Reasons Why Virtual Accounting is Better
7 Reasons Virtual Accounting Is Better Than In-House Accounting Staff
Since you’re reading this informative report on the benefits of hiring a virtual accounting company, you’ve likely already experienced a fair amount of worry over your current in-house accounting practices. Whether it’s due to a lack of relevant, on-time reporting or the time it takes to implement new, costeffective processes, you’re not alone in your quest to find answers to your current accounting issues. If you’re at all concerned in-house accounting is holding back the growth and security of your business, those are significant reasons to consider outsourcing to a virtual accounting company. Here’s how outsourcing to a virtual accounting company like Redwood is better than the traditional method of managing an in-house staff
Information That’s Always Up-To-Date
As a business owner, you know how important it is that your accounting reports are always up-to-date and relevant. Remaining on top of any upcoming budgeting issues or financial concerns is completely crucial to running your business both effectively and efficiently. Redwood runs on a Service Level Agreement (SLA), a formal service contract detailing delivery time, availability, operations and more in plain language terms. As you negotiate the terms of an SLA agreement with your virtual accounting firm, you ensure that your financial reporting is always current based on the agreement terms. With an in-house accountant, they aren’t bound to these same detailed guidelines and reporting suffers because of it.
100% Privacy And Confidentiality"
Keeping the financial aspects of your business private is important to its survival. Attaining total privacy and confidentiality prevents valuable information from leaking out to your competitors and protects your business. Of course you want to trust your in-house accountant, but is the desire to trust them really worth the risk of losing absolute privacy? To maintain 100% privacy and confidentiality, Redwood secures your data and financial information on a password-protected server only accessible by authorized individuals. Even as you input your login information over the internet to access your data, it’s protected by a Secure Sockets Layer (SSL) to ensure your sensitive information arrives at its designated location before it can be decoded.
Expert Knowledge And Know-How Advice
In terms of our current economy, it’s more important than ever to have proven processes in place for making sound
business decisions. To sustain profits and continue growth, there’s really no room for trial and error tactics.
With Redwood, you’re partnering up with people who are in the business of accounting. A complete set of accounting service supplies you with a wellrounded team of accounting experts, from a Qualified Chareterd Accoutant (see myCFO) to an Accounting advisor and a Bookkeeper dedicated to your entity. We have proven training programs to ensure all processes are solid and consistent.
Cutting-Edge Technology To Improve Practices
With Redwood, you’re hiring a team consisting of different levels of management. You get sound financial advice from the oversight of a CA/Controller focused on delivering you detailed financial data to meet your established day-to-day deadlines. The truth is, your in-house accountant doesn’t have the extra hours in their day to implement new accounting processes and technologies created for improving efficiencies. Redwood is capable of keeping your business cost-effective and current with the latest accounting technology. We are also attending accounting industry trade shows to stay up-to-date and always searching for the right programs to streamline your financial workflow.
Complete Accuracy Of Financial Data
As with all humans, people make mistakes. And yet, it’s imperative to your business that your accounting information
and financial reporting is flawless. Avoiding costly inaccuracies is the backbone of your business’ burgeoning
bottom line. With Redwood Virtual accounting, your agreement is tied to terms in an SLA. Unlike an in-house accounting staff, your virtual accounting staff is on the hook to deliver accurate financial data, every day, the first time."
Performance-Proven Procedures Are In Place
Redwood has the structure, procedures and manuals to withstand any staffing issues. Per these proven procedures, they’re able to remove your management headaches associated with administering benefit plans, hiring and employee evaluations, along with eliminating the impact of employee turnover at your organization. A typical accountant level job has an average employee turnover at every 6 months, with a minimal pay rise of Rs. 5 to 10k to another job. That means no continuity of financial reports and information, re-investment on employee training, loss of hiring time and numerous errors that will follow the hiring of a new staff.
Full Supervision Of Services Delivered
With an in-house accountant, their background may only consist of one aspect of financial reporting, meaning you’re missing valuable forecasting data easily extracted by a group of virtual accounting experts as provided by Redwood.