Is your business impacted by COVID 19 Pandemic? Remote accounting may help.
What is a Remote accounting service?
Since the whole world was hit by the Covid-19 pandemic, most of the small and medium businesses suffered a lot. The cash reserves that they had in their accounts almost got over. So they started searching for various methods to save money effectively without hampering the smooth running of the business. However, curtailing expenses runs the risk of minimizing business exposure. Forward-thinking businesses strategically cut non-essential costs so they can maintain market presence and prepare for the post-pandemic rebound. One such way of cost-cutting is getting remote accounting services. It is also called virtual accounting services. Virtual accounting service is the one that we get from an experienced, committed team offering virtual accounting functions to manage your accounts payable, accounts receivable, projects, general ledger postings, bank reconciliations, preparation of financial statements, payroll services, and MIS Reporting.
An in-house accountant enjoys several benefits which add an extra cost to the company such as paid leaves, insurance, payroll, compliance, etc. While a remote accountant works on an hourly basis or on a work basis which surely saves a lot of our cost. We don’t have to pay them for the days they are not working. In a study, it has been found that on average an in-house accountant costs around $20-$25 an hour while a remote accountant costs around $8 to $15 per hour. It almost helps us save 75% of total staff cost. And above all this, employment laws are not applicable to remote employees. As the employment laws are only applicable to in-house employees.
Most of the businesses shifted themselves to being virtual. Several enterprises shifted their accounting department from in-house to being Virtual. This was proven to be quite beneficial for companies. Technology and automation made it simpler to track all the necessary Key Performance Indicators(KPIs) and also think of required action that can be taken to improve the functioning of the business for CEOs and business owners all over the world. In today’s world of technological advancement, more depth has been offered to financial intelligence than ever before. CEOs get access to all the information on a business’s financial position so that you know where your financials stand. In order to look after their finances effectively remote accountants can be hired.
With a virtual accountant, you are getting a team that provides a fractional share of a full accounting department- bookkeepers, accountants, and accounting managers or controllers. They are focused on providing the best accounting and financial management services to their clients. They also ensure that you are getting timely, accurate financial information to make strategic decisions for your company which is often hard to get from just one in-house person. Given below are some of the advantages of getting remote accounting services. Also read our blog on the benefits of outsourcing accounting services to get detailed information on the same.
- You can have a team of accounting experts at your fingertips with the help of technology
- The collective knowledge and expertise that the whole team of outsourced experts has exceeds the knowledge of one person
- It minimizes the possibility of inaccuracy and fraud with multiple eyes looking at your accounts books
- Advanced data-driven and quick decision-making
- Remote accounting gives you more time to focus on strategic, higher-level tasks for your business
- You can save your time as well as the time of your staff as they don’t have to waste time entering data manually.
- Scalability will not be a problem anymore, as the remote team covers all this.
- This also saves a lot of money as you don't have to spend on paying each and every in-house accountant of your firm.
Cloud-based software for tracking accounting reports can also work for the development of the business as it helps in cost-cutting as well as bringing accuracy to the work.
What is a cloud-based software which is used for tracking accounting reports?
Cloud-based accounting software uses applications to access the internet and connect to data stored on remote servers. Cloud-based accounting is typically subscription-based and can be installed on mobile as well.
The accounting software industry has seen a boom in recent times. For almost three decades, the only option available was desktop accounting software, which meant that businesses had to consider a number of factors when choosing the best package, including hosting methods, security, number of users, backups, support, and cost. These factors influenced the decision-making process, but in the early 2000s when cloud computing was introduced the accounting software landscape changed dramatically.
Xero was introduced in the year 2006, many other competitors were launched such as Quickbooks, Zoho, etc. They produced strong desktop and enterprise offerings.
Xero was always designed as a cloud-based product with specific benefits such as
- automatic backups and built-in data security,
- flexible access from mobile devices and any computer with an internet connection,
- integrations that expand functionality beyond just accounting tasks,
- easy collaboration with and across departments,
- significantly improved reliability, and
- lower overall costs.
NSKT Global is a top accounting firm and has certified accountants having experience in the above managing all the cloud accounting softwares such as Xero, Zoho, Qucikbooks, etc. We provide Virtual accounting and bookkeeping services to businesses seeking to develop their business. We provide all kinds of accounting solutions which can benefit your business in the long run as well as at the right moment. Our certified virtual accountants who are experts in their field help to manage your finances at affordable prices. You can visit our blog on Pro Advisors to get more details on how a virtual accountant helps in managing the finances. Our ultimate goal is to be a valuable addition to your business for making you focus on your core business functions, let us provide remote accounting services for your firm.