What Technological Tools are Available for Virtual Accounting Services?

May 15, 2020 | Written by: Sohail Afzal

cloud accounting technologies

Virtual accounting refers to all those services that an individual or an accounting firm offers online. The biggest benefit of moving from traditional accounting to the virtual environment is that you can access your financial records anytime, anywhere with a simple internet connection and a laptop. If you have decided to set up a virtual accounting model for your business, you need to engage with either an individual or an accounting firm that provides you virtual accounting services using the latest technology.

Without using cloud technology, it is almost impossible for an accounting firm to deliver virtual accounting services. Cloud accounting will allow your business to grow without adding more employees and will help you gain a competitive advantage by running your financial operations seamlessly. Cloud accounting solutions can simplify and automate financial operations and share financial intelligence on a single dashboard.

For cloud accounting, QuickBooks Online (QBO) is one of the most powerful cloud-based accounting solutions that most of the virtual accountants use for their services. Banking transactions can be synchronized with QBO and it is possible to do bank reconciliations as transactions come in. Virtual accountants can automate invoicing tasks by using the option of recurring invoices.

When virtual accountants manage most of their clients’ accounting tasks remotely, it becomes very important that they organize their tasks systematically. A project management tool like Trello will allow them to manage their key deliverables. Staying organized is essential, particularly when virtual accountants add more and more new clients to their roster. Trello will help them stay organized and enable them to track important tasks for each client.

When you have an accounting function that has been virtually setup with your accountant; communication becomes more important. Building trust in a virtual setting is critical to success. Video conferencing apps, such as RingCentral, Go to Meeting, Zoom, etc. allow virtual accountants to converse with their clients as and when needed. While instant messaging tools will enable them to chat in real-time with clients and co-workers.

Document management is also one of the key elements in virtual accounting. Tools such as Google Drive, DropBox, Google Spreadsheets, and G Suite can be useful for archiving e-files that clients may need to access from anywhere. 

These are some of the most effective technological and supporting tools which give greater utility when accountants provide virtual accounting services to their clients. At GTA Accounting Professional Corporation we use above mentioned tools to provide you exceptional virtual accounting services.

Sohail Afzal CPA Toronto

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.

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