Digital disruption has changed the way we do business. Virtual accounting at first sounds fishy to any non-tech-savvy owner. Of course, accounting details are confidential and you would want an in-house team to oversee the financial operations of your business. Owners still are skeptical to outsource bookkeeping and offshore accounting services in the virtual space. They worry primarily about data security, access to real-time data, and losing control over confidential information. In the early business stage, you can do with a single accountant looking after your finances. You would realize, as your business grows, that bookkeeping and account management is an arduous task. This important task is highly recommended to be performed by professionals rather than an individual. It facilitates better financial controllership and flawless accounting practices.
With almost everything being done online and cloud-based, virtual accounting certainly has advantages worth considering. Let’s have a look at them each.
What are the benefits of Virtual Accounting?
1. Independent and reliable reporting
Compare to In-house accountants, virtual accountants are more independent as they neither have direct contact with your business stakeholders such as Debtors and Creditors nor have direct control over your business operations. In most cases, fraud occurs when your in-house accountants create alliances with your stakeholders which is difficult to track and control. Because of this, most organizations specifically NGOs prefer to hire virtual accountants rather than establishing an in-house accounting department.
2. Expertise and knowledge of virtual accounting team
When you outsource accounting to the virtual team, you have domain experts there. Based on their wide experience and comprehensive knowledge, they know what businesses need today. They pay attention to the tiny details which are most likely to be avoided by in-house bookkeepers. Virtual accounting services bring in more in-depth and astute financial acumen than an in-house team which leads to business profitability.
Here you can read Important Things to Know About Virtual Accounting
3. Time-saving and Cost-effective
It just does not save time but money too! We know it sounds great. Doesn’t it? Yes, Virtual accounting allows you to focus on your core strategic tasks and simplify your work process. Moreover, the cost of the in-house team is way higher than having a virtual team. You, therefore, are likely to save a bunch of money.
4. Accuracy and Real-time access to data
You have access to real-time data all the time. Virtual accounting services enable your businesses with insightful financial reporting. It also analyses your historical data to plan to build stronger financial policies. Overall, it makes you more proactive about your business to grow.
5. Latest technology
In the current digitalized era, technology keeps upgrading. In Accounting not only the software, storage media but also the method of bookkeeping get affected by a change in technology. In the era of competition, it is imperative to be updated in terms of the use of technology. Most businesses with in-house accounting teams face mainly two issues; A. keeping pace with changing technologies B. continuous updating of the account team’s knowledge.
Virtual accountants are the solution for this problem as it becomes affordable for them to keep pace with changing technology and updating themselves with the latest trends by appropriate training at regular intervals. They have a team that is expert in using the best accounting and bookkeeping software like Quickbook, Xero, and Sage, etc.
6. 24/7 access
You have assistance at your disposal all the time. The virtual accounting team has 24/7 availability to take up all your queries and resolve them. This is one of the biggest perks of virtual accounting. Apart from that, having constant access to critical information gives better control over your finances.
If you are not good with technology, a virtual accounting team makes it easy for you. It trains you on bookkeeping and accounting software and other areas where you need to. Basically, your virtual accounting team is your point of contact for everything.
7. Data security
Accounting data security is a major concern for business owners. It is of utmost importance for any virtual accounting team to protect the confidential information of clients. Data breaches can result in significant losses for even large companies, as well as damage to their reputation.
CapActix has the top technical team, which knows how to secure accounting data and ensure the safe transfer and storage of your financial data on our secured and encrypted cloud server. We are ISO 27001:2013 certified company and provide assurance to our clients about the security of their sensitive financial information and records.
Don’t make accounting a hurdle for your business. Leave it to the experts and let them do a job. CapActix enables your business with accurate online accounting and accurate financial forecasting. If you are looking for reliable accounting services to scale up your business growth, please write to us at [email protected] or call us on +1 201-778-0509