Virtual Accountant for E-Commerce Accounting

    • Daily Bookkeeping
    • Reconciliation of All Your Accounts
    • Monthly Forecasting and Budgeting
    • Cash Flow Management Support
    • Company Financial Planning
    • Business Growth Planning and Reporting
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A virtual accountant performs the same functions as an in-house, in-person accountant. 

A virtual accountant works from home rather than in an office. 

In most cases, virtual accountants are contracted and may not work full-time hours for your company, so their work is less expensive than an in-house, full-time position. 

A virtual accountant may be the ideal solution for a business that does not have the budget to hire a full-time accountant.

You will most likely work with a virtual accountant, who provides their services over the internet rather than locally. 

This entails obtaining accounting services via computers or other connected devices, teleconferencing, and other remote technology.

Virtual accountants may be more familiar with cloud-based tools due to their remote nature. 

What Do You Need to Begin?

How do small business owners begin offering bookkeeping services

To get started with any accounting services, you should have the following items on hand:

1. Your most recent year's tax returns and any payments you've made.

2. To manage it, you'll need access to your accounting software.

3. Any other financial management software you use.

4. Statements from your bank and credit cards

5. Data on hiring or other business decisions.

6. Any asset accounts

7. Any debt accounts

It would be best if you also were prepared to provide any additional financial information requested, such as prior year financial reports. 

These financial reports will be used to identify potential account discrepancies, such as missing statements.

What Financial Tasks Can a Virtual Accountant Perform?

A virtual accountant for ecommerce should be a qualified accounting professional who can perform all of the functions of a traditional accountant. 

They work from home and are contracted.  Services may include corporate tax filing, bookkeeping, account reconciliation, payroll processing, accounts payable, and even CFO services.

What Are the Benefits and Disadvantages of Hiring a Virtual Accountant?

The primary benefits of using a virtual account are convenience and cost. 

You can select the services and scope you require from a virtual accountant. 

You will only pay for the services you require while ensuring that the work is completed correctly by a trained professional. 

You gain an expert without having to pay a full salary, benefits, or overhead.

On the other hand, working with an off-site team member has some logistical considerations, such as the fact that they are more complex door-knock away. 

However, by using Zoom or other systems, you can usually communicate with these professionals just as easily as if they were in the same office. 

It would be best if you also thought about the security of your data. 

These disadvantages can be mitigated by selecting a virtual accountant who provides the availability and security precautions you require and ensures that your data is vetted and protected.

Business Types Suitable for Hiring Virtual Accountants

A virtual accountant for e-commerce can help practically any business! 

Small and medium-sized businesses, which typically have fewer resources for in-house staff, may find a virtual accountant especially appealing. 

Instead of hiring a less-experienced full-time employee, a competent virtual accountant can provide the expertise you require at a fraction of the cost.

Finding a virtual accountant often entails doing research, reading reviews, and asking friends and colleagues. 

Make sure to find an accountant who is familiar with your industry and business size. 

This is especially important in industries with strict regulatory compliance requirements. 

You can triangulate from several sources, including;

1) a Google search for virtual accountants in your industry or geographical region, 

2) online reviews of other customers

3) recommendations from other entrepreneurs in your space.

Again, asking colleagues and contacts in the industry can be beneficial. 

If your prospective accountant claims to have worked in your industry, ask for references and follow up to ensure they truly understand your needs. 

You can and should interview a virtual accountant in the same way you would an in-house hire.

Your accountant may hold a variety of professional accounting certifications. 

The most common is a certified public accountant (CPA), which is required for many managerial positions. 

A certified financial analyst (CFA) can use their knowledge and skills as an analyst, whereas a Certified Management Accountant (CMA) is useful for larger businesses that require financial management.

Enrolled Agents (EA) deal with the Internal Revenue Service and taxes, while Chartered Global Management Accountants (CGMA) typically work in business and government.

Your accountant should have skills in software that assists them with the services you require. 

Maintaining a general ledger, accounts payable, bank reconciliations, cash management, budgeting, tax preparation, asset depreciation, and other tasks may fall under this category.

Corporate taxes are a critical deadline and opportunity for companies. 

If you get it wrong, your company will face penalties, late fees, or lost tax breaks. 

If you do it correctly, you can obtain rebates, tax breaks, and other financial benefits.

Having a professional handle your business taxes is also beneficial because they can work on reports and filings as they go. 

Many businesses intend to manage taxes but end up in a panic when it comes time to reconcile and file information.

A paperless, digital approach is an alternative to manual processes and paper documentation. 

There are a few key indicators that your company would benefit from going paperless. 

For example, a digital system will increase efficiency if you're not keeping up with document processing, you're overloaded with paper storage, or you can't easily look up paper-based information.

If you're having trouble with customer service, can't keep track of metrics and reports, or are having regulatory/compliance issues, a digital transformation can help! 

It places the appropriate information in the appropriate location, allowing you to act on the data you have.

Because the company has hired a virtual accountant, it is up to your company to evaluate the accountant and determine if they meet your needs. 

It's a good idea to outline your expectations for a virtual accountant and to check in regularly to ensure they're being met. 

If the accountant's fee translates into benefits for your company, your return on investment will be high, and you should reconsider who you've hired.

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