Virtual Accountant: The Key to Your Financial Success

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Jacobwalls

Apr 13

5 min read

When your accounting and finance staff have the tools to complete their work without physically being in the office, you have accomplished virtual accounting. This contemporary approach to labor allows for greater adaptability, productivity, and economy. It’s also scalable and sustainable, unlike the old, manual systems that have plagued accounting departments for years and forced employees to be present in the office Monday through Friday. With virtual accounting, you may save money on gas and time on your commute, all while increasing your productivity.

According to Andrew Borsuk, Principal at UHY Consulting, “At the beginning of the pandemic, I think a lot of companies were doubting whether they were going to be able to pull off working with a distributed workforce,” describing the effect of the COVID-19 epidemic on virtual accounting. Companies using outdated, manual systems have a considerably more challenging time transitioning to the cloud. Still, many have been compelled to upgrade to more modern forms of accounting automation software and undergo a “financial transformation.”

Andrew elaborates, “Leadership needed something that gave them the comfort, visibility, and controls they had back when they could walk to somebody’s desk, get a signature on something, and be comfortable that the right person had reviewed it.” Businesses can now operate remotely using only their computers and the internet.

To what end can hiring a virtual accountant help?

Having an accountant physically present lets clients observe them at work, demonstrating immediate value creation. When an accountant isn’t physically present, it might be harder to demonstrate value to a client. The emphasis shifts away from time spent in custody and towards completing the task with as little time and effort as possible, particularly inperson contact. This is how virtual accountants ensure their clients are getting value, highlighting the need for open lines of communication and cloud-based accounting software.

The day-to-day operations of a business, including the closing of each month, the closing of the books at the year’s end, the filing of tax returns, and so on, are often handled by an in-house accountant. Having access to a virtual accountant opens doors that were previously closed. The in-house worker performs an important function, but they may miss anything that could lead to an audit or affect cash flow in a year since they are too close to the situation.

When a company hires a virtual CFO, they gain access to a new, more valuable service that can manage the company’s finances and even mentor its in-house accountant. The staff accountant’s ability to think and act more strategically with a longer-term vision will benefit the company if this is the case.

Advantages of Virtual Accounting

There are several positive aspects to working as a virtual accountant or bookkeeper. First, you can tend to your client’s financial records whenever you like. A virtual accounting firm’s ability to deal with clients nationwide is a major plus if you’re trying to carve out a niche in a specific area.

A virtual practice provides greater autonomy if you have employees in addition to yourself. You may easily integrate workers and freelancers from all over the world into your operation.

These benefits come with their drawbacks, too. Marketing becomes more difficult when targeting customers in your area and the entire country. Work schedule flexibility can be both a benefit and a burden. Setting limits between your work and personal lives is essential.

Many accountants and bookkeepers also need help to collaborate with remote workers. However, these obstacles are surmountable, and successful virtual practice is within your reach.

Blueprint Accounting has always operated solely online. Consider the following advice if you need a helping hand on your digital travels:

Tips on what to look for in a Virtual Accountant

Finding the best bookkeeper for your company is the next step after discovering “what bookkeeping is all about.” A freelance bookkeeper, a small business, or an online accounting service are all viable options.

Companies with over 30 employees and AED 4583955.82 in annual revenue are exempt from this rule. Therefore, it is now optimal to fill the position internally.

Contract accountant

In terms of cost, this is your best bet. This is the way to go if you’re on a tight budget. A local independent contractor can come to your place of business to gather and sort your paperwork. You can find a freelancer online if you are a home-based business owner.

One of the biggest problems with hiring freelancers is that they rarely adhere to a set schedule. If you need something done soon and they are unavailable, this could create a difficult situation.

Engaging a business

Hiring a company is more expensive than doing it yourself, but someone is always there to answer your questions. Find a company that employs the same accounting software that you do, as many contemporary businesses do client services remotely. This might aid in making sure service is always smooth.

Online accounting software

The cloud-based software most online bookkeeping services utilize connects you with a staff of seasoned bookkeepers. The books are in good hands with these people. It’s like working with a company, but at a fraction of the cost.

Online Bookkeeping Programs

Allow us to handle your accounting needs.

Financial services can be provided on a fractional basis by SA Consultants LLC, using toptier software configured to meet your company’s specific requirements. If you want to streamline your company’s financial operations, our expert staff can fill responsibilities ranging from virtual accounting to part-time accounting. When businesses outsource their accounting to us, they gain peace of mind knowing that they are dealing with professionals in the area who can increase efficiency and production, decrease expenses across the board, and assess and manage risk.