Global panic, markets crashing, entire cities and states on lockdown, hundreds of millions of people isolated or in quarantine…
I bet you didn’t expect 2020 would be like this.
But here we are, in the midst of the COVID-19 (coronavirus) pandemic, figuring out how to navigate this strange new reality and keep business going. By now, countless organizations have implemented remote work arrangements for their team members. People are developing, delivering, training, collaborating, and engaging with clients and customers from their home offices. Some companies are better equipped for it than others, but we’re all experiencing significant disruptions, and it’ll probably be a while until life returns to normal—whatever “normal” looks like a few months from now.
That said, not all changes are for the worse. There are reasons to cheer the rise of decentralized work and keep it going after our current situation ends. Remote work can bring numerous positive outcomes for your people, your customers, and your business. And with today’s software tools and services, going virtual is easier than ever.
You may not be able to do everything remotely, but much more is possible than many business owners realize, and there are a few functions every organization should consider unshackling from the physical office.
At the top of that list? Bookkeeping and accounting.
Whether you’ve already gone virtual or semi-virtual, or are just looking to save money, here’s what you need to know about managing your company’s accounting remotely.
What Is Virtual Accounting?
Virtual accounting is accounting that happens over the internet. Rather than relying on one or more in-house accounting professionals or meeting with a CPA in person, organizations that use virtual accounting can access financial experts on demand, from anywhere.
Virtual accounting goes by several other names (e.g. cloud accounting, remote accounting, flexible accounting) and varies by use case. It takes different forms from company to company, solution to solution. A virtual accounting provider may offer software, services, or both. Some focus only on bookkeeping while others (like inDinero) also provide more advanced financial services such as tax help and CFO support.
The Benefits of Virtual Accounting—Now, and Beyond the COVID-19 Pandemic
Why use virtual accounting? Well, right now, your company might have no other choice. Virtual accounting may be the only way to manage your budget, monitor transactions, perform recordkeeping, and carry out other key financial operations during a pandemic. For many organizations, it’s proving to be an essential part of maintaining business continuity.
But aside from the imperative reasons, there are several benefits of partnering with a virtual accounting provider versus relying on a conventional accounting department:
- Less overheard—what you pay for a virtual accounting service is typically far lower than the cost of a single full-time employee or the cost of managing your company’s finances on your own.
- On-demand guidance and support—at inDinero, our team offers CFO-level strategic input, so you can make smart, data-driven financial decisions for your company.
- Up-to-the-minute financial reporting—with automated tools and a team of experts at your disposal, you get relevant, actionable information about your company’s books and financial health when you need it.
- Comprehensive insights—an accounting service like inDinero can generate detailed financial reports along with the proactive insights you need to grow your business.
- Constant coverage—your accounting team is available to manage your books and provide answers when you have questions, so work doesn’t need to be put on pause during vacations, sick days, or other interruptions.
- More time for you and your workforce to focus on your business—you and your people have better things to do than spend hours each week on bookkeeping and accounting.
How to Get Started Today
The good news in this current situation is that implementing virtual accounting for your business is fast, straightforward, and cost-effective. You can start today and get up and running in just a few hours.
All you have to do is contact us. We have expert CFOs on-hand to help you assess your current financial state and develop a plan to get you through this global crisis. Our team will work with you to bring your books into the cloud quickly and securely. You’ll get better financial reporting along with scalable accounting software and on-demand CFO guidance.
And if for whatever reason inDinero isn’t a good fit for your business, we’ll help you find the solution you need to navigate this difficult time.
Quick Note: This article is provided for informational purposes only, and is not legal, financial, accounting, or tax advice. You should consult appropriate professionals for advice on your specific situation. inDinero assumes no liability for actions taken in reliance upon the information contained herein.