What is virtual accounting?

Virtual accounting is working remotely from home or a convenient location rather than from an office, and it is beneficial for the company as they seek professional services from experts and require them to provide excellent service of work so that they can give them work and take advantage of virtual accounting.

How virtual accounting helps your business:

Virtual accounting is beneficial for small businesses that want to take expert services but don't want to hire full-time employees and reduce their costs because virtual accounting only requires the services they need compared to full-time accountants. Also, it is helpful to large businesses because they have an accounting department, but they need additional support and do not want to increase their employees on a permanent basis.

Day by day, there is an increase demand for virtual accountants as businesses sometimes have a lot of workload, and they need some extra support, but that is not the case throughout the year, as the business needs bookkeepers only when they have special projects. Therefore, the concept of hiring virtual employees is helpful for the accountant because the company can hire a person or employee as per the requirement of work instead of hiring and paying salaries for the whole year.

Now, the question is how to choose the right virtual accountant:

Accounting is a skill that an individual can provide from any place unless you do not require a physical presence in presenting and explaining facts. There are some vital points that should be kept in mind when choosing a virtual accountant:

Choose a certified or chartered accountant with related expertise: 

It is essential to choose a certified virtual accountant or a bookkeeper for your company because you are going to share the details of your company and client, so the person must be trustworthy. For this, you should do background checks so as not to face any unfortunate situations in the future.

Distance matters to you: 

Virtual accounting means you won't be physically available with the person and will be available virtually and will only work the same way. So, be aware about the physical distance before hiring a virtual employee. Ask yourself, whether you are going to need physical presence of virtual employee during emergencies. Keep in mind this point before hiring a virtual employee.

Teamwork: 

Virtual employees are virtually working, they are not physically present at the workplace, but they work with other team members as they work as a team. So, it is essential that virtual employees have team spirit and team-like environment and we should be 100 percent sure of their team building capacity before choosing such employee companies.

Dedicated person: 

A virtual employee must be a dedicated person, whether he is an accountant or a bookkeeper, and should be available at the time of need, as sometimes virtual employees draw a line towards their responsibilities because they are not permanent employees and show little dedication to work. Therefore, it is necessary to appoint a dedicated employee who is with the company during any situation.

Ready to optimize changes in technology: 

As a virtual employee, the person should be willing to customize changes in technology. Talking about a virtual accountant, then accounting or bookkeeping are tasks that are mostly done by software, and the software usually receives updates from time to time. So, it is necessary for a virtual employee to have quality to accept the change, such as some companies are using different software, and some are on the different versions of software, so be prepared for any changes and learn new things.

Knowledge of technology: 

Since virtual accounting is related to cloud computing and technology rather than desktop, the virtual employee must have knowledge or understanding of new technology. Otherwise, it will not work and will waste the unnecessary time of the company.

The conclusion, therefore, if a company is going for a virtual or outsourced accountant, they should be careful because there is no doubt that it saves their money, time and labour, but at the same time, it requires intensive research before taking up any virtual service. Your data on virtual platforms requires a lot of security and care.

We at Doshi Outsourcing, constantly update our technical and organisational security features we have in place measures to protect your data and ensure you that we are fully GDPR Compliant, We offer you end to end secure accounting outsourcing services. Kindly contact us for more details.