How Virtual Accounting Boosts Business Growth

Nowadays, virtual accounting becomes a trend, and many businesses prefer to use it. It plays a vital role in your business growth and also comes with many other benefits. Let’s check the views of industry experts to know how virtual accounting accelerates business growth. 

1. Michael Alexis, CEO of TeamBuilding

Make Quick Decisions

 

We use virtual accounting in our business, which helps us

make decisions more quickly. For example, knowing the day to day numbers means that we can make quick decisions about where to invest money. A recent example is an advertisement expense. A contractor that runs our ad campaigns asked about increasing the spend by 10%, which is easy to accommodate because we know the numbers. Without this data at your disposal, you may otherwise have to wait until the end of a month or even a quarter to be able to make an informed decision. The velocity of decisions in many ways dictates the pace of growth of the business.

 

2. Amos Fishon

Reduction in Accounting Costs 

A few years ago, My company Hautangle was using the old internal accounting solutions, but since when we switched to the virtual accounting system, the cost of maintaining the accounting department has twice reduced, apart from reducing the manpower needed for the accounting department, virtual accounting has helped me as a manager to focus more on other key areas of my business like customer service and innovation.

 

3. Melissa St.Clair, Owner of Paper Chaser Biz LLC

Save Time and Run Operations Smoothly

 

Utilizing virtual accounting accelerates business growth when programs are used optimally, helping operations run smoothly and freeing up more time for the business owner to focus on the revenue-generating and fun parts of their small business.

 

Gone are the days I tracked revenues and expenses on an Excel sheet. After much cajoling from my QuickBooks Online (QBO) Pro Advisor, Naseem Matteson, I began optimizing the program, tracking billable time within QBO, streamlining the billing process, allowing for timely invoicing, reconciliation, reporting, and tax preparation. Eliminating the extra step of data entry onto the Excel sheet saves time and duplication of work.

 

4, Dustin Singer, Owner of Dustin Buys Houses

 

Quick Access to Important Financials

 

Virtual accounting accelerates business growth because it allows the owner to always have a “10,000 foot view” of your business at any given moment. Businesses transfer cash through purchases and sales constantly, and without having an adequate overview of cash flow, expenses, net and gross profit, it is almost impossible to have a strong pulse on where your business is now and where it’s headed. Virtual accounting promotes organization and also allows all necessary team members easy access to the company's financials in real-time without the need to dig out spreadsheets. Having quick access to important financials like profit and loss statements, balance sheets, etc. allows a business owner to make quick decisions regarding trajectory and growth. Time is money, and the easier and more convenient it is to keep track of accounting tasks, the more time you have to devote to growing the business. 

 

5. Eric Keeley, Owner of Keeley Accounting

Focus on Core Business

Virtually accounting can accelerate business growth with the business of almost any size.

Too small to afford an on-staff accountant? Typically this means the owner ends up handling the books. This is not time well spent by the owner. The owner owned a restaurant, or a pet grooming shop or whatever their business may be because they are talented experts in that area. Their time should be spent focused on their business, not balancing books.

Finally, grown to where you can afford an on-staff accountant? A virtual accountant easily saves a business $30k a year over the expense of adding an employee accountant.. What could your average small business do with an extra $30k a year? That's a lot of capital for growing your business.

 

Conclusion 

 

Being a business owner requires you to be a multi-tasker. However, if you are unable to grow or expand your business due to the heavy workloads of bookkeeping and accounting jobs, you might be wasting a lot of your valuable time that you can better invest in strategic business planning. You may consider virtual accounting services if you want to save time, costs and focus on business growth. This will also help you organize and maintain your financial information, further helping you during tax season.