Virtual vs Regular Accountant - Which one? | MSF Associates

Are you considering hiring a virtual accountant? You're not alone – more and more businesses are making the switch to using virtual accounting services. But what are the benefits of using a virtual accountant, and is it really the right choice for your business? Let's take a look.

Define what a virtual accountant is

A virtual accountant is a collaborative approach to tax and financial management, where MSF Associates work with clients to strategize and orchestrate the best solutions for their unique financial needs. MSF Associates utilize advanced technology that integrates easily into the existing infrastructure of their clients, allowing for stress-free operation at maximum efficiency. The virtual accountant offered by MSF Associates differs from traditional accounting methods in that it is faster, more accurate and cost-effective; allowing pieces of the accounting puzzle to be handled from any given location with ease and dexterity unmatched by any other accountant.

The pros of having a virtual accountant 

Leveraging a virtual accountant can have huge benefits for business owners. For instance, taxes can be complicated to manage and understanding all the regulations, deductions and credits is a daunting task – but with a virtual accountant, you’ll be able to file taxes confidently. Restaurants can also benefit from having a virtual accountant; with one, restaurant owners can calculate taxes for recipes and ensure their costs are tracked accurately. In addition to taxes, other operational facets of restaurant management such as budgeting, POS systems and inventory tracking can be managed efficiently with the help of a virtual accountant. With cloud based accounting solutions like QuickBooks and Xero, it has never been easier to find the right virtual accountant for your business needs.

The cons of having a virtual accountant 

The idea of having a virtual accountant may seem like the perfect solution for maxing efficiency, but it often comes with a range of drawbacks if you're not prepared. For one, not all online accounting software is created equal and if the platform you choose isn’t user friendly or reliable you could end up with data discrepancies after just a short time. This can leave your business in an awkward financial state and cause significant delays in getting your tax returns done. Additionally, it’s worth noting that there are a range of virtual accountants who don't have a high level of competency and accuracy within their work, which can lead to misunderstandings or knowledge gaps when handling complex tasks such as filing taxes or calculating deductions. With all this in mind, there is no shame in blaming the game when it comes to deciding on a virtual accountant. Just remember to do your research first and always go to a pro before committing!

Why you should or shouldn't switch to a virtual accountant 

You should consider switching to a virtual accountant if you're looking for more modern and efficient accounting solutions. Virtual accountants provide cloud-based software and services that makes managing your finances easier than ever before, with less paperwork and fewer headaches - all from the convenience of your phone or computer. You'll also have instant access to features like automated billing, customizable financial reports, and real-time analysis of your financial data. With the help of a virtual accountant, you can be confident knowing your finances are being tracked accurately and securely, allowing you to make sound decisions about money management.

How to find the best virtual accountant for you

Figuring out which virtual accountant is best for you can be an overwhelming task, but fortunately there are a few key tips to help you make the right choice. Start by researching and comparing different services to get a better understanding of who offers the best value for your money. You should also assess their skill set and experience as some accounting tasks require specific abilities that may not fit into every virtual accountant’s repertoire. Lastly, look at previously completed work from each candidate to ensure their style and vision aligns with yours - this will make all the difference in creating an amazing working relationship!

There you have it – all the pros and cons of having a virtual accountant. We hope this blog post helped answer your questions about whether or not you should switch to a virtual accountant.

Get in touch

Whether you’ve decided that a virtual accountant is the right choice for you or not, there’s no doubt that they are becoming increasingly popular with businesses across various industries. If you decide a virtual accountant is what your business needs, get in touch with MSF Associates in Leeds to find the perfect accounting solution for your business. With our comprehensive range of services, you can outsource all your accounting tasks securely and efficiently – giving you more time to focus on running a successful business. It's time to get slick and cool with a virtual accountant – the answer for so many businesses today!

Our team of professionals understands the unique challenges faced by the hospitality industry and can provide you with tailored accounting solutions. Give us a call on 0113 240 4100 or book a call with our team!