virtual services like virtual accounting help you recruit the best of all talents on board without the problem of geographical barriers. Your staff can work on creating accounting records from any city, state, country, or even across continents. This also helps you get accounting assistance even when your budget is tight. Your recruitment becomes solely based on skills fit and not the geographical fit. This ensures that you attract the best talent available for your firm.