One of the most important tasks you’ll do for your business is accounting. From balancing your books to managing receipts and accounts payable, accounting is an essential function to keeping your business running. Doing this all yourself is time-consuming and keeps you away from growing your business. However, finding the right accountant you can trust is also important. This is where remote accounting can be a great option.
Most accounting tasks can be done remotely, meaning you can outsource this function in its entirety. Virtual accounting services provide cost savings, increased efficiency, and give you peace of mind that all your accounts and finances are being managed appropriately and compliantly. If you haven’t considered a remote accountant previously, we’ll share all the benefits, best practices, and more in this complete guide to remote accounting services.
Virtual Accounting: Can Accounting Be Done Remotely?
Remote and virtual services continue to be on the rise—accounting services included. You might be wondering how much accounting can be managed virtually, and what tasks your remote accountant can do. The answer is essentially all accounting tasks.
What tasks can a remote accountant perform?
Whether in-house, local, or fully remote, your accountant should have the same skills and qualifications regardless. Online accountants still need to obtain the same amount of experience and expertise as their counterparts. This means they can manage all the same tasks as a traditional office accountant. These tasks include:
- Tax preparation
- Tax planning
- Auditing
- Bookkeeping
- Personal finances
- Payroll
A remote accountant is able to document financial transactions, record expenses, prepare financial reports, analyze financial data, prepare tax returns, and offer consulting on how to reduce costs and increase revenue—everything an in-office accountant would do.
Benefits of Virtual Accounting Services
If a remote accountant can manage the same tasks as an in-house accountant, what is beneficial about a remote option? In fact, there are multiple benefits to choosing remote accounting services.
Cost Savings
Bringing a remote accountant on your team can save your business on costs. Rather than hiring an accountant in-house (costing salary, benefits, training, etc.), partnering with a remote accountant will save you recruiting, hiring, and training expenses, as well as payroll expenses.
Utilizing accounting services in general can save businesses money. Accountants make sure all your finances and accounts are balanced, taxes are reported correctly, and will help you avoid costly fees and fines.
Increased Efficiency
When you move your accounting responsibilities to a remote service, you’re also increasing efficiency. Your accountant is able to spend their time efficiently without having to factor in traveling to your location or vice versa. Oftentimes, remote accountants have a team who can review and cross-check their calculations, ensuring the most accuracy with less back and forth with you, giving you more time in your day to improve efficiencies in other areas of your business.
Access to Global Talent
When partnering with a remote accountant, you gain access to talent on a global scale. This means you can search for candidates who have the exact qualifications and experience you need without the limitation of having to source talent locally. If your business is very niche, or you prefer an accountant who has worked in your industry, you’ll have a greater chance of finding the right fit when you hire remotely.
Improved Flexibility and Scalability
If you have an in-house accounting team, you’re most likely taking large portions of your day for meetings to review your accounts and book a conference room for the day. By outsourcing accounting services to a reputable partner—like Solvo Global—you and your team can go about business as usual, without this disruption. Remote accountants are able to take the documents and information you provide and review and prepare the necessary items without taking up large amounts of your time. It’s easy to set up virtual meetings or jump on a phone call, so you’ll still have access to your accountant. It’s also much easier for remote accounting services to grow and scale with you as your business grows. Rather than having to add more to your in-house team, your remote accountants have the resources on their end to meet your business needs each step of the way.
How Technology Has Enabled Remote Accounting
Technology is always evolving, often to make day-to-day tasks simpler. With the increased popularity of cloud-based systems, accounting is able to be done efficiently, and virtually. Accountants no longer need to physically collect receipts and invoices, or manually enter bookkeeping data. Most of these tasks can all be done remotely through accounting software that both the client and accountant have access to. Cloud-based accounting also allows for transparency as clients can log into the same system and see all reports and records.
Remote Accounting Challenges and Best Practices to Avoid Them
There are some challenges to remote accounting, but we’ve included some best practices on how to overcome them.
Communication
You could potentially experience communication issues with remote accountants. This is mostly because they are not in the same physical office space as you and your team, so communication may not be as instant. To overcome this challenge, you can collaborate with your accountant on check-in calls and establish some form of online communication—whether it’s through a messaging platform or accounting software. When you partner with a remote solutions provider like Solvo Global, you receive a dedicated accountant who is available to you during your business hours, eliminating any potential communication or availability roadblocks.
Data Security Concerns
With data being cloud-based and shared, there is always a security concern. Much of the data your accountant requires includes account numbers and financial information, all of which are important to keep from hackers and being shared with the wrong people. It’s best practice to not share login credentials and create separate user accounts when you can. Make sure all accounts are password protected and utilize additional layers of security—such as multi-factor authentication—wherever able.
Solvo Global manages your security, privacy, and confidentiality with great responsibility. Full visibility, autonomy, and control of your staff and platforms required to achieve your expected results.
Regulatory Compliance
Tax compliance and financial regulations can be extremely costly if your business doesn’t adhere to them. Certain compliance aspects are more applicable than others, depending on where you conduct your business—both physically and industry. Ensuring you work with an accountant who is familiar with all the regulatory compliance that applies to your business is essential. With Solvo, our remote accountants are experienced, qualified professionals, so you can trust that all your compliance matters will be managed effectively and without your business incurring any fees or fines. Solvo handles compliance regulations for its clients and ensures employees are up to date on relevant compliance training.
Solvo Global: Your Trusted Team of (Remote) Accountants
Choosing the right remote accountant is a lot easier when you work with Solvo Global. Our remote accounting solutions include financial analysts, accountants, collections specialists, accounts payable and receivable specialists, payroll coordinators, financial planners, auditors, and more. Our team is here to support you with all your accounting needs from tax preparation to accounts payable to the tasks in between. Solvo Global provides a cost-effective solution to your financial needs. Contact us to get started.
