A remote accountant may have seemed like a crazy idea before the pandemic, but if anything, COVID-19 has proved that remote accountants work great and are here to stay. Many small businesses have faced unforeseen small business expenses in the last year, and have had to call upon professional help. Small business accountants can help out at various stages during the development & growth of your business.
Limitless Accounting has remote accountants accessible to small businesses anytime, anywhere!
What will a Remote Accountant Do?
Accounting and bookkeeping are often the first places small business owners fall behind, but this is the last area where you want to drop the ball. Managing your finances is the key to a successful business, especially during tough economic times. Most successful business owners who work closely with an accountant will tell you a small business accountant is an absolute must. In fact, results from a study conducted by Intuit, the maker of QuickBooks, TurboTax, and other financial software packages, show that 89% of small businesses say they see more success with an accountant or an advisor.
The COVID-19 outbreak is no time to slack on your finances, and hiring a remote accountant may even help you weather the storm.
How Does a Remote Accountant Work?
When a remote accountant is hired, the company will grant them access to financial documents as well as the business’s virtual bookkeeping software. Once the virtual accountant receives this data, they can begin making monthly and even daily entries that will aid in the reporting process. The reports that are created are then shared and discussed between the virtual accountant and the executive team of the business.
Can a Remote Accountant Help Overcome Challenges for Small Businesses?
There are good reasons for hiring an accountant at different stages of your company’s growth. From a business plan to company formation, loan application to a tax audit, an accountant can make life easier for you at each step.
Like all small business owners who are looking to save money, you may think you can’t afford an accountant. But look at how long it would take you to do certain tasks (such as taxes), and ask yourself, is that a good use of your time? Especially during the pandemic, it is essential your focus on other core areas of your business such as retaining loyal customers and new and creative marketing given the uncertain times.
For example, let’s say it takes you 13 hours to do your taxes, and your time is worth $100 an hour. That’s a cost of $1300 to do your taxes yourself. And there’s always the risk you’ve made errors – especially if you’re multi-tasking like most business owners. Additionally, there is much more to accounting than just doing your taxes, so it is likely the time spent will be well over 13 hours.
However, if you get a remote accountant to take care of time-consuming tasks like taxes, it’s quite likely they will cost less per hour than you would pay yourself. With cloud technology, there are multiple affordable remote accountant services, such as Limitless Investment and Capital that are ready to serve your unique business needs during the pandemic. You’ll not only have extra time to free you up to generate revenue, but you’ll have peace of mind that an expert is taking care of the details.
What are the Benefits of Hiring a Remote Accountant?
- Access to an Ideal Candidate: Your business is important, and you don’t just want anyone handling your business’s finances. By hiring a remote accountant, you have access to an endless amount of potential candidates for your position, making sure that the role is filled by a quality employee.
- Offers Staff Flexibility: If there’s one thing that was learned throughout the COVID-19 pandemic, it was how to be flexible. Hiring a remote employee allows that individual to perform tasks at their pace while still meeting company deadlines. Often, employees who are given flexibility in the workplace are likely to increase job satisfaction. The more satisfied your employees are, the greater the quality of their work will increase!
- Lower Cost: Hiring a remote accountant presents a lower cost than having an employee on-site. Your accountant can be located anywhere in the world and still perform your business’s desired tasks. Additionally, you will also save your time, which can be reallocated to focus on growing your business. One of the best reasons to hire a virtual bookkeeper is because, even though you pay a low price, you still get much in terms of service.
- Increased Financial Accuracy: Remote accountants have experience in many different types of business. With an outside set of expert eyes managing your business’s books, you will minimize the chance of inaccuracy.
- Improved Business Management: Whether you are behind on your books or need your books kept up-to-date, an experienced virtual accountant is your solution to keeping your finances organized. Remote accountants can keep track of all money and use that information to determine how to increase/lower your budget accordingly.
What other moments during the life of a typical small business, might you want to hire an accountant to help you?
Accounting Trends that Every Small Business Should Follow in 2022
The remote accounting trend is on the rise. To ensure that your remote accountant is set for success, it is imperative that you have to facilitate your accountant or bookkeeper with proper records and necessary accounting aids for the accounting-from-home landscape from your side to keep your books reconciled and taxes straight. Remote accounting is not only on the rise but also on the stay.
Consider implementing these trends to ensure financial success for your small business.
- Implement Cloud-Based Accounting Software: Cloud technology is emerging as the most vital ingredient in accounting technology trends. With the technology engrained in cloud-based accounting software, you can share access with your accountant from anywhere.
- Embrace Automated Accounting: As a small business owner, you already have a lot of things to do. Rather than indulging in redundant time-consuming and labor-intensive chores, you can divert them to automation software and focus more on things that really matter.
