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Posted by: Charles P Myrick CPA Posted on: Jun 21 2018 Posted in: small business

Is Virtual Accounting the Best Solution for Your Small Business?

The lack of robust accounting systems is one of the primary reasons that small businesses fail. Small business record keeping can be a thorn in every business owner’s side, and many companies are now turning to virtual accounting services. Here are some the advantages they find: 

1. Virtual Accounting is Affordable. Gone are the days when you have to pay for travel costs to have an accountant visit your office. Now, everything can be handled online, and you can work with a bookkeeper located anywhere in the country!

2. Communication is Easy with a Virtual Services Team. Even if you can’t talk in person, there are many ways that you can have a good conversation with the person who is managing your books. Use tools such as Skype or FaceTime for face-to-face calls, or you can schedule phone calls or coordinate projects via email.

3. You Will Learn to Use the Right Tools. Your virtual team will likely make suggestions about the tools that you should be using for your business finances. Download the apps, use the tools, and follow their instructions. Your service team is trying to make your life easier!

4. There are Advantages to Monthly Accounting Services. Hiring an accountant once a year to handle the taxes is helpful, but it is more beneficial to have that accounting service available throughout the rest of the year. Ongoing financial support makes it easier for you to cut expenses and maximize revenue.

5. The Right System will Reduce Long-Term Financial Stress. If you don’t have a good financial system in place, then you are likely experiencing unneeded stress. Setup a strong foundation with a good financial system, including financial forecasting, and it makes your business much easier to manage on an ongoing basis.

6. A Trial Run will Help You Determine if a Virtual Accounting Service is Right for You. Just because you are interested in virtual bookkeeping, doesn’t mean that you will be forever tied into a monthly contract. Talk with your accountant and ask about a trial service for several months, and then you can re-evaluate to see how much you are benefitting from the service.

7. Choose Top Talent, Without Being Constrained By Location. Finding a local bookkeeper can be limiting, especially if there aren’t many options available in your local area. On the other hand, hiring a virtual accounting team will open many doors of opportunity, because you can select the best person for the job without worrying about physical location.

Download our Free Guide to Cashflow Management for Businesses


 

Charles P Myrick CPA is a tax preparation firm providing accounting and bookkeeping services to clients throughout the Washington, District of Columbia area. We provide our small business clients with cash flow analysis and forecasting to help analyze spending, and re-balance budgets and/or debts for an optimal cash flow. If you are interested in virtual business services and outsourcing your daily financial management, we invite you to contact us today. We can discuss all the options that are available for your small business.  (202) 789-8898

 

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