What is Better: to Hire a Virtual Accountant or to Outsource Bookkeeping Services?

1. What is Better: to Hire a Virtual Accountant or to Outsource Bookkeeping Services? Having in-house accountants near me is what I am used to, as most business owners are. And this familiarity is one reason why many businessmen keep on working with the usual accountant, the traditional way. However, times have changed. And with today’s digital world, accounting services have gone digital, as well. While some businessmen and small business owners turned to virtual accountants for their bookkeeping needs, those who have had their company accountants for years have doubts and refuse to change their ways. And why should they when they have a trusted accountant who they can see and talk to anytime, right there within the company, right? Nevertheless, digital accounting or outsourcing your accountants and having virtual professionals handling your books and financial data, has become the trend with today’s businesses. And many business owners of this generation swear by their decision to go digital. Differences Between In-House and Outsourced Accounting Services Both the traditional in-house accountant and the virtual accountant are capable of providing bookkeeping services and giving you your financial reports when you need it. But there are significant differences between them that will help with your decision of who to hire. 1. Qualifications and pieces of training ? A strict screening process needs to be employed when hiring your accountant, especially when hiring an in-house professional. Some accountants are self-taught and don’t usually undergo training and seminars about the advances in accounting processes, leading to substandard results. Consequently, you need to send them out to such meetings to get the best accounting services. ? Outsourcing your accountant, on the other hand, assures you that regular training is attended, making your virtual employee updated about changes in the bookkeeping process. Your digital accountant is proven to be an expert with all the right qualifications and a wealth of experience with other clients. 1. Privacy and fraud ? Having an in-house accountant is riskier because someone in your community knows about your financial health and has access to your confidential data. Moreover, when only one of two people handle your books, stealing is quite doable. And they can get away with it, too. ? Fortunately, fraud and theft can be prevented when you outsource your accountant. There is a strict process involved in handling client’s financial data, such as having two different persons from different levels checking the entries, making it harder for any kind of cheating to happen. Plus, outsourcing companies make use of the best security tools to keep suspicious people out. 1. Financial reports ? In-house accountants are adept at making financial reports and submitting them on time. Unless they have other responsibilities within the company, which is usually the case. When accounting tasks are pushed to the side, the results definitely become below par. ? In the case of outsourced accountants, they have a specific task to do in the company. This makes their job accurate, complete, and always on time. Traditional is not the only way of handling bookkeeping and accounting tasks. Traditional is not always the best when it comes to organizing and storing financial data and records. So, while the traditional in-house accountant is what you are familiar with, outsourcing a virtual one, with all the benefits of digital accounting that come with it, is the best solution to today’s accounting needs. If you want to know more about digital accounting and outsource your virtual accountant, simply visit Loveland Accountants. https://pixabay.com/photos/ledger-accounting-business-money-1428230/