Having an in-house accounting team used to be normal; every company had an accounting department without questioning it. In the digital age, however, more and more companies are switching to virtual accounting services; outsourcing accounting activities is becoming the norm.
But why have companies switched to virtual accounting? The short answer is that virtual accounting services are more efficient, less expensive, and secure. It just makes sense.
In this article, we explain what virtual accounting services are and why they are right for your business, regardless of your industry.
What Are Virtual Accounting Services?
Having a virtual accounting service means outsourcing your accounting activities to a credible accounting firm. As a business, you can choose which services you would like to outsource.
Examples of virtual accounting services include:
- Historic Account Cleanup
- Payroll
- Expense Reporting
- Bill Pay
- Budgeting
- Timesheet Administration
Outsourcing Accounting Is More Efficient.
Think of virtual accounting services like part of an assembly line. Assembly lines are so efficient because everyone specializes in one aspect of the line, and then use their individual strengths to produce a better overall product.
By outsourcing your accounting, you allow your business to focus on what it does best, while we handle your accounting needs. You can also choose which aspects of accounting you would like to outsource, so if you would like, you can keep some aspects in-house and some outsourced. The flexibility virtual accounting offers is a huge benefit of the service.
Virtual Accounting Is Less Expensive.
Running an in-house accounting team is expensive. You have to pay salaries, benefits, expenses, and more. Outsourcing your accounting, however, is not only more efficient, but is also much cheaper. Accounting firms already have the infrastructure to manage all accounting activities, whereas you would have to spend the money building that infrastructure separately.
Outsourced bookkeeping and accounting usually reduce departmental costs by 70 percent by lowering costs associated with salaries, benefits, employment taxes, and managerial costs. This also eliminates the cost of training new employees.
Outsourced Accounting Services Are Secure And Easy to Access.
Virtual accounting services run through online secure platforms that have bank-level security protocols. Plus, you can easily access your information on any mobile or desktop device. While this may seem risky from a security perspective, we assure you it isn’t. Virtual accounting runs on a cloud with, again, bank level security.
Overall, switching to virtual accounting makes sense for your company. It allows you to focus on what you do best, while the accounting professionals focus on what they do best. It’s more efficient, cheaper, and secure.
If you are interested in outsourcing your accounting activities, please do not hesitate to reach out. We would be more than happy to speak with you about how we can help maximize your profits while also making your life easier.
Krowne Certified Public Accountants offer unparalleled financial guidance and professional services specifically tailored to our client’s needs. Please feel free to reach out to us at Krowne Certified Public Accountants by filling out the form on our contact us page or via phone at 818-831-6075. We would love to discuss your situation and help you grow. We look forward to hearing from you.
