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Virtual Accounts Department – It’s not what you think

There’s a lot of talk these days about ‘outsourcing’ and ‘virtual’ everything, but what exactly is a Virtual Accounts Department.  Virtualisation of the accounting function for your business is not sending information staff based overseas. The information is processed by the software.

What is a virtual accounts department?

It is a five-step process:

  1. Review
  • Understand your business
  • A detailed review of the current processes, looking for opportunities to improve
  • Calculate the cost to the business

 

  1. Design
  • Design improvements to your current processes to improve efficiency and reduce costs to the business.
  • Streamline operations and look at areas where cost savings can be implemented.

 

  1. Implementation & Training
  • Following feedback, implement proposed improvements into your business and provide training to relevant staff

 

  1. Manage
  • Take charge of your bookkeeping/accounts department to ensure efficiencies and cost savings are achieved

 

  1. Review and Plan
  • Analyse results using reports that are easy to understand to assist with future decision making.

 

Why should your business make the change?

As businesses constantly review their manufacturing processes and look for new sales avenues, why not do the same to improve accounting systems? The resulting benefits are well worth making the switch to a virtual accounting method.

  • Real-time reporting is extremely helpful to business decision making, forecasting and planning.
  • Cost saving is enhanced due to the use of more streamlined processes. Some businesses have reported savings of $10,000-$30,000 annually through implementing such change.
  • Administration staff are utilised and trained in using cloud accounting systems meaning no costs on bookkeepers or accountants
  • Having 70-90% of processes completed automatically by cloud technology software programs assists in saving time.

Contact us today to see how we can streamline your accounting processes, save business costs and, ultimately, valuable time.  http://haccounting.com.au/h-contact/

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About the Author

I'm a chartered accountant with over 20 years experience providing small-to-medium businesses with accounting and taxation services. I have run my own accounting practice for over 10 years, so I understand what it’s like to be a business owner.