Would hiring a virtual accountant work well for a small business?
Would a small business get the most without ever meeting their accountant? Does a face-to-face interaction bring the best outcome instead in areas such as cash flow, business advice, managing risks, etc.
The short answer is yes, you can still get the most out of your accountant without actually meeting them. With the advent of online accounting packages like Xero or MYOB, etc, and online meeting applications like Zoom and Go To Meeting, you don't actually need to meet physically face to face. I can look at your figures and tell you how you're tracking, and answer your questions and/or walk you through a solution.
I hope that helps.
Yes, I think working virtually or online with an accountant is easier done nowadays, thanks to tools such as cloud accounting software, online meeting apps, cloud storage and all that jazz. In this digital age, you don’t necessarily need to meet up with your accountant face to face. They don’t have to be living in your area or even in the same state.
If you’re a small business, generally, it works really well. Of course, not so for big businesses with multiple companies and complex needs.
Working online saves time for your business. You can “meet” your accountant online, never having to leave your office or home office. Everything is stored online and accessible anytime.
It can be cost effective too. For example, there are virtual CFO services available now, something which small businesses may not have been able to afford before – an expert to advice, strategize and help you thrive. There are a few online accounting services that charge a low fixed price for standard routine work. They can be good options too if you’re strapped for cash.
An online working relationship is the same as any working relationship. You need trust, transparency, integrity and competency. It’s easy to suss this out over time once you’ve worked with them for a while. Make sure you read the terms and conditions, but you should do that with any accountant regardless. Also, I think it’s best to work with Australian accountants than those who outsource the work elsewhere.