When the world was hit by the COVID-19 pandemic, most of the small- and medium-sized businesses suffered immensely because of the extended lockdowns and widespread business disruption. As cash reserves in their business accounts started running out, companies have started looking for different ways to save money effectively without hindering the smooth running of the business.
However, restricting expenses also comes with the risk of reducing business exposure. Forward-thinking organizations are, therefore, strategically downsizing the non-essential costs in order to maintain an active market presence and get ready for the post-pandemic rebound.
Improve Your Cost-Efficiency With Remote Accountants
If your business is facing the challenges of increasing costs in the aftermath of the COVID-19 pandemic, one of the most effective ways you can economize expenses is by working with remote accountants. These experienced and dedicated professionals can manage all of your accounting and taxation needs such as:
· Payroll services
· Preparation of financial statements
· Bank reconciliations
· General ledger postings
· Accounts receivable
· Accounts payable
· Management reporting
· Budgeting & forecasting
· And much more
Remote Accountants = Money Saved
An in-house accountant – like any other in-house employee – enjoys a wide range of benefits which of course adds additional cost to your business such as compliance, payroll, insurance, paid leaves, etc.
On the other hand, a remote accountant works on either a project basis or an hourly basis which saves you a lot of money. You do not need to pay them for the days they are not working. By hiring a team of remote accountants, you can save 50-75% of the total staff cost.
Many organizations have embraced the post-COVID-19 new reality by shifting their accounting department from in-house to being online. This was proven to be quite beneficial for businesses as automation and technology has made it simpler to track all the necessary Key Performance Indicators (KPIs).
With remote accountants, you essentially get a team of experienced accounting managers or controllers, accountants, and bookkeepers at a fraction of the price of having your own accounting department.
Here are some of the benefits you can enjoy by working with online remote accountants:
· The collective expertise and knowledge of the whole team of remote financial experts far exceeds that of one bookkeeper or CPA
· It reduces the likelihood of fraud and inaccuracy with multiple sets of eyes keeping a watch over your books
· You get more time to focus on higher-level and strategic business tasks
· Since you or your staff doesn’t need to enter data manually, a lot of time can be saved
· Since you do not need to pay in-office accountants salary and benefits, a lot of money is saved.
Need Certified Accountants to Handle Your Books?
Remote Accounting Online has a team of certified public accountants and tax consultants who provide virtual bookkeeping and accounting services to businesses across a wide range of industries. Our accountants are highly experienced professionals in their field and can help you manage your finances so you can focus on your core business functions. To know more about our remote accounting services and schedule a consultation please give us a call at 541-772-5555 or write to us online today.