What are some typical situations in which a Virtual Accounting Department makes sense?
There are a number of typical scenarios. The following provides a few examples. a. A start-up company needs to focus time and money on customer and/or product related tasks. Accounting is necessary because management (and perhaps venture capitalists, banks, and others) needs to understand how fast they are spending money and where they are spending it. Billing and collection may be critical. Payroll processing is a regular occurring task. Bank accounts need reconciling. Accurate, timely, and understandable reports need to be created and distributed to the appropriate parties. These are all tasks that are often outside the skills (and interests) of the key employees who started the company. Having a full capability accounting department at a reasonable cost can have very high value to the start-up. b. A small company has an owner/manager and a few employees. The owner/manager does not want the employees to have access to her personal compensation numbers. By using a virtual accounting d
