Frequently Asked Questions
What is virtual accounting?
Virtual accounting is a system in which a qualified professional provides accounting services virtually, rather than physically working at the client’s office. Virtual accounting offers all of the same benefits of hiring an accountant for your business, but because the accountant works remotely and is a contractor, the cost is often less expensive. These services allow for more flexibility for the business and the accounting profession.
How can virtual accounting services help my business?
Virtual accounting services allow companies to handle all of their accounting needs via a qualified accounting professional without having to hire another full-time staff member. This helps cut costs by ensuring that businesses only pay for the accounting work they need. This is a great accounting solution for small businesses that need help with their accounting but do not have the budget for another full-time employee.
What are the benefits of working with an Accountant vs. managing my own Accounting?
Accounting and bookkeeping are an essential part of running your business. While DIY Accounting Software might appear to be “easy” to use, without a background in Accounting you could be making some costly mistakes that could result in penalties and fines.
Do you offer a free consultation?
Yes, we offer a free Discovery Call to help identify your accounting and bookkeeping needs. This free consultation is designed to determine whether we are a good fit for you and what services would make sense for your situation. Following the call, we can send you an engagement letter in order to get started.
What if I just have a "quick" question?
Providing generic answers to an Accounting question, can be detrimental to your situation and have negative long-term impacts. As such, our firm policy is not to answer one-off questions until we have established an ongoing relationship and, have a good understanding of your entire financial picture. This allows us to provide you with solutions for your unique situation.
Is an engagement letter required?
Yes, an engagement letter is required. The letter outlines the terms of service and expectations between both parties.
As a Virtual Firm, how do you meet with clients?
We meet with clients by utilizing video conferencing and screen sharing technology.
Do you prepare taxes?
No, we do not prepare taxes or provide tax advice. Our passion is for accounting. If you don’t already have a CPA that you love, we can recommend one. We will also gladly communicate with your current tax professional when tax time comes around, if necessary, but when a business has good bookkeeping, the tax prep should be a breeze.
What are your rates?
Our rates vary depending on the nature and complexity of your business. After an initial, free consultation, we will have a better sense of the size and scope of your business, we will put together an engagement letter for a monthly (or quarterly if that suits the business better) price.
What accounting systems do you use?
We use Quickbooks Online.
How do we exchange information?
All documentation is sent and received through a secure portal.
When are my payments due?
Monthly recurring clients, payments are due on the 1st of every month. If you have a special cleanup project, a 50% retainer is due to begin work and is generally charged on an hourly basis.
What are the benefits of working with a Virtual Accounting Firm?
With lower overhead, virtual accounting firms can offer the same services that traditional firms offer at a lower price. As a result, clients benefit from the same high-quality Accounting and Bookkeeping services at a much lower cost.
How do I know which Accounting Firm is best for me?
When choosing an Accounting Firm, you should do so not on pricing but on the type of relationship you are looking to establish with your Accountant. Are you looking for an Accounting Firm that can be a trusted advisor? Are you looking for an Accounting Firm that takes a proactive approach to your financial needs? If you answered yes to these questions, then contact us to book a Discovery Call.
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