How to Choose The Best Virtual Accounting Services for Your Business

Do you need help with managing your payroll or handling taxes?

Are you constantly overwhelmed with paperwork, worried about unstable cash flow, or need help preparing and analyzing your income statements? You may be using outdated spreadsheets to prepare financial reports or feeling apprehensive about learning new accounting software. Keeping up with regulatory changes and attracting and retaining top talent only adds to the stress, right?

But fear not! Virtual accounting services can support you in conquering these challenges and achieving financial peace of mind.

Warren Buffett, one of the most successful CEOs in the world, said,

“Accounting is the Language of Business”. 

Whether you are a small to mid-sized accounting firm or an established business looking for professional assistance with financial management and other accounting-related tasks, having access to efficient virtual accounting services can prove valuable.

• As per statistics, around 50% of business owners need more time to manage their books.
• You can boost your revenue by 15% with cloud-based accounting software, according to a report by Xero in 2017.
• Our research indicates that opting for virtual accounting services can save your business as much as 83% compared to employing a full-time bookkeeper.

This is why virtual accounting services have become a trend for firms requiring assistance with bookkeeping and other similar tasks. You can benefit from virtual accounting services, which use modern cloud-based tools to handle your financial tasks. Virtual accounting services offer a practical solution to businesses that need expert, professional, and affordable bookkeeping or accounting assistance. 

But, selecting virtual accounting services can be challenging as it involves placing your trust and your company’s financial future in the hands of firms you may not meet in person. Nonetheless, you can ensure that you receive the necessary services at affordable prices by determining your company’s requirements and then assessing certain factors before selecting.

• Does the virtual accounting service hire full-time staff or outsource your projects?
• Does the company have strong evidence of protecting customers’ data and systems for maintaining the confidentiality of customers’ sensitive information?
• Do they have adequate measures to ensure their employees understand the latest changes and amendments to regulations?
• Do they have a process for tracking customer feedback and continuously improving services over time? 

Answers to these and many such questions should be considered when selecting a virtual accounting service provider.

Say Goodbye to Financial Stress and Hello to Accessible Virtual Accounting Services!

Let us now deep dive into some of the critical factors to consider when selecting the best virtual accounting services for your business:

1. Determine Your Accounting Needs

Before you start your search for virtual accounting services, it is essential to determine your specific accounting needs. For example, do you need bookkeeping, payroll, tax preparation, financial analysis, or all of the above? Assessing the accounting functions you require can help you find a provider who offers tailored services that meet your unique needs.

Understand your current accounting needs and the scope of services you would require from a virtual service provider. For example, are you looking for accounting services on an ongoing basis or help during tax season? These assessment steps will make it easier to evaluate different virtual accounting services and select the one that offers the most appropriate package for your business.

2. Elevate your business game by harnessing the power of crucial financial metrics.

Unlock your potential by making data-driven decisions that can pave the way for remarkable success. Dive deep into key performance indicators such as revenue and gain valuable insights on how to stay on track. With accurate and comprehensive financial metrics, you can confidently make important decisions like securing bank loans or investing. Let the experts guide you toward a profitable future.

For example, a virtual accounting service provider can provide detailed reports representing your company’s financial health. These reports contain data on cash flow, income statements, and balance sheets, enabling you to make informed decisions.

3. Reviewing Reputation & Security

Confirm that the potential provider is reputable, has secure data storage practices, and can provide customer service and support when needed. Further, you can also look into the provider’s customer service ratings and read online reviews to gain insights into their reputation.

A professional accounting firm should have a good track record with clients, provide same-day support for account inquiries and questions, and ensure that all your data is secure.

4. Communication

Communication is critical when outsourcing your accounting needs. The right virtual accounting service provider should have a transparent communication process that keeps you updated on the status of your financial records. Whether through email, phone, or client portal, you should have access to timely and accurate information when needed.

For example, your provider should be able to provide you with monthly reports, tailored advice, and guidance. This will ensure that your business is always on track when it comes to maintaining financial records and understanding the implications of your decisions.

5. Integration

When selecting virtual accounting services, consider the provider’s ability to integrate with your existing systems, such as your CRM or ERP. Doing so will make it easy for you to access and utilize the data collected by the virtual service provider.

Integrating a virtual accounting service into an organization’s system can reduce the time and effort spent on manual data entry and increase data accuracy. This, in turn, will improve the overall efficiency of your operations.

For example, if you are using a CRM system, consider the virtual accounting service’s ability to sync with that to generate invoices and bills or manage payment collections.

6. Cost-Effective

Another benefit of virtual accounting services is that they are cost-effective. Outsourcing your accounting needs can save you high overhead costs, from hiring additional staff to investing in new software and equipment. When choosing a virtual accounting service, you should compare prices and choose a reliable and cost-effective service provider.

For example, look for providers that bundle their services into packages and offer discounts. These packages may include off-site bookkeeping, tax returns, and other custom services.

By evaluating virtual accounting services using these criteria, you can select the best provider for your business.

7. A single virtual accounting service provider is capable of managing several locations

Do you have multiple business locations? Consider hiring a virtual accounting service provider who can manage the financial aspects of all your branches. They can use secure cloud-based software to complete their work remotely, eliminating the need to travel to each site. This approach can help you reduce labor costs.

Rest assured that your accounting data will be securely stored on remote servers. This is due to the implementation of robust backup systems and stringent data security measures, which means you cannot lose any critical information.

8. Industry-Specific Service

The best virtual accounting service provider for your business should offer industry-specific services. Every business is unique and has its accounting needs. By choosing a provider specializing in your industry, you can be confident that they understand your requirements, regulations, and compliance standards.

For example, if you’re a startup, your provider should be able to advise on how to set up the best accounting system for your business. Additionally, they should have the necessary knowledge and experience to help you make informed decisions. With industry-specific services, you can be sure that the provider has the expertise to provide the best possible service.

9. Researching Virtual Services

Compare pricing and features from multiple virtual accounting services to determine which fits your budget and business needs best. If a provider offers a free trial or demonstration of their services, it may be helpful to take advantage of this and assess the software’s features before selecting one.

If you seek high-quality work, it necessitates paying a price that reflects that quality.

10. Establishing Terms & Agreement

Draft an explicit agreement outlining expectations regarding fees, performance targets, payment terms, dispute resolution clauses, etc. This will help ensure that both sides’ interests are considered and potential miscommunications are avoided.

By ensuring all terms and conditions are clear from the outset, you can avoid disputes down the line and be better prepared to deal with them if they arise.

If you are seeking a virtual accounting service, these approaches can help you end your search.

Wrap Up

Organize your time and energy and focus on your business and growth strategies. Leave bookkeeping and preparing financial statements and tax compliance to virtual accounting services and a dedicated virtual team. With a remote provider, you can skip the hassle of traditional hiring and trust that all your accounting and bookkeeping will be met.

Whether you are a small business or just starting, virtual accounting is an efficient and effective way to manage your finances. Contact Netmark’s Virtual Accounting Services today for expert assistance.