Virtual Accounting as the name suggests is accounting done virtually, i.e. via accounting software, is the future of accounting. Virtual book keeping as many people calls it, is a time and money saving introduction in the market which is taking over the traditional accountants pretty quickly.

What is Accounting/Book keeping?

Accounting  or  accountancy which is book keeping  is the  measurement, processing, and  communication of financial information about  economic entities  such as  businesses  and  corporations. In simple words accounting is everything related to accounts be it maintaining records or managing funds.

Virtual Accounting enables qualified professionals to provide accounting services to companies virtually without being physically present there. It does everything that a hired accountant does at much cheaper rates. It is a boon for both small as well as big business owners.

Small Companies- Companies however small their turnover is, needs to manage accounts which can be a tedious job, so companies with small budget who cannot afford a full time accountant must opt for virtual accountants as the same work can be done at a very low cost without employing a full time accountant.

Big Companies- Companies with an already existing accounting department can go for virtual accounting for all extra assistance as the virtual accounting professionals can easily integrate with the existing system. This would save them from any further accounting related issues in future.

The biggest highlight of ‘virtual accounting’ is that it allows the businessmen to focus on their business goals and leave all accounting related headaches on the virtual accounting professionals.

We at Starters’ CFO make sure that you get a feeling of In-house finance team with our Virtual Accounting Package. We have a very simple and straightforward approach for all your accounting problems.

  • Dedicated Finance Team headed by a CA for your organization
  • Managing payroll on cloud based software with access to all employees
  • Functional company mail box for all accounts related issues
  • Example- [email protected]
  • Bank Access: We take care of all your transaction but only after your approval
  • Invoicing by our team
  • Regular reminders and payment collection
  • All Tax compliances
  • Common drive to save all documents and data
  • Monthly meetings and reviews
  • Stock Checks
  • Internal counting

The average yearly cost of accounting comes around 25-30lacs, we at Starters’ CFO does the same virtually at a cost of 5-7lacs yearly.

To have a hassle free experience all you need is a handful of documents which are listed below:

  • Expense Vouchers
  • Bank A/C statements
  • Invoices

Virtual Accounting as we know is the next generation accounting has many advantages over the traditional accountants:

  • Cost effective
  • Saves time
  • Hassle free
  • Instant 24/7 access to your financial data
  • Helps with various accounting services such as; financial accounting, management accounting, fund accounting
  • Effective with accounting tasks like taxes and payroll

FAQs :

Virtual accounting is a system in which a qualified professional provides accounting services virtually, rather than physically working at the client’s office.

Virtual accountants play a crucial role in managing your books of accounts. Their ultimate goal is to provide you accurate and reliable services at a cost effective price.

a. Accountants payable

b. Accounts receivable

c. Bank reconciliation

d. Payroll processing

e. Financial reporting

f. Tax preparation

The Virtual CFO will supervise a staff to perform various financial and accounting tasks.

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