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Accounting & Bookkeeping


Accounting & Bookkeeping Servies


Accountants
Gustavo A Viera, Partner


Accountants
Daivisi Viera, Partner

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.

Benefits of Outsourcing Your Accounting

Virtual Accounting Services functions are migrated to an external Virtual Accountant has many benefits such as:

1) Cost reduction: The most apparent benefit of outsourcing accounting services to an accounting firm is the reduction in personnel related costs – recruitment, salaries, benefits, office space and other costs synonymous with staff. A number of businesses who outsource their business functions reported at least a 30% reduction in business costs without a decrease in productivity.

2) Quality of Work: Accountants thrive on reputation and to build their business they must offer a quality service. Businesses that outsource their accounting services benefit from a competitive market where firms must provide exceptional services to retain their clients.

3) Focus on core areas: Outsourcing allows a business to focus on the core business functions which can boost productivity by at least 32% according to a recent survey.
Access to innovation: To maintain a competitive edge, accounting firms endeavour to stay at the cutting edge by investing in advanced accounting systems and techniques for the benefit of their clients. Rather than invest heavily on a new accounting system and staff training, organisations now prefer to outsource these services to benefit from these new technology developments.

4) Pool of Expertise: Businesses tend to benefit from a pool of experts and sustainable source of professional accountants. Reputable accounting firms recruit exceptional and qualified personnel to ensure they deliver on their service contracts and retain the loyalty of their clients. Companies that outsource their accounting services benefit from such expertise without the added cost of recruiting top level staff.

5) Faster Turnaround: Accountants operate based on targets and deadlines. They know the in and out of tax deadlines and other legal requirements, so they aim to file records on time by providing a quick turnaround service to their clients.