We all know the future of
accounting is online, but still, many businesses are not willing to switch to
virtual accounting. From the last couple of years, many evidence and surveys
have shown us that online accounting or virtual accounting enhance the
productivity and efficiency, which provides ultimately a better control over
the business.
These are some questions that
many professionals have regarding virtual accounting:
- What about the security of data?
- I may lose control over business by outsourcing accounting tasks.
- How is this possible to manage a virtual accounting team?
So these are just myths, many
businesses outsource their accounting tasks to get more control over finances,
to detect fraudulent transaction, which ultimately saves time and cost that can
be further invested on core business activities for more profit and growth.
Now, you probably want to know
the benefits of virtual accounting because more than 70% of businesses
worldwide outsource their accounting processes. Here are the deeply researched stats that will prove to you that how outsourcing accounting services becoming
a boon for businesses.
Let’s have a look at the
benefits of virtual accounting:
1- Your virtual accounting team always gives
you real-time and accurate data about financial reports.
2- Financial forecasting is very important
to take the right decision at right time, in which historic play a vital role.
You will thanks later to your virtual team when you get data at your
fingertips.
3- For a growing company, keeping their
running cost lower is the most important factor. So virtual accounting is much
affordable than an in-house team, after all why you will invest extra in the non-revenue
generating department.
4- There is no way to do business without
the latest technology in this digital era. Thanks to the virtual accountants!
They use the latest accounting software with a dedicated professional team
helping you to save your cost on various tools.
5- Virtual accounting team provides you with
one point of contact where you can ask questions, share ideas and any concern
that you have, to manage your organization’s bookkeeping effectively along with
GAAP compliance.
6- This is quite tough to trust a person and
give access to all your financial information and there are a number of cases
around the world about an in-house accountant that did frauds with their
employer. That is why virtual accounting services become a boon for small
businesses because all the information is stored securely in the cloud and
encrypted data stored at the highest level of security.
Also have a look on this:
Virtual accounting team has
always specific process and procedures and an agreement with the client, which
ensure that your virtual accounting team deliverable is on time.
