Virtual Business Accounting, Why You Need It
The value of investing in virtual business accounting changes from one organization to the next. In nearly all situations, companies can benefit from making the switch to this more advanced, more hands-on form of accounting and financial management. If your company hired a bookkeeper or is managing the books on their own, it may be beneficial to make the switch. The benefits that come from professional services like this are outstanding.
Why Virtual Business Accounting Changes the Game
Your company’s system for managing its finances may be meeting your basic needs, but there may be more you can be doing to ensure you are in the best financial position you can be. Let us help you see the value of our virtual financial controller and CFO services with a personalized consultation.
Until then, take a closer look at these insights into why virtual business accounting is so valuable right now.
Financial Reports in Hand Always
One of the most important benefits of using these types of services is that it allows you to have comprehensive, accurate, and transparent information on hand at any time. If you are making buying or selling decisions or determining next month’s goals, you need financial records. When you utilize these services in a virtual environment, you have all of the information you need at your fingertips. Completed financial reports are ready for immediate access.
No More Training and Hassle
If you are using an in-house bookkeeper, you may be easily overwhelmed by the challenges of keeping this person on the payroll. First off, it’s expensive, especially when factoring in the cost of payroll benefits. However, what’s even more advantageous for companies is not having to worry about managing the hiring, training, and time off. Your company will have a seasoned professional who can add value on day one. Furthermore, you will not have to worry about employee turnover and hiring.
Balanced, Accurate Books Are Possible
Virtual business accounting can help resolve some of the problems of inaccuracies by on-site inexperienced bookkeepers, especially when they are working in complex situations and needing to make decisions in subject areas they may not be experienced in. Virtual services may provide your company with a more senior professional and therefore your company would receive more advanced services at a lower cost. Furthermore, if your books are a mess right now – and that is very common, whether you are using a bookkeeper in-house or doing it all on your own – you need a better level of service.
Not only should your books and records be accurate and easy to understand, but it should not be a hassle to get information when you need it. If you do not have this information, your business does not have any reliable way to know where it stands financially.
It’s important that you always know the financial position of your business. For example, let’s say you want to borrow money to expand your business. If your books and records are not accurate, lenders will not lend you money if they cannot rely on the financial information being provided. In addition, if you truly do not know how your business is performing, it will be impossible for you to make informed decisions. You would be making a decision based on gut feel and not data.
You Don’t Need a Full-Time Accountant
Small- and medium-sized businesses often do not need to hire and maintain a full-time accountant. You may not need a financial controller or other CFO services at all times. However, you may need these services as challenges arise or for only a few hours a week or month. Hiring a virtual CFO, for example, means that you can utilize these services when necessary, but not on a day-in and day-out basis. You do not have to worry about paying for services your company does not need or may not be able to afford right now. Part-time virtual CFO services allow your company to get the customized services you need in an affordable way.
Over time, you may see these needs change. Bookkeeping may not be enough. You may need to have more people handling your account and you may need higher-level financial reporting and a strategic advisor to help work with you on a financial strategy for the future. That would mean hiring more people to manage these needs if you used in-house employees. With a service like virtual bookkeeping and virtual CFO services, you do not need to continue to hire more people, CFO and bookkeeping firms can offer additional services based on your needs. In the long run, this will save your company time and money.
Worries About Audits Could Hold You Back
One of the values of having a financial controller is knowing that someone is always overseeing what is happening with your company’s books and cash and ensuring you are in compliance with all requirements imposed on you by creditors.
If you want to avoid an audit and you do not trust your company’s records right now, it is best to utilize a virtual financial controller that can clean up your books and records and continue to maintain them. When the time comes to deal with audits, if that should happen, you do not have to worry about what you don’t know. You will have professionals ready to not only ensure your data is accurate but help with questions or concerns that come up.
You May Be Lacking Financial Information to Inform Decisions
How much money do you make on each project? If you are not pricing your jobs correctly, you could be cutting into your profits, or worse, losing money on your projects. Without having someone on your team to help you price out projects accurately and ensure you are within the profit margin you need (and should be in), it could limit your business’s success.
Virtual business accounting services eliminate these concerns because you have real-time data and accurate reporting available to use. You will always have someone to speak to about the concerns of your business. These professionals can answer your questions and guide you in making better decisions with each project.
Virtual Business Accounting Is Easier to Obtain Than You Thought
When it comes to bookkeeping and financial controller needs, you don’t need to hire in-house employees to do the work. Instead, let our team at CFO Strategies do the work for you at a better price and with better results.
Once you learn the benefits of using these virtual services, you’ll find new opportunities for your company are present, and your bottom line can grow. Reach out to our team today for a free consultation.