3 Reasons Why Your Business Needs A Virtual Accountant
By now, it would be odd if you hadn’t heard of virtual reality, but virtual accountants? That could be relatively new to you.
You may wonder what a virtual accountant actually is, but the clue’s in the name. A virtual accountant solely works in an online space. Rather than taking up desk space in an office, they’ll be contactable online whenever you need them.
As an accountant for a small business, this could be an ideal solution when finding someone to help with your increasing workload. If you’re unsure whether it could work for you, here are three reasons why we think your business needs a virtual accountant.
How does a virtual accountant service work?
A virtual accountant isn’t vastly different to a regular one. The main distinction is that they’ll work remotely, and the majority of your interactions will all be online.
This could significantly benefit you if you’re running the accounts for a small business. When you do have such a stacked schedule, it can be hard to organise face-to-face meetings with an outsourced accountant. That’s why a virtual accountant can be helpful – ease of access.
Also, it doesn’t matter where you’re based. Virtual accountants can help you from the other side of the country with little issue.
If that hasn’t convinced you as of yet, here are some extra benefits.
Reduce your overheads
While it can be good to add another accountant to your department, you could find it much cheaper to pay for virtual accounts services. Not only will you mitigate the recruitment process costs, but you’ll also not have to worry about your employer’s obligations.
The business won’t need to set a salary, pay for training or contribute to a workplace pension scheme. Also, you won’t have to pay for the extra energy use an in-house accountant may contribute to. As a small business, you look for any opportunity to save money wherever possible. So why not start with your accounting processes?
Expertise
We’re not saying an in-house accountant won’t have the expertise you need. They almost definitely do. But some accountants have specialised knowledge which may directly apply to your business, while others may just cover the broad strokes.
A virtual accountant will likely be a master of all and can use their knowledge to tailor their services to your requirements. You can also adapt as your practice progresses. If you need extra services, your virtual accountant will be able to provide you with the solutions you’re looking for.
Running the payroll for a small business may not sound challenging, but it’s far from simple. If you have to maintain the business’s books as well as onboard new staff to your payroll, it can feel as though you’ll never see the end of your workload. Well, a virtual accountant can share the load.
Accessibility
As mentioned, a virtual accountant can be based anywhere in the country. This makes it much easier for you and the business. If you were to have a local accountant (or one slightly further afield), you could struggle to find the time to organise a face-to-face. With a virtual accountant, all you’ll need to do is find time for a Zoom meeting. You won’t even need to leave your premises.
Virtual accounting also means you’ll both have real-time access to the business’s financial data via cloud accounting software. You won’t need to keep physical ledgers or post your receipts to the accountant. Everything will be securely stored in a software package of your choosing.
Become part of this virtual reality
Virtual accounting can be a lifeline for many small businesses (and their accountants). Rather than shoehorning in the time to drive to your accountant’s office, you can quite simply log on to your computer.
Not only is it an excellent money-saving opportunity, but a guaranteed way to find a professional who knows the ins and outs of your business’s accounting processes. With some of the more time-consuming tasks handed over to a virtual accountant, you can focus on keeping the business’s best interests at heart.
As an outsourced accounting firm, we believe in the power of virtual accounting. If you think your firm could benefit from our services, get in touch.