Freelancing and outsourcing have become the new age norm. It allows companies to work more efficiently and deliver a wide range of skillsets to their customers.

If a company does not have individuals with the required skillset working within the organization – they simply outsource the work to remote freelancers worldwide that excel in that specific skill. Accounting is no different, and the trend of virtual accountancy has become a significant benefit that organizations and companies worldwide are benefitting from.

What does it mean?

The name “virtual accounting” is self-explanatory. In the current world, virtual jobs have become almost as prevalent as regular in-office jobs. In virtual accountancy, skilled accountants all over the world provide their services virtually to the clients. Virtual accountancy is not only cost-efficient for the organization but is also beneficial to the accountant who is remotely providing the services needed by the clients.

Currently, there are several forums like Fivver, Freelancer and Upwork, etc. that have many freelancing virtual accountants available for hire. These accountants provide exceptional services regarding the financing and bookkeeping of a company without working from the office itself.

Many top organizations of the world have hired accountants online through Virtual Accountancy and benefit from the best bookkeepers worldwide without having to hire them as a full-time employee.

Benefits that come from virtual accounting

There are many benefits to using Virtual Accounting for the bookkeeping and financing of a company. These benefits are not only limited to the organization, but the freelancers also avail of many advantages by putting their services up for hire over the internet instead of physically working for one company.

The benefits to the bookkeeper include

  1. An individual possessing accounting skills can put their services up for hire, and companies worldwide can contact the individual. This factor lessens the barriers between countries and geographical locations because an individual can work with big multinational companies while being in a remote region of the world.
  2. The fact that virtual accounting services are provided from home is a significant plus point for many people. People with disabilities prefer to sell their services virtually as it is more accessible and easier for them than physically going to work. Moreover, the schedule flexibility that comes with working from home virtually is a big reason why many people possessing accounting skills prefer to sell their talent set online.
  3. It is also possible for a virtual accountant to work simultaneously for multiple clients and earn more than the income that would come from working with one individual company. This not only increases the income of the individual but also allows them to get more experience by working with an array of customers.

The benefits to the company/organization include

  1. Virtual accountancy has a prevalent advantage. It is significantly cost-efficient as compared to hiring a full-time employee. Freelancers do not demand fringe benefits or office supplies.
  2. Another significant benefit of virtual accountancy is that employers can choose to pay the employees based on the amount of work they have done rather than a fixed salary.

Cons of Virtual Accounting

The cons of Virtual Accounting simply include the risk that comes along with hiring individuals over the internet. There are no physical interviews in place, and often times an organization miscalculates the acumen of an individual, and they fail to meet deadlines or give substandard work. However, this can easily be solved by hiring professionals with reviews and experience.

Conclusion

Virtual accounting provided by POP Business has taken over the current business world and allows companies to work more efficiently while benefitting the accountants all over the world. It is, without a doubt, what lies in the future for accounting professionals.