‘Virtual Accounting’ is an emerging trend that allows qualified accountants to offer various accounting services remotely. Most of the Canadian businesses who are engaged with virtual accountants are taking advantage of their efficiency, flexibility, and cost-effectiveness. If you are self-employed or run a small business in Canada and cannot manage your accounting & bookkeeping tasks yourself; you need a virtual accountant who can save you from hiring an expensive on-site accountant.
Virtual accountants are more adaptable and easier to work with. If your bookkeeping volume is fluctuating then you may hire a virtual accountant as and when needed. Here are some of the important advantages of hiring a virtual accountant for your business.
Real-time access
Virtual accountants use cloud accounting tools where your bank statements are synchronized with cloud applications. They can provide you with real-time information on your account balances at any time. Your financial decisions are more accurate as they are based on the updated financial figures. In GTA Accounting, we prefer to use QuickBooks Online (QBO) which is a powerful cloud accounting solution.
Data accessibility
Since virtual accountants use cloud technologies, you can access your financial data anytime, anywhere with an internet connection. All you need is an internet connection and a laptop to access your financial information any where in the world. Your financial information is updated on daily, weekly, monthly or quarterly basis depending on your business and reporting needs whereas your traditional accountant update your books by the end of the year.
Focus on business
Once you outsource the bookkeeping and accounting services to a virtual accountant, you get more time to focus on other important functional areas of the business. As you operate in a competitive business environment, your mind should not be stuck in monotonous bookkeeping tasks. Rather, you need to focus on expanding your business and develop a strategy for achieving high sales volume.
Low overhead costs
Virtual accountants will help you reduce your overhead costs. They can analyze your expense accounts, perform the budget variance analysis, prepare a trend analysis of your operational expenses, and identify key areas where you can apply cost reduction policies. Moreover, for a virtual accountant, there is no physical space required and you can save much of your money that would have been spent on establishing an office for your on-site accountant.
Virtual accountants adapt to your schedule
Virtual accountants adapt to your schedule and give you greater flexibility. You can setup weekly meetings even on Saturdays and Sundays and focus on your business for the whole week.
GTA Accounting is a CPA firm that has its brick and mortar office, but we also provide accounting & bookkeeping services on a virtual platform. If your in-house resources are unable to manage the constant pressure of bookkeeping, please don’t hesitate to reach out to us.