Top Four Benefits of Virtual Accounting Services

By March 3, 2018Accounting
Edmonton Accountants

Are you managing your accounting and bookkeeping on your own because you haven’t found the right accountant in your city? Or are you doing it because your in-house resources are unable to manage the constant pressure of bookkeeping? Whether you don’t have a trusted accountant in your city or your in-house staff are not knowledgeable in bookkeeping and accounting, virtual accounting services can be an ideal solution for you.

Virtual accounting services are  the usual accounting, bookkeeping, and financial services remotely provided online by a team of accountants, or ‘virtual accountants.’ Let us explain some of the top benefits of virtual accounting services.

Less Paperwork, More Productivity

When you have an in-house accountant or bookkeeper who doesn’t use the proper accounting software and/or applications, your office can be flooded with lots of paperwork. Keeping track of paperwork and maintaining physical books can be challenging and time-consuming. But, when it comes to virtual accounting services, virtual accountants maintain and update every detail of your records within one type of software and provide a dashboard for you to access. This means no paperwork at your workplace and more productivity thanks to the online resources.

Timely Access to Accounts

As a business owner, you might want to take a look at your financial statements and reports at any hour of the day. Another benefit of virtual accounting services is that you can access your financial statements 24/7 from any part of the world. When you have an in-house accountant taking care of your accounts, you have to ask for your account statements and wait to receive them. But when it comes to virtual accounting services, they will provide all the reports and statements you need on a daily basis, so the information that will help you run your business is right at your fingertips.

Low Cost

When you opt for virtual accounting services, you can save yourself a significant amount every year. If you have an in-house accountant, you will have to pay them a salary, bear their sick leave pay, payroll taxes, recruitment costs, employee benefits, etc. But when it comes to virtual accounting services, you will receive a package of varied accounting, budgeting, and bookkeeping services at affordable prices. Unlike physical accountants, you can avail these virtual services for 365 days a year without paying extra.

Flexible Hiring

Virtual accounting services can be hired on a need-basis. There are months when your accounting and bookkeeping needs will be higher. For instance, when you want to file your tax returns, you will need your accountant the most to calculate the taxable amount and pay the taxes on time. Similarly, there may be months when you won’t need an accountant. If your accounting and bookkeeping needs are low, then you can opt for part-time virtual accounting services. This way, you not only save on the cost of hiring a full-time in-house accountant, but also on the full contract of virtual accountants.

Virtual accounting service providers are a team of accountants who use secured software to get the job done for you. Companies that hire virtual accounting services have been more successful at growing their business, increasing revenue and reducing cost. So, then if you are considering virtual accounting services for your business, then get in touch with Rutwind Brar.