Rest assured that despite the “virtual” term, virtual accountants are very real people that provide tangible benefits to businesses and nonprofits. In fact, outsourcing to virtual accounting firms is an increasingly popular option for organizations across the country that want all the expertise of in-house accounting without the costs and hassles of managing employees.
How Virtual Accounting Works
Traditionally, businesses and nonprofits have employed in-house professionals to manage all their financial management responsibilities. But increasingly these organizations are outsourcing some or all of these tasks to firms that specialize in providing an array of services, including:
- Bookkeeping
- Budgeting
- Forecasting
- Cash flow management
- Financial statements
- Tax preparation
- Risk management
Virtual accounting firms work closely with each client to identify and deliver the desired services, communicating as needed to discuss particular approaches. Typically, the firm will devote a team of experienced professionals to ensure that each client’s needs are continually met.
Why Outsource
Virtual accounting addresses several of the drawbacks of traditional in-house employment:
- Scalability: When business grows, virtual firms are ready to grow with you—with no need to hire and train new employees.
- Stability: Employees inevitably leave or retire, often taking proprietary knowledge with them. Virtual accounting firms always have a team of professionals available to meet your needs.
- Cost: Employing in-house experts is expensive. Virtual accounting firms offer a variety of services that can be less expensive, especially when you factor in the cost of hiring and training new employees.
- Expertise: Instead of relying on one person or a few to keep pace with all the latest processes, requirements, and tools, you get a team with experience across tax, accounting, audit, and other fields.
- Focus: Financial management is a necessity for businesses and nonprofits, but it’s not the mission. Outsourcing to virtual accounting firms allows organizations to spend less time on employee management and more time on their mission-critical initiatives.
The Insero Difference
Insero & Co. is a premier virtual accounting firm with more than two decades of experience and accountants, consultants, and support staff available to meet the needs of businesses and nonprofits. The firm is large enough to provide the resources clients need, yet small enough to provide relationship-based service built on a foundation of regular communication and personal attention.
Contact us to talk about your current finance and accounting challenges, and how we might be able to help you reduce costs—and headaches—as your organization continues to grow.
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About the Author: Kimberly Gangi
