The significance of virtual accounting

To run a business successfully, it is important to take a note of your accounts. Without any doubt it can be said that virtual accounting is challenging, time-consuming as well as a complex task for any business. Your in-house accounting staff might not be compatible enough to always solve all predictable or unpredictable circumstances that the business encounters. In such a situation, virtual accounting service providers like spacebucks come to the rescue. Not sure what a virtual accounting service constitutes? Keep reading to learn more and enjoy growing your business keeping the accounting stress away.

The real definition of Virtual Accounting

Accounting gets simplified with virtual accounting service. But what is it all about? Well, virtual accounting is a systematic and simple method of carefully analyzing, interpreting and recording business information for the financial year in a well distributed setting away from the traditional office-set up. It helps you to track all the financial operations taking place within your organization, meeting all legal obligations as well as taking the right business decisions.

The use of cloud accounting systems and the internet are two prime factors required for virtual accounting. Coming to the team offering this service, they can collaborate easily from any part of the world to unify data and the accounting processes effectively across diverse systems, with proper reporting and visibility on all the activities taking place.

The role of a virtual accountant

Looking for a virtual accounting service? Hiring a virtual accountant will help you get done with these tasks:

General ledger maintenance

Maintaining balance sheets

Preparing and filing tax returns

Bank reconciliation

Tax retirement planning

Cash flow management

Payroll processing

Preparing financial statement

Managing Accounts payable and Accounts receivable

Tax representation

A lot indeed! Also, depending on your service requirement, virtual accounting service providers plan their services.

The Advantages of hiring virtual accounting service

 Virtual accounting service has a number of benefits over the service of the traditional in-house accountants you have for your business. There are namely:

>Reducing paperwork- Virtual accountants play an important role in reducing paperwork since all the work is done virtually using the cloud accounting system and internet. This means you can stay away from messing your workplace with files and loose papers. Keep your table clean and go online.

>Boosts profitability- Traditional in-house accounting calls for hiring a team of trained professionals. For the same, you need to set up a proper recruiting process, pay a lump sum package per year as salary, organize a spot in your office for the employees as well as invest on getting the accounting tools and machines they require to do the task. This all gets eliminated when you are hiring a virtual accountant. Virtual accountants are experienced professionals who have years of experience working with a diverse range of clients.

Besides, you can hire their service as per your requirement from time to time. You do not have to pay a fixed salary or bonus and sick leaves. The rates of virtual accountant service depends on the type of task they need to perform and the time they need to devote. In most cases payments are based completely on an hourly basis. This sounds the best for generating profit and lowering overhead expenses for your business.

>Easy to hire– Most of the virtual accounts enjoy global service, just like accountants at Spacebucks. This is what makes it easy to hire them as per your convenience irrespective whether you are in the country or abroad. You also do not have to spend on the hiring process that is common when hiring in-house accountants.

>Integrating the existing accounts department easily– One of the many advantages of hiring virtual accountant service that impresses me the most is their ability to smoothly integrate your existing accounts department to theirs. This makes the overall accounting process less time consuming, and reduces data theft.

>Use of latest accounting tools– While there are a lot of accounting tools available to effectively meet the accounting needs of your business, there are also the new ones becoming a part of their reign every now and then. Due to the benefit of being able to work with a number of different clients nationally and internationally, virtual accountants are quite familiar with the use of the latest accounting tools as well.

Wrapping Up

It goes without saying that virtual accounting service is highly affordable, readily scalable and convenient to deploy. Whether you own a startup, a small business or a medium or large one, a virtual accountant is of help to all. Try their service and enjoy counting profits. To know more about or hire, visit