Small businesses and virtual accountants work together to achieve many things. The virtual accountant can help you manage your finances and take care of your bookkeeping needs.
The virtual accountant takes on the responsibilities of a regular accountant, but from a distance. They will analyze your financial situation and create a plan that fits into your budget. They then communicate their recommendations to you so that you may choose which steps to take next in order to improve your business’s financial picture. Some other things a virtual accountant may help you with include adjusting entries, financial statement preparation, payroll, and more. Some may also even help you with bookkeeping.
Creating a virtual relationship with an accountant can benefit small businesses because it saves time, money, and space. No longer do you have to worry about having someone be in your office day-to-day or even live in the same city with you. When working with a virtual accountant, they can be in an entirely different state than you and still serve your needs.
How to find a virtual accountant?
Not everyone knows of virtual accountants, so finding one may take a little research on your part. To get started, you can ask around and see if anyone in your network has worked with virtual accountants before or knows someone who has. People have used virtual accountants for years, so the chances are good that you know someone who has been affected by virtual accounting already.
Even if you don’t know anyone personally, there are plenty of places online where virtual accountant listings can be found and researched. Consider looking at Quickbooks Online’s virtual directory, looking in local Facebook Groups, or even doing a quick Google search to find one. From there you can read reviews and determine who you want to contact.
When contacting a virtual accountant make sure to fully explain what you are looking for help with. If you want virtual accounting for your small business then explain that. If you need help with a specific area, such as sales tax or invoicing, tell them that as well. The more information the virtual accountant has about your situation, the better they will be able to serve you.
What virtual accountants can do for a small business?
Virtual accountants can do a lot for small businesses and their duties vary based upon their specialties. One of the first things many do will be to review your current financial situation. This can be incredibly insightful, as they may see opportunities that you haven’t even considered in your business. A virtual accountant can offer guidance on how to improve your business’s financial situation over time so that you may expand your business in the future without running into financial trouble.
A virtual accountant can help you understand answers to questions like What products are most profitable? What products are least profitable? How is our cash flow situation?
How will you work with your virtual accountant?
Working with a virtual accountant is simple with today’s technology! For meetings, our office likes to use Zoom.us and we’ve found it to be very effective. This virtual meeting tool allows us to connect with clients through video calls that can be recorded if needed as well.
We also use cloud-based accounting platforms, like Quickbooks Online so you always have real-time access to your financial information. Our clients love not having to wait for a response from their accountant to learn how their business is doing.
How much does a virtual accountant cost?
Often a virtual accountant is cheaper than an in-house accountant. That actual investment will vary based on your individual situation and needs. If you’re considering making the switch to a virtual accountant, check out our blog on Virtual Accountants vs Traditional Accountants: which is right for your business? Or contact us today for a complimentary consultation to see how we can help your small business.