How Does Virtual Accounting Work

August 18, 2018

How Does Virtual Accounting WorkVirtual accounting is a process for giving accounting professionals the unique opportunity for providing accounting services for their clients remotely. The practice is becoming more and more mainstream along with the increasing number of businesses searching for creative methods of finding the perfect balance between their company’s workloads and their staff. Often their lack of staffing prompts business owners and operators to seek out alternative accounting methods.

A Simple Concept

Virtual accounting is a fairly simple concept but first, you must let go of the idea that your accountant must be working in the exact same space as you are i.e. your office. Once you’ve gotten over that location issue, a new world of accounting resources will be open to you. All of the usual accountant/client rules still apply, including the fact that proper communication is paramount in this relationship. Whether you communicate verbally or in writing, good communication is key.

How Does It Work?

There are a few basic steps to virtual accounting that are quite easy to follow:

  1. You send your documents to us either via fax or by scanning them and uploading them to our secure server.
  2. We, in turn, retrieve those documents.
  3. Then, we complete our data entry and analysis.
  4. We follow up by creating your financial statements.

Specially Designed Services

Our virtual accounting services have been specially designed for the purpose of doing your basic accounting and bookkeeping functions. Our primary goal is providing significant cost savings for you while also creating better efficiency for your business. If you’re interested in this accounting option, the following list can give you an idea of what we can do for you as your virtual accounting provider:

1.  Invoicing Your Customers

This can include sending out both invoices and monthly statements. We can also include making collection calls if you choose.

2. Paying Your Bills

Either weekly or monthly, we’ll enter the bills, organizing them by the due date, and sending a report to you that shows what’s currently due for payment. Once you approve them, they’ll get paid.

3. Banking & Credit Card Reconciliations

Your virtual accounting team enters transactions and other data derived from your credit card and bank accounts into accounting software. The data is then reconciled to your monthly statements, giving you an accurate view of the current status of your cash and credit health.

4. Creating Weekly and Monthly Reports

One of the paramount reasons that business owners hire virtual accounting teams is their dissatisfaction with the level of reporting that’s currently in place. Your DeepSky virtual accounting team will provide on-time weekly or monthly reports that help you to see the big picture at all times.

Get Your Free Virtual Accounting Quote

Simplifying your accounting processes and finding the freedom to grow your business is easy with virtual accounting. It’s a fact that virtual accounting could be the perfect solution, so contact us at (949) 200-6829 for your free DeepSky virtual accounting quote.

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