Having an on-site bookkeeper who handles accounts at your office is an old idea. Most people these days opt for virtual bookkeeper, or virtual accounting and bookkeeping services which are as effective as having an on-site accountant and provide many additional benefits.
A Virtual Accountant is a consultant who is available to provide solutions to all your accounting needs more professionally and at a price lower than that of a full-time employee.
The five important reasons to consider hiring a virtual accountant:
1. Savings in Overhead
You can save overhead by hiring a virtual accounting service. These businesses work on a contract basis, eliminating the need to hire an employee and pay vacation time, benefits, payroll taxes, additional office space, etc. You can also save money not buying software, such as Tally/ Quick-books that cost over Rs.10,000 per year.
Virtual accounts spread these costs across their client base to maximize quality and minimize costs per client. They address your internal record-keeping risks and provide fully-vetted information you can rely on.
They not only save you money, but they also save you time spent on recruiting an internal bookkeeper, training, and managing them.
2. Redirecting precious time into operations
By hiring a Virtual Accountant, you free yourself from the tedious tasks of managing accounts, review work, and taxes. You can utilize this time to review and manage company productivity, the recruitment process, or other current business planning needs.
3. Accurate & timely reporting
You can ask for your financial reports whenever you want. You have your data at your fingertips when you need it, via any device. Virtual accounting services are delivered by experienced professional accountants who know their jobs well.
This contrasts with traditional external accounting services where one individual (or group of individuals) is available only during nine-to-five office hours. And may not even be available then; due to illness, vacations, or holidays. Virtual accountants have very flexible schedules and are available to meet your needs and address your questions.
4. Add on services to help you manage your Business
With a team of accountants, virtual accountants can provide you with additional information services at your request. If you want to look at sales growth over a specific period, for example, you can work with your virtual accounting team to produce the report you need. Receiving ad hoc reports, upon request, makes managing your business easier and provides timely information that helps you make better decisions.
5. Make the most of technology
Virtual accountants act as a single point of contact for all your needs and questions, backed up by a team. Your data is always accessible to you through secure logins, and always timely and accurate.
A virtual accountant helps you leverage technology for your business. The team’s software specialist suggests apps and functions that help you get the most out of its services.
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