What is virtual accounting?
Virtual accounting is an Internet-based system that uses technology to efficiently and accurately process financial transactions for the entrepreneur and give them the reporting they need on a regular basis.
This technology has been used by larger corporations for quite some time, and chances are that some of this technology is already in place for you – it just needs to be activated and “connected” to accounting software.
A virtual approach gives the advantage of having excellent accounting and reporting systems, to include accounts payable / accounts receivable, with banking, lines of credit, payroll, all connected to your accounting program.
It is efficient, and collaborative and cost effective. A virtual system takes away a lot of the stress, frustration and time spent- all that energy can be used by the entrepreneur and their staff to get back to doing what they do best – developing, promoting, and managing their business.
Contact Point Accounting connects and consolidates transactions from banks, payroll providers, and accounts payable / accounts receivable data into a centralized accounting system. We properly classify these transactions, collaborate with the business owner about specific transactions that need further attention, and forward fundamental reports to the entrepreneur so that they are confident in the position of their business.
Why Virtual Accounting?
- A systemized approach is proactive rather than reactive.
- It happens behind the scenes while the entrepreneur is moving forward.
- It takes full advantage of technologies that your financial institutions likely offer.
- It uplevels the entrepreneur’s financial awareness.
- Tax time is simplified and seemless.