Virtual Accounting Services (FAQs)
What is Virtual Accounting?
Providing 'outsourced' accounting services to clients. Virtual (no specific location) + accountant or CPA (skilled assistance with financial operations). Services range from bookkeeping to CFO advisory. Virtual accounting is a transformation of the way accounting services have been delivered traditionally.
What role does a Virtual Controller or CFO participate?
- Position can be either full or part time
- Work remotely using the latest technology
- Senior financial role
- Insight, guidance and strategic planning
- Oversee the financial health and performance of the organization
Why should you hire using Virtual accounting?
Virtual accounting saves the cost of hiring internally as well as benefit costs. It frees the organization from having to seek the right candidate to service your business. This service is in high demand by next generation entrepreneurs. With technology changes, virtual accountants will save the organization for having to purchase software for day to day operation, as we use virtual software with file storage. This model changes the way businesses work. Instead of working from a desk, your information can be gathered from anywhere. Communication can be used via video conferencing, screen sharing as well as in person, if needed. Overall cost control.
How do we account for the accounting industry changes?
- Migration from on premises accounting services
- No fee for accounting software
- We provide dynamic business models
- This includes a mix of employee and non employee relationships. Low cost to bring your accounting department up to date. We keep abreast of the rapid innovation leading to new business ideas and business models
Is this type of service beneficial for my organization?
This service provides growth in small businesses, as many small businesses do not have the type of staff or technology to perform accounting operations as desired.
Some businesses are seeking to expand. Their business is solid but they need assistance with developing a plan to transition the accounting department to function across all spectrum's of the organization.
Value Proposition for Clients includes:
Some businesses are seeking to expand. Their business is solid but they need assistance with developing a plan to transition the accounting department to function across all spectrum's of the organization.
Value Proposition for Clients includes:
- Eliminate redundant accounting services
- Anytime, anywhere, any device access
- Higher quality accounting services
- Real time financial reporting
- More relevant financial information
- Enhanced data security and disaster recovery protection
What are some kind of services are available for businesses in the growth and expansion phase?
- Building out the existing accounting system or change in system (e.g., banking, inventory, fixed assets, debt management, revenue recognition and compliance requirements)
- Business automation (move towards a paperless environment)
- Budgets, forecasts and what-if scenarios
- Analysis (horizontal and vertical)
- Cash flow management
- Staffing the accounting department (developing role descriptions, assistance with screening, developing role and responsibilities as organizations change)
- Outsourcing services
What type of deliverables can an organization expect?
- Financial reports
- KPIs
- Advisory reports
- End of period (month) reports
- Analysis (budget and operational)
Outsourced bookkeeping example
- Entering bank transactions (fee includes up to three bank accounts)
- Reconciliations (up to three bank accounts)
- Recording payroll
- Restructuring chart of accounts
- Preparing one -two -three year forecasts
- Day to day accounts receivable (customer invoices)
Ethical Challenges Virtual Accounting face
AICPA's CPA Horizon 2025 project states:
The integrity, objectivity and commitment to excellence demonstrated by CPAs lead the public to trust CPAs.
AICPA Code of Professional Conduct
The integrity, objectivity and commitment to excellence demonstrated by CPAs lead the public to trust CPAs.
AICPA Code of Professional Conduct
- Public interest first
- Act with highest sense of integrity
- Objectivity and independence
- Due care
- Scope and nature of services