Finding the right company for your small business should not be a concern. Remember that taxes are not the only time that you should track your finances.
However, it can be difficult to keep your books current if you are not a lawyer or a CPA. Outsourcing your bookkeeping and accounting can allow you to focus on your core business while still receiving financial reports, cash flow forecasting, and analysis of your expenses. This will enable you to understand the financial performance of your business.
Remote Accounting and Bookkeeping Services
In-house accountants used to be the best option for many businesses in the past. But times have changed. Virtual Bookkeeping services are now commonplace. Why? They offer many benefits for businesses, partly due to the Covid-19 Pandemic. Remote bookkeeping services can bring many benefits to your business, including:
- Services at lower prices
- More efficiency and fewer errors
- Lower Turnover
- Technology advances and better automation
4 Reasons Why You Should Switch to Online Accounting and Bookkeeping
1) Reduce Extra Costs
Remote bookkeeping services offer the best value in terms of lower costs. The cost of hiring a bookkeeper to do in-house work can exceed $80,000 per year. There will be other expenses. The following are common expenses of a bookkeeper:
- Overhead costs
- Office space
- Staff benefits
- Health insurance (dental, vision, etc.)
- Paid leave
- Compensatory for workers
- Advertisement fees for job listings
- Training costs
The hiring process is time-consuming, not to mention the time it takes to train and complete paperwork. Outsourcing accounting functions can help you save money on many of these items and your company will often be able to receive services from an accountant with more industry experience.
2) Keep Your Books Current
It doesn’t matter if you have a small business or manage a large team, it is important to file accurate financial reports. One error in your financial statements, tax returns, or payroll services can lead to serious problems. An online accounting firm can handle your monthly reporting such as balance sheets, cash flow, payroll, and other financial information. This will help you avoid costly errors. Small businesses often struggle to stay in business for the first few years. It is important to avoid making these mistakes.
You can outsource your bookkeeping and get the assistance of experts to help you assess your company’s financial needs. Your company will be more compliant if you have a team that is up-to-date with industry trends and guidelines. Their knowledge and advice may be a competitive advantage in today’s business environment.
3) Lower Chance of Fraud
Fraud is more likely to occur when you have only one accountant handling your bookkeeping. Unfortunately, fraud remains a serious threat to businesses. If you outsource bookkeeping services often, you can have a team that is experienced and reduce your company’s chance of being harmed by fraud.
Virtual accounting firms are able to provide multiple eyes for your books, rather than one account manager. Virtual accounting firms will be available to assist you with any bookkeeping problems before they impact your profits. These professionals will also help you to create standard operating procedures and controls that can be used to strengthen your financial oversight and prevent fraud and misappropriation.
4) Smarter Business Decisions
Online bookkeeping also offers key business insights. Most outsourcing bookkeeping companies will analyze your expenses, payroll, profit margins and create a budget. This will help you to learn more about your company, as well as track how it is performing.
CFO Strategies is a leader in online accounting services. Our services help businesses achieve their goals at a fraction of the cost of an on-site accountant.
Our bookkeeping services will give you a better understanding of your company’s cash flow and expenses. We offer the tools businesses need to make better decisions and encourage growth in their target markets.
Last Thoughts on Online Accounting Services
Outsourcing your bookkeeping and business accounting services can provide many benefits.