Virtual Accounting or Outsourced Accounting: Know the difference.

 

For several years, the accounting industry has faced the challenge of a staff shortage. The problem has only gotten worse with the rise of multinational corporation culture and the emergence of new and exciting market opportunities. Accountants nowadays prefer to take on lucrative jobs, often with corporate giants or outsourced accounting services firms that not only pay well but also provide opportunities for skill development. As a result, while large corporations sweep up all the talent with attractive job offers, smaller firms and start-ups are forced to deal with the challenge of finding skilled accountants.

To add to the workforce challenge, the global COVID-19 pandemic has drastically altered the accounting industry, as well as other industries. Firms, on the other hand, have had to deal with scenarios such as cost cutting and job cuts, while accountants have had to deal with incompetent jobs and unemployment.When you add all of the challenges together, you get a massive accounting staffing crisis. So, how do small and medium-sized businesses deal with it? You can’t rely on chance to find the right candidates for your company and put your expansion plans on hold until then. So, what can you do in this situation?

We have a promising and proven solution for you: outsourcing!Outsourced accounting services have been in huge demand across the world owing to their numerous benefits. In order to scale their firms quickly, a large number of CPA firms have been turning to experienced and reliable accounting outsourcing companies. Outsourced accounting refers to accounting tasks carried out virtually by accountants employed and managed by a third party.

However, many CPA firms get the terms “virtual accounting” and “outsourced accounting” mixed up. While the two are frequently used in the same context and share many similarities, there are some important distinctions to be made.What is virtual accounting?

Virtual accounting refers to accounting tasks that are completed virtually, i.e., via the internet. Virtual accountants are resources employed by a CPA firm or belonging to a third party, and they frequently work from home.The global trend of virtual accounting has been on the rise, particularly since the outbreak of the COVID-19 pandemic. To meet the increasing workload and challenges of accounting, several CPA firms are now allowing their accountants to work virtually.

The Advantages of Virtual Accounting.

There are numerous advantages to virtual accounting that have only recently come to light. Among them are the following:

1. Workplace comfort and convenience

2. Reduced operational costs in the office

3. Improved turnaround time for critical tasks

4. Accountants’ work-life balance has improved.

STANFOX PROVIDES THE BEST OUTSOURCED ACCOUNTING SERVICES:

Stanfox is a leading accounting business process outsourcing firm that provides custom-made accounting solutions to growth-driven CPA firms. Stanfox specialises in a wide range of accounting functions, with a team of professional accountants dedicated to making accounting concerns a seamless process for CPAs. We are proud to be one of the fastest-growing accounting outsourcing firms in West India.

To Read Full Blog: Virtual Accounting or Outsourced Accounting

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