Accounting to a non-financial person can be a mammoth task according to Gustavo A Viera, CPA. Wading through invoices, bank statements amongst others duties can be quite tasking especially for small business owners who have a lot of other things to do. Even businesses that have an in-house accounting team still need to manage the functions of the accounting team to ensure they meet the business objectives at a minimal cost.
Prior to the 1980s, a lot of business functions were carried out in house by many organisations. Businesses will employ a temporary member of staff to carry out the duties their regular staff could not undertake. This provision obviously increases the operation costs through recruitment, training, salaries, office space and other benefits.
Virtual Accounting Services has now taken the place of temporary staff amongst other roles in many organisations. Defined as the contracting out of a business function to an Virtual Accountant, Virtual Accounting Services is now a popular choice for businesses who want to streamline their processes.