A question CPAs often get asked is, “What services do CPA firms offer?” One of our more popular services is that of a virtual controller. A virtual controller can help you do it all. If you’re new to running a business, there might be some things you’re not aware of. And if you’ve been in business for a few years, you might find it’s time for some extra help.
Our virtual controller services are the perfect solution. We can take on all the things keeping you from the work you love at a fraction of the cost of hiring a full-time employee. Here are some reasons why you need a virtual controller.
You’re Short on Time
We’re all short on time, aren’t we? This is the number one thing we hear from our business clients. They just don’t have time to keep up with everything. But when the paperwork is piling up, it’s difficult to get to the work you need to do to keep your business running. A virtual controller can take over the paperwork and other tasks that are causing you to fall behind.
If you’re constantly behind, it’s only a matter of time before you get a late filing notice, or worse, a penalty. When it comes to penalties, the Internal Revenue Service (IRS) doesn’t hold back. In some cases, they charge higher penalties for repeat offenses to encourage taxpayers to file on time.
If you’re so swamped you don’t have time to collect customer payments, this is a problem. It’s important that accounts don’t get too far behind. People have a tendency to forget they owe you money, and you want to make sure you collect payments while you’re still fresh in customers’ minds.
This is another task a virtual controller can help you with. Often this is a service that can easily be added to a monthly bookkeeping package.
On the contrary, you also don’t want to get behind on your own accounts. If you need supplies in order to do business, you want to make sure you keep your suppliers happy. A virtual controller can take overpaying your bills and reconciling your bank account, so you always know your bills are paid on time, and you can easily see how much cash is available in your bank account.
You started your business because you love what you do, but if you’re swamped with all the tasks required to run your business, it makes it difficult to take on more of the work you love. Why not hand those administrative tasks off to a virtual controller and free yourself up to do more of the work you enjoy the most?
You’re Not Sure How Your Business is Doing
When you’re busy doing the work you enjoy, things like bookkeeping can get pushed aside for client work. This can cause problems when it comes time to file your taxes. Not only will you have no idea how your business is doing financially, but you also won’t be able to make a proper plan for paying your taxes.
Let a virtual controller sort out your books so you’re not caught off guard with a large tax bill. With a little tax planning, you’ll know where your business stands financially every month. This is also useful if you need to make a large purchase. This often comes up when it’s time to replace aging equipment.
Many business owners struggle with bookkeeping if they’ve never done it before. Guessing where to allocate expenses is not the best way to go. A virtual controller can take over your bookkeeping and make sure it’s done accurately, saving you time and money.
If you are interested in learning to record your income and expenses yourself, with a little guidance, you can keep your books up-to-date with an accounting app. We offer accounting app training as part of our virtual controller services, so you’ll no longer be guessing about how to do things.
You’re Not Sure You’re Entrepreneur Material
Stress and overwhelm can cause you to see your business in a negative light. There are a lot of things to do as an entrepreneur, and many people don’t properly consider these things when they’re starting their business. If you don’t get the help you need, you can end up feeling so overwhelmed that it feels like the only solutions are selling or closing your business.
Don’t let things get to this point. Find some help before you get overwhelmed. Figure out what tasks you can delegate and what you can afford to pay based on your budget. We offer virtual controller packages tailored to your needs and budget.
Government Forms Are Confusing
Let’s face it, the government isn’t the best at explaining things. It’s never a good idea to file a form you don’t understand. This can result in you inadvertently filing fraudulent forms or your business paying more taxes than what you really owe.
When you run a business, not only do you have to deal with the IRS, but you’ll also be dealing with state and local governments. This can add up to a lot of forms and required reporting. Ignorance isn’t an excuse for filing incorrect forms. The government expects you to find someone to do it correctly if you don’t know-how.
Now that you know (in great detail) one of the services CPA firms offer, consider how a virtual controller can help your business. Virtual controller services are one of the best options to save you time and help you get your life back. Business can be tough, but it doesn’t have to be.
All these things (and more) can be handled by a virtual controller. We’ve helped many clients in situations similar to those above. Do yourself and your business a favor by taking some of the stress off your plate, and checking out our virtual controller services. Contact us to learn more.