- Strengthen Your Cyber Security: Hackers are more likely to target small businesses that are more likely vulnerable to their threats. Always remind your employees that they are just one click away from the cyber attack and reinforce strong password and limited access policies for networks and buildings.
- Get Comfortable With Forecasting & Analytics: In today’s accounting industry, small businesses are likely to use forecasting, analytics, and budgeting applications for better insights into their cash flow and make clearer decisions. This gives you transparency, increased operational efficiency, and deeper financial insights into your business and keeps you on
When Should My Small Business Hire a Remote Accountant?
Most accountants will tell you they could have saved their small business clients a lot of time, money, and headaches. That is if those clients hadn’t waited so long to ask for help. Bottom line is that there are several key times in the course of your small business you don’t want to wing it without having a small business accounting expert
1. Forming Your Business: The formation of your business is one of those key times. An accountant can help you write your business plan, advise you on your business’s entity structure, help you get all the appropriate licenses, and help you set up your bookkeeping software. If you involve an accountant while you’re writing your business plan, they will be able to use accounting software to add financial projections and other reports to it. This will help you create a business plan that’s realistic, professional, and more likely to succeed.
2. Compliance and Tax Issues: Even if your business plan is written, you have all the required permits and licenses, and your bookkeeping software is new and shiny and ready to go… you’re not quite ready to go forward without an accountant. There are still dozens of compliance stumbling blocks to overcome. Don’t try to wing it without an accountant if you have:
- Complex sales tax issues
- Complex payroll issues
- Other reporting requirements
Hiring a professional at this early stage will mean you get the benefit of their financial knowledge and advice right from the start. That could save you time and money compared with hiring one later.
3. Small Business Accountants to Help with Finances: Small business accounting can quickly become complex if you do it on your own. If you feel you’re losing control of who owes you money and how much, an accountant can help you get back on track.
When the economy is turbulent, it is essential to measure key business metrics, such as the ratio of salaries and other employee payments to total revenue. An accountant can help here by managing your payroll and producing graphs so you can see how the ratio changes over time. If your small business accountant uses cloud-based accounting software, they’ll be able to share your business accounts with you quickly and easily. And they can produce tables and charts that will help you understand your company’s current financial situation at a glance. This will help you monitor the pulse of your business and keep track of important things like cash flow.
Additionally, it is likely your business will have to cut back on expenses during a recession, increase profit margins, and have excellent cash flow management techniques. An outsourced accountant can ensure your business is thriving rather than just surviving during difficult times.
4. When Applying For A Loan: Many small businesses around the United States are turning to loans during the COVID-19 crisis. Believe it or not, having an accountant can help improve your chances of getting a loan. Lenders want to see that you are fiscally responsible and some lenders require that you’ve been using an accounting solution for a certain amount of time in order to be eligible for the loan. Small business accountants can also offer insight into how the loan will affect your business finances. Additionally, loan applications are often very time-consuming and require a great amount of detail, your accountant can save you time and increase your chances of receiving one.
5. When Buying Or Selling A Business: If you are considering buying a business/franchise or expanding your current business, talk to an accountant first. They’ll be able to assess if the purchase is a wise financial move. Additionally, if you need to sell your business, an accountant will walk you through the process.
How Much Does a Small Business Accountant Cost in 2022?
There is no set answer for how much an accountant costs. The price is going to vary significantly depending on:
- Your business
- The complexity of your accounting
- The services you require
- Whether you hire a bookkeeper, accountant, or CPA
- The accountant’s experience
Most small business accountants charge by the hour and will give you an estimate of how much the services you require will cost. The best way to figure out how much an accountant will cost is by deciding what you need your accountant to do and then searching for the right fit
What Qualities Should I Look for in a Remote Accountant?
There are many different types of virtual accounting services, however, there is only one right fit for your business. It is important to look for a service who has experience working in your industry, this way they will be able to offer the most effective advice for your business. When researching different remote accounting services, some things to consider include:
- What services do they provide?
- Do they provide a monthly reconciliation of your business’s accounts?
- Are they available during your business’s work hours?
- Will they make sure your business is tax compliant?
- Will your business truly benefit from this service?
Hiring A Remote Small Business Remote Accountant Is a Smart Choice
Just because you can do your own bookkeeping, doesn’t mean you should. If financial tasks are eating up your time and taking away from the success of your business, hire a small business accountant in Detroit and Denver. This will free up your time so you can get back to growing and running a successful business.
Limitless Investment and Capital Small Business Remote Accountants during the continued COVID-19 Crisis in 2022
Don’t Panic: Prepare. Your specialty is running your business. Leave the financial detail to an accountant. Limitless Investment and Capital’s small business remote accountants can help give your business the tools it needs to survive the COVID19 crisis into 2022 and beyond. We are offering unique coronavirus relief packages that include accounting services, remote payroll processing, and legal advice for small businesses facing the repercussions of the tough economic times.