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How Can Virtual Accounting Services Maximize Your Bookkeeping Functions?

Last updated: 17 Nov, 2022 By | 6 Minutes Read

If you are looking to maximize your bookkeeping functions with significant savings in costs and time, your first option should be to hire virtual accounting services. Your operational efficiencies will increase because you can devote your time to ensuring growth and development while the virtual assistant takes care of all your accounting complexities.

Here is a list of bookkeeping tasks that virtual accountants will do for you:

Reconciliation of bank and credit card transactions

This is one of the crucial aspects of accounting. A large number of transactions in receivables and payables have to be regularly reconciled if the true state of the business financials have to be precisely known. Virtual accounting services will ensure that all data is reconciled regularly with monthly statements and an accurate view of the credit and cash levels are presented to you regularly.

Payment of bills

Every month your accountant will draw up a list of bills payable based on invoices generated by your business. The bills will be organized as per their due dates and you will get an updated report of what needs be paid. Often software such as bill.com will be used to complete the process.

Invoicing and collection responsibility

Your accountants will take care of all invoicing aspects, starting from sending invoices to presenting reports of payment due to you. If you opt for specialized services from your accountant, even follow-up on payments and collection calls will be made on your behalf. It is advisable to choose top-end services to avail of this exclusive offer as recovering due amounts often turns out to be a tedious process.

Generation of updated reports

One of the main problems faced by any business owner is late or irregular generation of reports by the in-house accounting team. This results in putting crucial financial and investment decisions on hold as the position of the business is not clear. When you hire virtual accounting services, you are assured of prompt submission of reports at regular weekly or monthly intervals with specific fields of your choice. You can thus take quick decisions that can lead to exponential growth of the organization.

Calculation and submission of sales tax returns

Your accountant will also provide collection and payment of sales tax if you require them to do so. When you hire one such team, ensure that you include this in the services needed as it will lessen your burden of work drastically. A good virtual service will hold all your sales tax collected in a month in a separate account, fill out the required forms and send for your approval. Once approved, it will be submitted by them to the regulatory authorities.

Payroll support

Most virtual accountants provide payroll support and those that don’t directly will have tie-ups with well-established agencies offering it. Opting for this service will help you avoid large scale investments in sophisticated software and hardware for payroll processing. Once you decide to outsource this function, do it comprehensively including preparation of paychecks and submission of payroll tax returns.

Liaison with your CPA

You can keep an eye on the functioning of your accounting team through your CPA. Provide the contact information of your CPA to them so that they can jointly ensure that all bookkeeping and report generation activities are going on precisely as per set norms and as desired by you. Your CPA will know your tax strategies and can optimally guide the accountants to get required results.

Providing a range of accounting services

Few accounting services offer consultancy options to businesses only while still others provide just data entry services. Choose one that exactly matches your need. You can even pick a full-service agency that will take care of all your accounting functions on a turnkey basis.

Using the best accounting software

This again is vital for your company as the quality of software used by your team of virtual accountants will reflect on the quality and accuracy of processed data. Experienced and qualified accounting services will be able to handle QuickBooks licenses and advice you on accounting platforms that will best maximize your bookkeeping functions.

These are the very basics of what a team of accountants at a remote agency can offer. There are a whole lot of other alternatives that you can pick according to your needs and budget.

One of the top-end virtual accounting services that you can choose and be assured of quality work is Cogneesol. Our range of bookkeeping services covers all aspects of what is required by businesses regardless of their size or scale. For more information get in touch with us at contact us at +1-646-688-2821 or write to info@cogneesol.com.

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