Many businesses outsource their accounting in order to focus on their business activities and to save on the cost of in-house labour. While they don’t do their accounting in-house, they must ensure that they periodically provide financial information to their accountant.
They must collect all necessary documentation, print the papers and make an appointment with their accountant in order to deliver the documents at each period predetermined by both parties. At this level, there is a huge waste of time which could be used for the company’s business activities. In travel time only, this loss equals a minimum of two hours per period. A solution which is becoming more and more popular for businesses, regardless of their size: virtual accounting.
So what is virtual accounting?
Virtual accounting is a system that allows businesses and their external accountant to collaborate remotely. Thus, no more money and time are wasted on printing and travel. Accountants with a virtual practice make a platform available to their clients, on which they can upload their documents. They can even take pictures of their receipts on/from their mobile device and then download them directly on the platform.
This approach provides greater flexibility for clients and accounting professionals. This way, you can transmit pertinent documents as you go and at a time that is convenient for you. No more need to make an appointment to deliver these documents during office hours, which is a considerable time-saver.
Virtual accounting is an ideal solution for small and medium-sized businesses which cannot afford the in-house labour. Also, it’s a solution for businesses which have occasional, as opposed to full-time, needs.
Is virtual accounting for you?
What are your accounting needs? GST/QST and tax returns, payroll and SDCs, implementing procedures, implementing an iCloud accounting software, advices, etc.? Virtual accounting can be an efficient, cost and time effective way to help you without having to hire in-house. VirtuaCompta can help you by offering virtual accounting services. We ensure our clients access to all their financial data, at all times and securely. Our approach is to ensure that our clients are continually in contact with their numbers. Collaboration is crucial between us to help you increase the success of your business!