As a business owner, you need to handle every aspect of your business while keeping a balance with your personal life. Business owners need to oversee each business operation, including finances. However, not everyone has the required knowledge and time needed to maintain proper business accounts. Unless you’re CPA, it becomes imperative to hire a professional accounting firm to manage your books and taxes. But when it comes to your business finances, it’s crucial to find a trustworthy accounting firm.
What is Virtual Accounting?
For small businesses, it is not always possible to hire a bookkeeper or accounting staff. So, to save their time and money, most of the smart business owners are now seeking services of a virtual accountant. With rapid technological innovation, virtual accounting has emerged as a new way of managing a business’s finances. In this method, you don’t need to hire accounting professionals. The Virtual Accounting firms that recruit qualified professionals provide accounting services virtually to their clients. This means that rather than physically working in your office, you will get accounting services remotely.
How to Hire the Right Virtual Accountant?
These days, more and more companies are hiring virtual accountants because it’s more cost-effective than hiring full-time accounting staff. Virtual accounting not only cut employee costs but also reduces paperwork. However, trusting an online accountant that you’re never going to meet in-person may seem intimidating. So, before hiring a virtual accountant, it’s crucial to do some research. Here are some steps that you need to follow to choose the right virtual accounting firm for your business.
- Get to Know the Virtual Accounting Firm
When looking for a virtual accountant, you need to research the website of several virtual accounting service providers. If their website looks trustworthy then call the company to know them better. This will help you understand their working process. While searching for an accounting company, try to find firms that operate during office hours in your time zone. During this initial consultation, you need to discuss your business needs and expectations with the virtual CPA or company’s sales representative. The best firms will send you a detailed scope of work to help you better understand what to expect from their services.
- Credentials & Reputation of the Virtual Accountant
Make sure the accounting firm has employed trained and certified accounting professionals. The accounting firm should have a proper working license and years of experience in the industry. The firm should be registered with the Chartered Professional Accountants and have relevant certifications. It is also recommended to find out the quality of service they offered to their past and present clients. You get this information at the review sites. Once you’re satisfied with the firm’s reputation and credentials, ask them to provide you some legal documents like a non-disclosure agreement (NDA) to protect your business. The virtual accounting firm should give you a legal contract to ensure your financial data is safe.
The accounting firm you pick should have expertise in your particular industry. Also, when choosing a virtual accountant, it’s better to go for an accounting firm rather than an individual. This is because established accounting firms have dedicated staff and your work will never suffer even if one team member gets sick or take leave.