What is Virtual Accounting?
April 6, 2012
What is “Virtual Accounting”?
Virtual Accounting is an all-inclusive solution that offers small and medium size businesses relief from the day-to-day accounting hassles.
Recent advances in technology has made it possible to eliminate the need for an in-house bookkeeper or accountant. Using an outsourced managed source, a company can turn over bill paying, preparing payroll and payroll returns, and all the functions of bookkeeping/accounting to an accounting firm by completing all activity online so that communication and document exchange is performed in real time. This solution is more cost effective than hiring full or part time staff, and it provides you with peace of mind that a skilled accounting team is on the job, and giving you access to your information 24/7.
When unpaid bills arrive at your office, you simply fax or email them to your accounting services firm. Bills are processed and relevant information is returned to you online. You control the approval and payment process on line.
From the secure website, you can login to your checkbook to review up-to-the-minute transactions and checking account balances.
For hassale-free payroll, you fax or email payroll data to the accounting firm or login to the secure website and enter staff hours online. The accounting firm processes the payroll, issues paychecks or direct deposit remittances. Payroll taxes are paid electronically and payroll reports are timely filed. You have complete access to all the activity via the website.
Sales activity is posted to the website, and along with the previously mentioned functions, all activity is synced to the general ledger and financial reporting system so that you have a complete accounting at all times. No longer do you have to wait until 20 days after month end to get your monthly financial reports.
- real time access to all accounting handled electronically and always up to date
- elimination of HR issues that come with in-house bookkeeping staff including possible fraud
- costs that generally are 50% lower than in-house staff