Should you hire a virtual accountant?

In contrast, outsourced bookkeeping and accounting nearly always refers to accountants with an accounting firm who handle your books from their own office.’s cheapest virtual bookkeeping service starts with bookkeeping basics, like preparing key financial statements. From there, you can add comprehensive accounting, payroll, and tax services as needed.

virtual accountant

For small businesses that want virtual bookkeeping service to handle their basic bookkeeping tasks, the first place to look is online. Yes, virtual and outsourced bookkeeping is just as legitimate as in-house bookkeeping and accounting. However, as with any in-person accounting professionals you’d trust with your financial data, you should always verify a bookkeeping firm’s credentials before committing to a monthly plan. It also starts at $190 a month, which is less than nearly every other provider on our list.

Overcoming the Challenges of Becoming a Virtual Accountant

If it’s important to you to be able to sit down and meet with an accountant in-person, virtual bookkeepers might not be right for you. Ask another business owner if there’s a bookkeeping service they recommend or if there’s a virtual bookkeeping service they should avoid. For a business owner, virtual bookkeepers are much more affordable and accessible and can be hired at a much lower rate. A virtual accountant can do everything that a normal accountant would be able to do for you as a business owner. A virtual accountant works with you to set up your books, keeps your records accurate and current, and provides A/R and A/P tasks. This can be substantial because they work remotely, eliminating additional expenses such as office space, utilities, and equipment.

  • Even as the profession changes with time and new technology, there’s a continuing demand from businesses across virtually all industries for qualified accounting professionals.
  • While virtual accountants provide the same services as traditional accountants, they can also work for small businesses and individuals.
  • With Bookkeeper360, you’ll get a dedicated virtual accountant who sends detailed reports on a monthly basis.

Offshore companies like ConnectOS take great strides to guarantee that information remains secure. There will be no data breach or loss of data within the company since it is safe with your hired virtual accountant. Data is more important than ever before, and businesses have become susceptible to data breaches or other cyber security issues. Security of financial data and other sensitive information is a main concern when outsourcing accounting functions. When it comes to choosing between the two, it ultimately comes down to the needs and preferences of a business. A virtual accountant may be the right choice if your business is looking for a cost-effective way to manage its finances.

How Much Does a Virtual Accountant Make?

Your bookkeeping service will be able to review your financial transactions from anywhere in the world and be able to collaborate with you more effectively. By relying on a virtual assistant, you can free up your resources for other tasks and ensure that your financial records are accurate and up-to-date at a fraction of the cost. A virtual accountant will be able to take care of all the financial needs quickly without any difficulty at all. Virtual accountants often have years of experience working for clients in different industries. They also have access to the latest software, ensuring that all the documents are filed correctly.

  • To become a CPA, you’ll need to pass the Uniform CPA Examination administered by the American Institute of Certified Public Accountants, or AICPA.
  • The virtual bookkeeping providers above might be our favorite—but if they don’t quite fit your needs, we understand completely.
  • Typically, you’d only get detailed financial statements like this through a CFO — which means Merritt gives you some of the best aspects of having a CFO without the high cost.
  • Ignite Spot Accounting delivers heftier reports than many other cloud accounting providers we checked out for this piece.
  • Would you rather tackle accounting yourself instead of outsourcing it to a third party?
  • To help you decide whether this is the right move, here’s what you need to know about becoming a virtual accountant, the benefits of starting a virtual accounting firm, and how to get started.

When it comes to accounting, organizations traditionally rely on an in-house accountant or an outside accounting firm to manage the financial aspects of their operations. Accounting and finance jobs can pay well, with the median annual wage for accountants coming in at $71,550 in 2019, according to federal data. The top 10% of accountants and auditors earned more than $124,450 a year, while the lowest 10% earned less than $44,480. Across the U.S., more than 1.4 million people worked in the profession in 2019. According to Thumbtack, accountants charge $30 to $300 per hour, depending on the services they offer and the size of the businesses they serve. The total startup costs for virtual bookkeeping are a fraction of the costs of setting up a brick-and-mortar business.

Virtual Accounting: Industry experience

QuickBooks Online is one of the most popular accounting software for small business owners. The Essential plan ($249 a month if billed annually or $299 billed monthly) focuses on bookkeeping only, giving you access to a dedicated team that performs monthly bookkeeping services. The Premium plan ($399 a month if billed annually or $499 billed monthly) adds tax advising services, end-of-year tax filing, and financial strategy planning. Many virtual accounting firms can operate in different timezones or even provide 24/7 access to your bookkeeping. Through online or cloud-based bookkeeping software, you can also connect to your bookkeeping data at any time and from anywhere. Even better, virtual bookkeeping services are able to provide general accounting services to small business owners at a fraction of the cost of traditional bookkeeping services.

Can accountants work virtually?

Accounting work can encompass handling financial records and documentation, analyzing data, and helping to ensure the smooth financial operation of an organization—all duties that can be done remotely. Much of accounting work is digitized, which means it can be done online, often from anywhere.

Along with offering the typical outsourced bookkeeping services, provides outsourced controller services. Rather than working in your office or being outsourced locally, a virtual accountant is available through online communications. By working online, virtual accountants provide complete, boutique accounting services on demand. Virtual accounting jobs offer tremendous flexible opportunities to not only work remotely, but also part-time, on a seasonal basis (especially during tax season), or on an alternative work schedule. While bookkeeping jobs focus on gathering and recording business transactions and data, an auditor’s role includes adjusting and analyzing data provided by bookkeepers or accounting clerks. But Merritt Bookkeeping’s most stand-out feature might be its in-depth financial reports.

Let them know if you’d rather switch to a cloud accounting solution or use your own. Cloud accounting is often best for business owners using a virtual service because business transactions can be managed and monitored online, as well as basic bookkeeping. Virtual accountants provide bookkeeping services to small business owners, individuals, and self-employed individuals. Accounting professionals must have extensive knowledge and experience in the field of accounting.

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