Taking Advantage of Virtual Services For Your Business

Author: Keith Huggett

Ever seen a virtual pet simulator? A favorite pastime of preteens, these games are available on most portable devices and computer systems. Kids feed these virtual animals, provide shelter and play with them, and seek medical care when needed.

In some ways, virtual accounting works in a similar, though more serious and professional,  fashion. It all happens through computer interactivity, but instead of pushing a button to give a dog kibble, you provide your financial information to a CPA firm, which does the bookkeeping work: the actual data entry, processing and reporting. You'll always know where you stand money-wise, without having to perform the grunt work.

Virtual accounting defined

Virtual accounting is a form of outsourcing that takes advantage of technologies like cloud computing, web meetings and shared work spaces. You're still the financial boss, but you save time (no more wrestling with QuickBooks) and money (minimal inhouse staff) -- and increase accuracy -- by having work completed by an expert offsite organization. The level of accounting completed by the outsourcing agency can vary according to your needs, ranging from payroll functions to financial reporting and tax return preparation.

Benefits of virtual bookkeeping

Here are some positive outcomes of pushing your books into the virtual, outsourced space:

• Virtual bookkeeping gives you access to financial information on any Internet-enabled computer. You can provide oversight and get real-time updates on the go.
• You can avoid the training expenses and large payrolls associated with bookkeeping tasks that can easily be handled by contracted professionals. Minimal inhouse coordination is needed.
• You'll retain complete control of your books.
• You can take advantage of the experience, knowledge and ongoing planning assistance offered by dedicated CPAs.
• Software and network management will be handled by someone else, thanks to the Internet. Your data is always backed up on secure remote servers.

Outsourced, cloud-based accounting is a relatively young practice, so your choice of a partnering firm is critical -- regardless of how much responsibility you are willing to turn over. We know accounting and we know technology, and we know how to make them work together successfully for you, and if you have any questions, contact us for a consultation today.