Nowadays when almost every task can be outsourced, many companies have availed of the services of virtual assistants who can perform the jobs more efficiently at more cost-effective ways. Among the tasks most outsourced are those that involve accounting.
Accounting is one of the vital sections in any organization that is both time and resource intensive. It includes invoicing, application of customer payments, managing payables and receivables, preparing and mailing checks, communicating with vendors, balancing of accounts, bank reconciliation, timekeeping, processing of payroll, preparation and distribution of financial reports for management reviews.
In a small or medium size operation, these tasks are usually handled by just one accounting clerk, thus forcing him/her to multitask. This often results to inefficiency and poor performance. This is a case where outsourcing these tasks is most ideal in order for the company to save time, effort, and money and get better results.
One advantage of hiring virtual assistants rather than getting the services of a brick-and-mortar accounting firm is that it enables the company to build a pool of bookkeeping talents in a much cost-effective arrangement.
In most cases, documents and other pertinent accounting information do not need to be delivered to virtual assistants since many virtual accountants now use secure online portals for safe document exchange.
Outsourcing accounting functions provides scalability options to a company since some of the tasks are seasonal and have periodic demands like auditing and bookkeeping. A virtual auditor and bookkeeper will only be hired and paid when their services are needed. They do not have to be paid wages, sick pay and other benefits since they are independent contracted workers.
Furthermore, the benefits of outsourcing accountancy jobs is not limited to cost-cutting but also include the availability of the latest accounting software and the best practices in the industry, assuring faster access to experts for high-end accounting needs, eliminating the complexity from managing of accounts, and improving the accuracy of data.
In short, hiring virtual assistants for the daunting accounting functions frees the company to better focus on its primary business goals and avoid financial mistakes or mismanagements, vital to its healthy operation.