Why Business Owners Should Switch to Virtual Bookkeeping
Virtual Bookkeeping Framingham
Virtual Bookkeeping Framingham | It was inevitable to adopt virtual business conduct earlier this year when we all faced the Covid 19 hardships. Businesses of all sizes and all industries switched to remote working and virtual operations partially at some stage.
Bookkeeping and accounting are some of the core business tasks that businesses have been performing virtually for quite a while now.
As a business owner, you should analyze the cost-benefits of any important business decision not just outsourcing the bookkeeping function.
I have been offering my professional bookkeeping services in Framingham, Massachusetts for many years now. Business owners often ask me about the business benefits of shifting to virtual bookkeeping and accounting services.
Here are my top reasons why business owners should switch to virtual bookkeeping services.
What If The Coronavirus Second Wave Hits Us?
If you think coronavirus is over, give it a second thought. Even with Covid 19 vaccine optimism, it will take us a while to get rid of the deadly disease.
But what if there is a similar second wave of the coronavirus? What if we face a similar health and safety hazard in the future? Will we just wait and react to the situation again?
The costs of tolerating the safety risk and jeopardizing the employees’ health can become unbearable for any business. The health and safety standards that we’re following now will become industry standards sooner than later.
For this reason, more businesses will look for virtual employees and digital work environments that are safer and flexible.
The Cost of Falling Behind the Technology
The trends of remote working and virtual bookkeeping did not start with the current pandemic. The current work-from-home compulsion just boosted the pace and reminded us of the technological shift.
Small businesses in particular would bear the brunt of lagging behind this technological shift. As a result, more businesses are adapting to the virtual bookkeeping Framingham and finance function outsourcing.
Accounting and bookkeeping software development is now backed by artificial intelligence and machine learning. The newer versions of the bookkeeping and accounting software come embedded in advanced business analytics features.
Value Addition for Your Business with a Specialist
In short, the notion of bookkeeping services is limited to the record-keeping functions only. Practically, specialist bookkeeping adds much more value to a business than that.
In other words, compliant and consistent bookkeeping financial record forms the basis of the solid finance function for any business.
Furthermore, a professional bookkeeper will always offer your business unbiased and objective opinions. The correctness of the financial data does not limit to tax reductions and tax avoidance only.
Auditors (and computers) at the IRS are much smarter than that.
Compliance with Taxation Rules
A few months ago, you might have applied for the paycheck protection program (PPP) or the EIDL under the SBA offered schemes. Businesses will incur certain tax implications for these grants.
The loan forgiveness and tax deductions come with certain conditions. This is just one recent example where your business may need a specialist to do the job.
In addition, oayroll taxes, Employee retirement contributions, taxes withheld, and yearly tax compliance are a few tasks that you can outsource to a virtual assistant these days.
It will save your business time and money. You wouldn’t want to end up facing an IRS audit and tax penalty though, would you?
Cost Saving and Work Flexibility
Perhaps these are the most touted benefits of hiring a virtual bookkeeping specialist these days. The claims stand tall with facts though. A full-time bookkeeper costs your business anything between $ 50,000 (on average) annually.
You can hire a virtual bookkeeper on an hourly basis, rather than on an ongoing basis to save you more.
With online access to the business accounting and financial records, virtual bookkeepers can perform their tasks flexibly round the clock.
These are just a few of the broader categories of benefits that your business may harness with a virtual bookkeeper. Moreover, depending on your business industry and size, virtual bookkeeping Framingham services may yield other business advantages to you.
- Professional Bookkeepers bring industry knowledge and specialization with them
- You can focus on your business strategy and core activities
- Prevent your business from financial fraud and theft risks
- Hire the professional within the state of beyond the geographical boundaries
- Develop understanding and efficient workflow with a specialist
- Ultimately reduce business costs and join the industry trends
If you have not already, switch to virtual bookkeeping today! Ash CPA offers virtual bookkeeping and accounting to meet the needs of all businesses. Call (617) 462- 6651 or request a consultation online.