Small businesses need to be able to get a handle on their finances and make the right decisions for the ideal financial future. The coronavirus pandemic has prompted a rethink for businesses across the world and has shone a light on the importance of financial management within businesses. Trying to achieve financial security and keep businesses in good health has become a common goal for SMEs and multinationals across the world.
One thing that is clear is that there is a need for accounting and finance experts as much as possible, and this is something that a lot of businesses need to try to implement. Remote working and outsourcing have become a lifesaver for so many businesses globally, and this has opened the door to virtual accounting, an absolute essential for your modern business finances. Here are some of the reasons that make virtual accounting a business essential in a post-COVID world.
YOU GET PROFESSIONAL GUIDANCE
One of the best reasons why you should be looking to utilise virtual accounting in a post-COVID world is that it gets you direct professional guidance at an essential time. You need people who know what they’re talking about to help you make important financial decisions as a business. Outsourcing to professional accounts gives you a clear point of contact with financial experts. Statistics tell us that 58% of large companies utilise cloud accounting, and this number is sure to rise as we continue to work our way through this pandemic.
IT SAVES MONEY
Looking for ways of saving money and cutting costs as a business is more important than ever at a time when companies are losing so much money. Virtual accounting is brilliant for helping to save money as it is a much more cost-effective option for a lot of people. Outsourcing to remote bookkeepers can save your business between 30%-50% of the cost of hiring an in-house bookkeeper. You won’t need to pay for training, payroll tax, sick pay, annual leave, or background checks, and this can save you a great deal of money.
Since the global pandemic has been in full swing, social distancing has become a key part of life in general. And this is why it is important for businesses to try to adhere to social distancing laws as much as possible; a virtual accountant certainly helps with this. By hiring accountants working remotely, you don’t have to worry about them coming into contact with others or having to be a physical presence within the company. Contactless business practices are paramount for future success, and this is something to consider right now.
These are just a few of the core reasons why you need to make the most of virtual accounting and make it one of the key parts of your business in 2020. If you are serious about surviving and thriving through coronavirus, this is one of the things you need to keep in mind moving forward. Understand why virtual accounting matters so much, and why your business needs to be introducing it.
Cubed Consultancy has been providing a complete outsourced finance function for several clients both startup and established multi-million-pound turnover businesses all over the UK. This includes daily bookkeeping, producing sales invoices all the way to credit control.