Virtual accounting, online accounting, e-accounting, and cloud accounting are some of the modern names of accounting that are used interchangeably. Every accounting function that a traditional accountant used to perform in a brick-and-mortar office is now performed remotely with greater efficiency and effectiveness. There are many reasons why Canadian corporations are willing to partner with accounting firms who can also provide virtual accounting services.
- Virtual accounting services gets the pressure off from you on managing complex bookkeeping tasks.
- You will have easy access to your up to date financial records 24/7.
- The cost of hiring a traditional accountant can be higher than that of a virtual accountant- the saving on just the payroll is huge.
Let’s take a look into some of the benefits of partnering with accounting firms that offers virtual accounting services:
Virtual accounting firms will enable you to earn high profits by reducing your accounting and bookkeeping costs up to 50%. There would be low upfront cost like purchase of software. You can access your financial data anytime and anywhere with an internet connection. Moreover, virtual firms are also able to handle multi-currency and multi-company transactions more efficiently.
Financial Performance On-The-Go
Virtual accounting firms provide a platform that gives a holistic view of the entire organization’s performance on a dashboard that is full of infographics. This infographic dashboard will help you analyze revenue streams and expense accounts. You can issue appropriate directives and ask your virtual accountants to take corrective measures while on-the-go.
Real-Time & Accurate Financial Reporting
Virtual accountants have years of experience behind them and can provide financial reporting with accurate and updated account balances which you can access in real time. This is very helpful when a new opportunity come knocking and you must make quick accounting decisions based on the up to date financials.
Paperless Environment Generates More Productivity
Virtual Accounting firms promote a ‘Green Policy’ and keep only digital copies of their clients’ financial documents. It is the common practice of all virtual accounting firms to scan tax documents and other supporting documents without the need to keep hard copies of these documents. This is why they are more green than traditional accountants and its easy to retrieve data as its searchable in the system.
The Pursuit of the Technological Imperative
Virtual accounting firms need to stay on top of all the technological changes happening around them. They train their staff on latest software and new developments. This means that you get a highly trained and efficient work force that uses latest technologies which translate in to significant time and money saving for you.
Quality Customer Service
Virtual accounting firms are often more responsive to their clients’ inquiries. Their response time is less than 24 hours for email reply. Most of the virtual accounting firms are highly receptive to their website chat widgets for inquiries coming in by potential customers. They have layers of management to whom a case can be escalated if you run in to a problem. They have developed robust processes to make sure that customers every need is catered in a timely manner.
You can setup online meetings with your virtual accountant at the time of your choice. Virtual accountants use different communication technologies and web conferencing tools. At GTA Accounting, we prefer setting-up meetings on ‘RingCentral Meetings’ ‘Zoom’ and ‘Go-To-Meeting’ as these tools will enable us to connect with our clients with screen sharing options. We are conducting online meetings using the aforementioned tools not only for our regular clients, but for those who want us to work for them as virtual accountants.
Many virtual accountants prefer to work on cloud accounting solutions. Traditional accounting firms due to their stubborn nature and slow adoption to new technology never get a chance to discuss with their clients on how to move forward on cloud accounting solutions. If you want GTA Accounting to work with you as virtual accountants then we invite you to have an initial consultation session with our Chartered Professional Accountant to discuss a way forward for a successful transition to the cloud.
Sohail Afzal, CPA, CMA, MBA
Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.