Happy New Year! We hope your new year is starting great! But, if you find yourself looking like this guy –
then you’ll want to keep reading to learn how help from a Victory Virtual Accounting Assistant is just what you need to get your business off on the right foot this year.
What is a virtual accountant?
Virtual accountants provide accounting services to individuals and small and medium-sized businesses. They provide these services remotely, without the need to work in the same physical location. They typically work as independent contractors who do not require the same overhead costs as an in-house accountant.
Some of the services a virtual accountant can provide include: producing reports and financial statements, managing payroll, filing tax returns, reconciling accounts, and much more. Accounting is one of the key operations for a business, but 40% of business owners say that it’s one of the worst parts of owning their business.
If you’re part of that 40%, have you asked yourself, “Should I hire a virtual accountant?”
Why should I outsource my accounting needs?
Our goal at Victory Virtual is to help our client’s businesses succeed. We aim to provide them with the easiest solutions to their outsourcing needs.
Every business owner should know the numerous advantages of outsourcing their accounting tasks. They should be aware of the possible risks involved when they keep their accounting tasks in-house.
Risks of not outsourcing
- No backups of your digital information – Everything is predominantly digitized these days. Regarding accounting, you need to keep backups of records in case anything is deleted or lost, which is a big responsibility.
- Inaccurate records – Having inaccurate records is one of the most common mistakes business owners make. Accounting is a constantly-moving process and one that requires consistency and accuracy. When, as a business owner, you’re juggling too many tasks, it’s easy to make unintentional mistakes.
- Poor cash management – A proper record of the business’s cash flow is huge, along with maintaining accurate records. If this task is not properly handled, you run the risk of mishandled cash or cash spent but not recorded.
- Missing deadlines – Weekly payroll, monthly reports, quarterly tax payments; these regularly scheduled tasks add up to a lot of tracking time. As a business owner, you mustn’t miss deadlines, or your business will suffer.
Advantages of outsourcing your accounting needs
- Cost savings: Contrary to popular belief, hiring a virtual accountant can cost much less than having an accountant as an employee.
- Expertise: Virtual accountants should have specialized expertise and knowledge in their field. Virtual accountants can be certified public accountants (CPA), certified financial analysts (CFA), and certified management accountants (CMA) to provide what your business needs.
- Time savings: Since they work remotely, a virtual accountant can free up your time, allowing you to focus on growing your business instead of managing its finances.
- Flexibility: Many virtual accountants can work on a flexible schedule in case your business has fluctuating accounting needs.
- Scalability: When you look to hire a virtual accountant, you gain access to a wider talent pool. And since Victory Virtual handles all the interviews for the candidates, we’ll find you the perfect match for your business.
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When you work with Victory Virtual Accountant Services, you are paired with a qualified accountant who can handle all your accounting needs. We will spend time with you to understand your needs and goals and then get you started as quickly as possible so you can move your focus to other tasks. Our virtual accountants can help your business succeed in many ways, here are just a few.
Virtual accountant services
Integration and reconciliation
Virtual accountants can help integrate and reconcile your data within Quickbooks and Xero. They will effectively connect your accounting systems, saving time and mistakes. They reconcile your accounts to ensure your records stay up-to-date and accurate. They can identify any discrepancies, so the integrity of your business is maintained.
A virtual accountant will prepare your financial statements, such as income statements, balance sheets, and cash flow reports. They’ll also analyze your financial data to gauge the performance of the business, looking for any areas of concern or improvement. If you need reports for management or stakeholders, a virtual accountant can prepare these, too.
Year End tax-ready financial statements
Your business will need help each year, and each quarter, to prepare and file tax returns. A virtual accountant will know how to prepare these financial statements to meet the taxing authorities’ requirements. They can also help identify areas where you could have potential tax savings or financial planning opportunities.
The requirements for eCommerce can be complex. A virtual accountant can take this off your plate by setting up and maintaining an organized system of record keeping, ensuring the financial reporting is used to track financial performance and make future decisions, and ensuring that the business complies with all financial regulations and laws.
Your business cannot function with its core team of employees. A virtual accountant can come alongside your efforts to take care of your employees by managing your payroll processes. They can set up and maintain payroll records, calculate and process payroll, and provide you with payroll reports.
AP and AR
Let a virtual accountant perform the tasks associated with your accounts payable and receivable, including sending out invoices, tracking payments, following up with vendors, and maintaining transaction records.
A virtual accountant can set up and maintain your inventory system if your business deals in products and tangible goods. They can also record any inventory transactions and analyze your inventory data to identify any slow-moving or excess inventory. Some inventory reports they can provide include levels, costs, and values.
Bookkeeping catch-up services
If you struggled last year with bookkeeping because you were trying to do everything alone, a virtual accountant could help you bring your records up to date. They can review and organize your records, enter past transactions into your accounting system, reconcile your accounts, and review and correct any errors.
The bottom line (pun intended)
As statistics show accounting is one of the least favorite tasks of business owners. Let Victory Virtual Accountant Services give you the break you need this new year. We’ll ensure that your finances are being tracked better in 2023, so you can invest less time in the land of frustration and more time in growing your business.