As so many services have transitioned to the virtual world, business owners and entrepreneurs are finding the best talent online.
But there’s one area which many entrepreneurs still worry about in the virtual world: virtual accounting services. However, we are strong advocates of outsourcing your accounting and bookkeeping services.
How do you make sure to find the best virtual accounting service for your business? How can you be sure that the virtual accountant is indeed the best accountant?
This guide will show you how to seek the best virtual accounting service for your business.
How to Find the Best Virtual Accounting Services
The first step is to research if there is a virtual accounting service that is tailored for your jurisdiction. An outsourced CFO can still serve a particular jurisdiction or jurisdictions.
For example, if you are trying to resolve Sarasota tax problems, then seek a Sarasota tax accountant and see if they offer their services virtually. Or ask a virtual account service if they can serve Sarasota.
Here’s what else you need to know.
Give Them a Call
The first step is to call a virtual accounting service that you are considering. This is your opportunity to test their knowledge and customer experience.
You want to ask them how well they know the jurisdiction and how long they have been serving the jurisdiction. You should also ask them about the variety of services that they offer.
Ask the service if they understand the various bookkeeping functions and if they can assist with payroll support. The service must understand the tax code well, whether it’s federal, state, or for a particular city such as Sarasota.
Assess their customer service during this initial call. Inquire about their availability for customer service. Ideally, you should be able to contact them at any time.
Also, inquire about the average response time. For example, if you are overseas on a business trip, how quickly can you get in touch with your virtual bookkeeper if there’s an emergency?
What to Expect
There are certain expectations that you should have of your virtual accounting service.
The service should be prompt with your questions. You should know the specific persons you can interact with whenever you run into an issue.
A great virtual accounting service will want to develop a relationship with you, and not just see you as another customer. You also should expect them to keep your company’s financial information confidential.
They should inform you of their procedures and when you can expect work to be done.
The virtual accounting service needs to assure you that they will handle your company’s finances with discretion, finish the work on time, and that they are just a phone call or email away for questions.
Now you know the basics of how to be discerning when seeking a virtual accounting service. Next, let’s look into the services to look for.
What You Can Do
So what are the features you should request from your virtual accounting service? What are all the things they can help your company with?
At the very core of a virtual accounting, service should be its bookkeeping services. This essential service keeps records of all of your company’s finances. This includes earned income, expenses, calculating profits and losses, and much more.
This also includes mundane but crucial tasks such as data entry, monitoring transactions, creating invoices, and creating cash flow reports.
When looking at an outsourced CFO, you should expect a number of services to be available. These include preparing budgets and creating financial forecasts.
An outsourced CFO can also provide unique services, such as monitoring the financial health of your company. This includes looking at profit ranges, analyzing the possibility of cutting expenses, and much more.
Another strain that many companies have to deal with is their tax obligations. A great virtual accounting service will help with tax relief, prepare your tax documents, and help you save on your tax burdens if possible.
Why Choose Virtual Accounting Services?
So why should you go with a virtual accounting service as opposed to an in-house accountant? What are the unique benefits that make this accounting service superior to what your business already uses?
One of the functions is that virtual accounting services work around the clock. Even if they only serve a particular jurisdiction (such as our Sarasota tax accountant), they will likely work around the clock to serve your business.
You’ll also find that virtual accounting services have the unique skills that you can’t always expect from every accountant or bookkeeper.
In addition to the basic tasks such as bookkeeping, data entry, and payroll, you can also expect unique services such as those CFO-services we discussed in the previous point. These services will also save you time than if you do the work yourself. A virtual accounting service works diligently for your company so that you can focus on your other business operations.
Hire Your Virtual Accounting Service
Now you are ready to hire the ideal virtual accounting service for you. Once you have found the right virtual accounting service, you should schedule an appointment with them.
During this appointment, you will discuss the needs of your company and the service will discuss how they can help you. They will discuss the pricing with you at this time as well.
Once you have decided to sign up for the service, you will sign documents, and then share your company’s financial information.
Make sure you keep regular contact with your virtual accounting service. You also want to make sure they check in with your business on a regular basis. This shows their professionalism and commitment to your business.
Let Us Help You
Now that you know the benefits of virtual accounting services, it’s time to hire the best one for your needs. We are happy to help you.
If you are looking for virtual accounting services and a Sarasota tax accountant, schedule a consultation with us today!