Virtual Accountant for Small Business - How is it beneficial?

Virtual Accountant for Small Business – How is it beneficial?

Isn’t it quite a hassle to make everything up to the mark when you are at the edge of starting your small business? You might be privy to this cliche that to launch and run a small business; you need commitment, time, money, and all those things. It might be simple to handle tasks such as accounts, payroll, taxes, etc. in the beginning stages. However, when your company grows, and you put all your focus on boosting your brand and market share, it gets harder for you to keep track of your books of accounts.

To manage your business successfully, you need current financial information; therefore, you must engage the services of an experienced accountant who will fully handle that part. For small enterprises, hiring, training, and maintaining a full-time accountant or bookkeeper is typically both time- and cost-intensive. As a result, more and more small businesses are investigating the idea of hiring virtual accountants and outsourcing their accounting needs.

 

What is a Virtual Accountant?

Simply said, a virtual accountant is an accountant that does their business online as opposed to in a physical office. They use mobile apps and cloud accounting software to provide small businesses and independent contractors with a variety of accounting services rather than in-person meetings, including –

  • Bookkeeping services
  • Tax Services
  • Preparing financial reports
  • Preparing Financial statements
  • Payroll Services
  • Virtual CFO Services
  • Cashflow Projections

If you want to know more about why hiring a virtual accountant for your small business is beneficial, then have a peek here –

Benefits a virtual accountant provides to small businesses.

They aid in cost-cutting

The core benefit behind hiring a virtual accountant is that you save a lot of cash! You only pay your virtual accountant the agreed-upon sum specified in the agreement. Compare that with an internal accountant, you have to pay Salary, EI and CPP benefits, WSIB premium, etc. In addition, you must consider the cost of additional office space, vacation time, and expensive software purchases, among other things.

Hiring a virtual accountant or bookkeeper will allow you to save all these pointless costs. They perform contract work remotely, so there is no need to hire an internal accountant.

 

They save you ample time.

Time is money in any kind of business. According to this observation, it is therefore very advantageous to outsource accounting work to a virtual accountant so that you may focus on strategic planning and business growth. You can use this time to plan and manage company productivity, and other business strategies, etc., by outsourcing accounting to a virtual accountant, which releases you from the constraints of painstakingly examining every financial component of the firm.

When you use a virtual accountant or virtual bookkeeper, your time spent searching for, hiring, training, and supervising an internal bookkeeper is also eliminated.

 

They make use of technology.

Virtual accountants help you use technology to grow your company. Virtual Accountants give you secure internet access to your records every single day. They use up-to-date software to help you get the most from your services. The virtual accountants are there to explain and hold your hand at every stage, so you don’t need to be tech-savvy to utilize or comprehend the software.

Modern virtual accounting service providers take the privacy of their client’s data extremely seriously. For instance, Bronte Bay never steps back regarding our clients’ data safety and security. We have your business’s entire trust when it comes to your data. Through secure logins, you have access to your data whenever you need it, and it is always current and correct.

 

They provide mobile accounting services.

You can view your book of accounts anytime you want and from any location with the help  of virtual accounting services. Thanks to the simplicity of cloud accounting, you may simply access your financial records on your mobile device, laptop, or computer from anywhere. Professional accountants with experience who are knowledgeable in their field provide virtual accounting services.

Whereas traditional accountants are only accessible with standard in-house accounting services during regular business hours. Additionally, they might not even be available at that time owing to ill health, holidays, or vacations. Virtual accountants typically have relatively flexible schedules, work in sizable teams, and are accessible to meet your needs and answer your inquiries.

 

They have a panel of experts with a range of backgrounds

Virtual accountants are generally a part of a team of experts with extensive experience, including professionals in tax, payroll, accounting, etc. Getting their advice in all these areas might be quite beneficial for your company. The virtual accountants will give your company devoted attention each time, putting it on a safe route to prosperity.

 Read : How and When to Outsource Small Business Accounting

They offer excellent customer service.

The quality will speak for itself when your accounting is handled by a highly experience team. This is the guiding principle at Bronte Bay because we have certified professionals on staff, who offer top-notch virtual accounting services. We are skilled in answering questions from clients via emails, and virtual conferencing.

 

How do Virtual Accountants work with Clients?

Keen to know how virtual accountants connect with their clients and take on their hassles? Here’s how –

Although many virtual accountants have a separate home office, they can work from anywhere they have an internet connection and a laptop or mobile device.

Telephone, email, video conference calls, and messaging services like Microsoft Teams and Google Meet are used by virtual bookkeepers and accountants to connect.

Using cloud-based software, they work together and manage bookkeeping, tax preparation, and other services. Instead of sending documentation through the mail, they frequently transmit and receive documents, including invoices, bank statements, financial reports, and other records, via a secure online portal.

 Read : 8 Things to consider while choosing an accounting firm for your start-up in Canada

Set your business strong with Bronte Bay

Setting a solid financial foundation is essential for business growth, and virtual bookkeeping is unquestionably the method to do this. You can profit from virtual bookkeeping services in various ways, from time flexibility to professional services.

Clients who think about using safe software-enabled virtual accounting firms have had better luck expanding their businesses and bringing in more money while paying less for these services. Therefore, check out our virtual bookkeeping and accounting for your business.

You may compare our pricing packages at BronteBay in minutes. We offer webinars and one-on-one advisory meetings to suit every business. We can show you the ropes in the right direction. Start with our 30-day free trial to see how you can save!

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