Is it time for a change? The reasons why companies start looking into outsourced accounting services vary and quickly multiply as they explore the many benefits, from providing virtual bookkeeping services to improving accounting processes and systems; developing a multilayered, smooth-running finance function; and helping you truly understand your cash flow situation; and even helping you scale the business.

With the right virtual accounting service for your growing business, you can have access to many types of skills—not only accountants but an interim controller and CFO, too, in some cases remotely if that is preferable. Here is when and why you’ll want to start looking into virtual accounting companies.

What Is Virtual Accounting?

Virtual accounting can be equated to outsourced accounting and may occur away from your home office, as virtual bookkeeping companies and virtual accounting companies are typically able to offer flexible, remote services if you wish. For outsourced accounting, these are some of the many benefits:

Your financial operations will be streamlined. If a lack of processes has made getting up-to-date, reliable information next to impossible, then it’s time to streamline. Outsourced accounting and finance experts bring their A game and best practices to every company, and can introduce practical processes and technologies that will make your financial operations more efficient, such as setting up a workable monthly close process. 

You’ll have access to specialized skills—on your terms. For various reasons, your company may not need a full-time, in-house finance and accounting team right now. With a virtual or outsourced accounting team, you have a flexible solution that can adjust depending on your company’s exact needs.

Over time, as the company grows, you may need more than one person helping you or a higher level of expertise or strategic advice, such as from an outsourced controller and/or CFO, and you’ll have an easy connection to those skills through your virtual accounting provider as well. With access to an ecosystem of business partners, including recruitment expertise, this team can help you hire for full-time roles when the time comes. 

You can focus on growing the business—not the day-to-day concerns. “Overwhelmed” is an understatement when entrepreneurs and emerging growth companies get in a groove as the business gains traction in the marketplace. Having to track down payments, losing sight of what’s happening, and messy books can distract you from what you do best—continuing to build your business and making it successful.

You’ll get a fresh perspective. Are you spending wisely? Do you have a plan for the next three to five years? Do you have cash flow projections so that you can tell if you’re making smart moves today—or whether something needs to change soon? Outsourced finance pros and virtual accounting experts can take a fresh look and give an accurate lay of the land.

You’ll have reliable, updated information. If you’re not closing the books on a timely basis, if the financial records are in disarray, there’s a lack of clarity that can hamper your ability to make smart decisions. Having up-to-date financial records can help you as well as investors who will want to see what’s really going on in the business before they’re willing to work with you.

You’ll be ready for most anything. With your financial house in order, you won’t have to panic when it’s time for an audit. In fact, your virtual accounting service may include expertise on preparing your company for a first-time audit. You’ll have experts you trust ready to help you prepare and they can help you answer questions.

What to Look for in a Virtual or Outsourced Accounting Team

When a startup begins to take off, knowing the right level of in-house talent versus outsourced talent can be a challenge. An experienced team of finance and accounting consultants can help you determine your exact needs, depending on your current resources and aspirations for the business.

With a range of skills, a team approach means you have access to more than one virtual accounting consultant if the need arises—and that consultant you do work with has a team behind them for added support, at all times. Ready to develop or transform your financial operations? Contact RoseRyan today to find out how we can help.