Find the best accountant in-house to fit your business, or make use of virtual accounting services
No business can run efficiently without the services of an accountant. But what type of accountant do you need, and which is the right fit for you? Small businesses that are not in highly-regulated industries can probably manage with a general accountant or by making use of good accounting software. As the company grows, there may be a need for more specialized accounting and, be it in-house or by using virtual or online accounting services.
There are numerous benefits to outsourcing your accounting department. As employees, bookkeepers and accountants traditionally have a very high turnover rate. Even if your accountant takes another position, a virtual accounting company can assure continuity and save you the time of having to recruit and train a new hire.
Online accounting services also offer you the convenience of cloud accounting, allowing you access to financial records remotely at a time and place that suits you.
Data is always accessible to authorized personnel, and you can be sure that your information is up to date and accurate.
Whether you decide on a permanent hire or on using a virtual accountant, start with these points in mind.
- The right fit for your company
Even a virtual accounting team has to interact with your staff and collaborate on projects, so make sure that you choose a reliable company with a good track record. It pays to research them online and to see who their clients are, and if possible, call for a reference.
- Compatible software
Ensure that the virtual accountants use software that is relevant to your industry and compatible with your own, so that data can easily be shared.
Perhaps most importantly, you need to make sure that you and your business can afford your accountant. Keep in mind that different levels of accounting professionals will have different rates – whether you are hiring a permanent employer or just need somebody to temporarily assist with your tax filing. One of the most cost-effective ways of hiring an accountant without the cost of full-time employment, is to make use of a virtual accountant or virtual accounting services.
At OCFO our cloud accounting services include accounting and management reporting, payroll, company tax, annual financial statement and corporate governance. Read more about our tailored accounting packages here. There’s sure to be one that suits your needs and your budget.