Emergence of Virtual Accountants as a new workforce

One of the best advantages of digital age accounting is that it has created a new role within the accounting industry and they are known as Virtual Accountants. These are the accountants who can perform all the functions of accounting without even being present at the location. The main reason for the rise of Virtual Accountants are

1.   Increased project-based accounting needs

2.   Increased office expenses

3.   Increased medical costs

4.   Increased Salaries

5.   No employer taxes

6.   Availability of pool of accountants all the time

7.   No need to train a bookkeeper as experienced accountants are available

8.   Reduced costs to the business owners

9.   No interruption in work

10.Timely completion of the work

11.Fixed costs, which may change marginally over couple of years

Imagine a business looking for an entry level accountant/bookkeeper. Business owners spent a lot of time to interview, select and train a new employee. In today’s evolving workforce climate there are many challenges for business owners and the biggest challenge is to hold the employees for an extended period with them. Once a trained employee leaves they again have to go through the hiring process and again it involves time and cost. Sometimes it may take several months to get a right person. However, with virtual accountants, there is no interruption in the service.