Virtual Accounting Services: How it Will Help Your Business

  • September 13, 2021
  • OHI

Did you know that 94% of the accountants have adopted cloud accounting? With the technological capabilities of industries advancing rapidly, the day is not far when virtual accounting services will overtake the traditional mode of doing this job. The surprising (but not so surprising) part is that it makes total sense – let’s see how.

What is Virtual Accounting?

For every business to be able to function optimally, it needs the services of an accountant. For this reason, each company has its own hired or in-house accounting team that specializes in that industry and handles the books. These accountants or teams are typically based out of the same office, meaning they work on the business premises.

However, with the pandemic that struck the globe in 2020, a change in this traditional method of working was in order. Everything went “remote – even accounting and bookkeeping. This is how remote accounting services came into being.

As all the operations concerning a business moved online, so did its books. With online accounting services, companies could now hire finance professionals with all the same benefits – just working remotely. The truth is, with virtual accounting services, certain more advantages came to be noticed as businesses began to migrate to the online world.

Let’s talk about a few of these advantages.

Advantages of Virtual Accounting Services

Every business needs accountants, which is why the trend of online accounting services is catching on. Digital is the new way to live life. It is the new way to do business. Digital is also the new way for accounting and bookkeeping, and it comes with major advantages for this industry.

Cost Optimization

One of the significant benefits of going online with your accounting and bookkeeping is cost-cutting. With remote accounting services, you are saving the space required to house an entire team of accountants that works for you. Since these accounting professionals can work from anywhere over the internet, there isn’t any requirement to save office space or acquire the necessary paraphernalia like computers or stationery.

Additionally, while housing a hired accountancy team incurs a salary expense of about $50,000 annually, virtual accounting services charge the businesses only for the services agreed upon. For example, suppose your business only needs tax accounting. In that case, you would be charged a lumpsum amount only for tax accountancy instead of a regular stream of salary for the professional hired.

Spare Manpower and Man-Hours

Online accounting services are a complete, end-to-end solution for all things finance in your business. Especially if you are a business that is just starting out or a business with fewer employees, you need all the hands you can get on the deck to manage the business and make it grow. Having your employees do clerical, number-cruncher tasks like accounting is both a waste of workforce and man-hours.

Opting for virtual accounting services helps your business free up some workforce to delegate more important tasks. Doing this helps you to keep track of your goals and targets for the year-end.

Accuracy and Trust

You may have heard many a horror story about accounting and bookkeeping done by in-house professionals that involved skimming on business profits or fraudulent practices. Not only is this bad for your company’s reputation and finances, but it also is a risk not worth taking.

Remote accounting services provide you the benefit of being utterly impersonal about their job, which means they don’t have any interest in the affairs of your business. They only deal with numbers, make sure they are accurate, and then communicate the end result to you. They are highly professional and believe in upright business conduct so that they can cater to any kind of clientele.

Latest and On-Time

Online accounting services have the latest technological tools and trends at their disposal. They make sure that these tools always stay updated, ensuring that they stay ahead of their competitors all the time. In this endeavor, your business is the one always to benefit.

By hiring Virtual accounting services, you get the latest and most updated form of data results and reports that the industry of accounting can offer. Additionally, the reporting is on time, which ensures the latest, most accurate reports come out. The best part is, all this is already included in the lump sum amount you pay for their services, liberating you from the expenses of upgrading your own systems and platforms.

Flexible Schedules and Expert Consultancy

The culture of remote work has somehow ended up promoting the concept of flexible schedules. It is no longer impossible to move meetings up or down at an hour’s notice – since there are no meeting rooms required to be booked or no traffic jams or train delays to be encountered along the way.

Virtual accounting services also ensure that you get the best experts at your disposal at the time you specify – things couldn’t get any better.

In Conclusion

Virtual accounting services are on the climb, and there is vast potential for the service rendered and the client both to work in a tandem that is harmonious and efficient for both parties. These services help you save a lot of money while saving themselves a lot of time. It is a win-win relationship!

About Us

OHI is a specialized finance and accounting outsourcing service provider with over fifteen years of finance and accounting outsourcing experience. We have strong functional outsourcing expertise in end to end accounting processes covering daily accounting activities, reconciliations, month end and year-end account finalization processes, employee reimbursements, payroll processing, management reporting and financial analysis.

OHI serves close to 300+ clients across USA, UK and Canada. We invite you to experience finance and accounting outsourcing through us.

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