It can be difficult to trust a normal balance virtual service with your books, and even harder to know which service to choose. To help ease the process, I’ll show you how I run my virtual bookkeeping service and explain what to look for in these services, so you can make the best decision possible. In the UAE, we specialize in VAT filing, financial reporting, and compliance with local tax authorities. Our accountants are experts in the tax systems of these regions and tailor services accordingly.

• “AI will allow VAs to take on more advanced tasks, from predictive analytics to fraud detection,” he says.
• Practical solutions to the issues you face, along with emerging industry topics forward-looking practitioners are curious about.
• Depending on the service you choose, a bookkeeper can give you guidance or take the lead on your bookkeeping.
• We use encrypted, cloud-based software that ensures the safety of your financial information.

How much does outsourced accounting cost?

A good virtual accountant takes charge of your finances but offers full transparency to the company with established procedures and policies. With Live Expert Full-Service Bookkeeping we pair you with a dedicated bookkeeper who will bring your books up to date and then manage your monthly books for you, so you can focus on your business. Our AI-powered Anomaly Management Software helps accounting professionals identify and rectify potential ‘Errors and Omissions’ throughout the financial period so that teams can avoid the month-end rush. The AI algorithm continuously learns through a feedback loop which, in turn, reduces false anomalies. We empower accounting teams to work more efficiently, accurately, and collaboratively, enabling them to add greater value to their organizations’ accounting processes. However, the key to a successful outsourcing partnership lies in choosing the right accountant—one who understands your industry, adheres to compliance standards and seamlessly integrates into your workflow.

Services

Want to kick off your small-business accounting with a solid accounting software service? Enter some basic information about your current accounting needs and we’ll send you up to five customized quotes. With Bench’s Catch Up Bookkeeping services, a Bench bookkeeper will work through past months of disorganized bookkeeping to bring your accounts up to date. Our consultation services are designed to provide you with strategic insights and guidance. Higher-level accountants are best utilized when they have a voice in the room. Their familiarity with the numbers can drive strong recommendations that are information-based.

How does virtual bookkeeping work?

Virtual CPA services provide unparalleled flexibility for both nonprofits and small businesses. By eliminating geographical barriers, organizations can collaborate seamlessly with their virtual CPAs from anywhere in the world. This flexibility enables timely decision-making, efficient financial management, and the ability to adapt to changing circumstances swiftly. Virtual accounting firms offer a range of benefits that enable organizations to optimize their financial performance and drive sustainable growth. Here are 5 of the main benefits that we think they bring to an organization.

Communicating with clients when working virtually

Hourly services range from $40/hr to $90/hr for bookkeeping, $120/hr-$175/hr virtual accountant for controllership, and $200/hr-$400/hr for outsourced CFOs. This is more expensive than a freelance accountant, but typically outsourced firms offer more services, security, and experience. According to Indeed, the average salary for an accountant in 2023 is $61,830. According to the United States Bureau of Labor Statistics, total benefit compensation averages 29.5% of the total cost of compensation for an employee in the private industry.

• Clients can rely on the expertise and knowledge of virtual CPAs to navigate complex financial matters and make informed decisions.
• Merritt Bookkeeping automates some of the most time-consuming bookkeeping tasks — for instance, reconciling accounts, balancing books, and updating financial reports — so you can focus on running your business.
• We rate QuickBooks Live for one-time cleanup bookkeeping, as your finances will be in top shape come tax filing season, when you’re ready to apply for a loan or looking for financial reports.
• Our article on business bookkeeping basics gives you more information on how to do bookkeeping and why.
• Investing time in selecting the right fit will ensure long-term success and a streamlined financial operation.

• For the first three months, you only pay a starting price of $17.50 for the lowest-tier plan.
• Xero, for example, lets you give your clients real-time access to their documents, and you can both collaborate on a file without having to be in the same zip code, let alone in the same room at the same time.
• Unlike traditional brick-and-mortar accounting firms, virtual accountants offer flexibility, accessibility, and often, cost savings.
• Virtual accountants often have specialized knowledge in various industries.
• Our accounting services are designed to streamline your financial processes and ensure accurate record-keeping.

Additionally, real-time data updates and dynamic visualizations provided by these tools allow for immediate insights into key metrics, helping decision-makers make informed choices promptly. Live Expert Full-Service Bookkeeping doesn’t include sending invoices, paying bills, or management of inventory, accounts receivable, or accounts payable. The service doesn’t include financial advisory services, tax advice, facilitating the filing of income or sales tax returns, creating or sending 1099s, or management of payroll.

The Role of Technology in Virtual CPA Services

A virtual accountant works with you to set up your books, keeps your records accurate and current, and provides A/R and A/P tasks. We help improve your financial strategy, advise on pricing and investment decisions, operationalize go-to-market planning, and offer guidance on systems and hiring to support your company’s sustainable HVAC Bookkeeping growth. Virtual CPA firms understand the importance of data security and employ robust measures to protect sensitive financial information. Through encrypted platforms and secure data storage systems, nonprofits and small businesses can trust that their financial data is safeguarded against unauthorized access and potential cyber threats.