Easing Your Concerns About Virtual Accounting
Accounting online is the future, but many business owners hesitate to make the switch to virtual accounting from their traditional bookkeeper or firm.
Even with proven enhanced productivity, efficiency, and cost-effectiveness, there are common concerns a lot of business owners cite as to why they haven’t taken the virtual plunge.
We’ll try to assuage those anxieties by providing some more insight into the value of virtual, cloud-based accounting.
I don’t know the virtual accountant, so I don’t trust him/her
Traditional bookkeeping has always been a face-to-face service. Bookkeepers would usually be local, coming into a client’s office to balance books, consult, and review financial documentation.
With virtual accounting done exclusively online, many business owners that are comfortable with the old approach are wary of working with a virtual accountant they may never meet in person.
But there are benefits to that. Meetings handled online are more efficient, saving both you and your accountant valuable time. You won’t have to delay important business decisions because you and your accountant’s schedules don’t align until next month. And a lot of the small talk that wastes so much time is nullified, allowing you both to accomplish more in less time.
I’ll lose control of my business if I keep outsourcing
On the contrary, we’ve had several business owners report the opposite to us – that cloud-based accounting has helped them feel more control of their business.
Your virtual accountant will provide access to an online financial dashboard, aggregating your most important financial data in easy-to-read and easy-to-understand formats, all at your fingertips.
What pushes virtual accounting above traditional services is ongoing information updates, ensuring that whenever you access your financials, you’re getting a real-time snapshot of your business – which is accessible at anytime, in any place.
How can I manage what I can’t see?
To be frank, if you’re of the opinion, ‘an employee that’s out of sight isn’t working’ is an old-school perspective that isn’t entirely accurate.
Look at telecommunication – it’s continued to surge, as more managers are beginning to realize that employees working from home get as much done (and often times, more) as in-house employees. Plus, they don’t have to pay for extra office space or supplies with more people working remotely.
A competent virtual accounting firm will outline their processes and procedures before any agreement, which can include documents such as a Client Procedures Manual and Service Level Agreement. This protects your business, ensuring the firm or accountant will provide all deliverables on-time and in your preferred format.
If you have any other apprehensions about virtual accounting, feel free to connect with us at RealTime Accounting, and we’ll walk you through what we do and how a switch to cloud accounting can benefit your business.