The world as we know it has changed drastically in 2020. As the year comes to an end, many businesses have to adapt in many ways in order to survive in these trying times. With COVID-19 still running rampant in many parts of the world, many businesses are faced with an uncertain future.
Canada is one of the few countries that has dealt with the pandemic issue effectively. Yet, the local Canadian economy has still been drastically impacted. Consumers are spending only on essentials in these uncertain times and as a result, many industries have been gravely impacted as a result.
The one thing that the year 2020 has shown us is that in the near future the only way to truly protect ourselves from the virus is through isolation and social distancing. This has in turn led to many employees choosing to work from home. Remote working has thus seen a huge spike this year with many companies and employees alike, preferring to have their employees work from home rather than in a confined indoor space.
The concept of remote working isn’t new. This trend has been on the rise for the past decade or so but thanks to the pandemic it seems that remote working, freelancing, and outsourcing are the only way to survive and thrive in these trying times. Globally, those who can, are opting to work from home and realize very quickly the many potential benefits of this.
The Online World
Advancements in technology have allowed us to pretty much do everything we want online. Working from home in many cases is no different from working at an office. As long as you have a decent internet connection, a laptop, and all the other office essentials you need why can’t you work from the comfort of home? After all, it saves both time and money.
In fact, research suggests that remote workers have proven to be more efficient and productive working from home rather than being in the office. A lot of this has to do with the simple fact that in an office environment there are plenty of distractions while at home you can create an environment where it is just you and your work with minimal distractions allowing you to get more work done.
The Benefits Of Hiring an Online Accountant For Businesses
But what advantages do hiring an online accountant have for a business? Sure, it is more convenient for workers as they are closer to their families and at the same time don’t have to go through the arduous process of commuting to and fro from work. But are there any benefits of hiring online for an organization or a small business?
Today, one can go online and find the right person for just about any job. This is because you are not geo-restricted. Any person with the right skill set can be a potential fit for your business no matter where he or she might be in the world.
How Much Does an Online Accountant Cost?
The other huge benefit of hiring an online accountant for a business is of course costs. Hiring online can often be a lot more cost-effective than having employees work in-house. This is why most businesses in modern times often outsource multiple business departments such as accounting, sales, customer service, marketing, HR, manufacturing, and more to specialized online professionals. This allows the parent company to then focus on core revenue-generating business practices.
If you’d like a better break down of what this looks like, check out our article on Accounting and Bookkeeping Costs.
Hiring the Right Online Bookkeeping Services
If you are a small or medium business owner in Canada and have been actively seeking ways to grow your business then you have probably realized that in order to do so you need to delegate certain tasks and responsibilities in order for you to focus on the most vital aspects of the business.
Most aspiring entrepreneurs and small business owners try to do everything themselves. And while this is commendable it isn’t sustainable. Handling and managing every aspect of the business yourself is something no business owner can do. You may have the knowledge for all the day-to-day business activities taking place within your organization but executing them all on your own is simply an impossible task.
Bookkeeping and accounting is one business aspect that can easily be outsourced to a professional. No business owner wants to spend hours upon end reconciling the books, record-keeping, paying bills, and keeping all your tax information in order. And that’s not even the tip of the iceberg. Payroll management, general accountant handling, and many other bookkeeping practices can be easily handled by a qualified professional.
The time and energy spent to ensure that your books are in order can easily be utilized handling more important matters such as client acquisition, management, and business strategy that can further grow and result in increased profitability.
1. Helps Save Time & Money
In these trying times, businesses are looking to cut back on expenses as much as possible. You would think that paying an accountant to take care of books might be considered being thrifty but in reality, it is a much smarter thing to do. Firstly, if you are not an accounting type of person then you just don’t have the expertise that a professional would bring to the table. Secondly, as far as costs go, sure, hiring an online accountant will cost money upfront, however, in the long run, it will end up saving you a lot more than what you would have spent. This is because he or she will be able to consult you on matters that will help you save money and make business processes more efficient.
- Prepared Come Tax Season
Every business owner dreads tax season. With so much to do and so little time, this can be a highly frustrating and stressful time for a small business owner. One mistake can result in catastrophic consequences and even legal penalties. Having a professional accountant overseeing the books can help make filing for taxes a relatively stress-free affair saving you from having a massive headache.
- Keeps You Organized
Having a virtual accountant or bookkeeper ensures your books are in order and all payments and receivables are being tracked and recorded accordingly can make a world of difference. They will ensure that your bills and other dues are paid on time so that you avoid paying late fees and unnecessary interest.
4. Access to the Best Online Bookkeeping Software
According to PC Mag, the best online bookkeeping software for 2020 is Intuit Quickbooks. This software is trusted by tens of thousands of bookkeepers online to streamline the bookkeeping process. Your online bookkeeper will likely set you up in an account, and get things organized for you within the system.
- Maximizing Efficiency within your Small Business.
Bookkeeping can be very time-consuming for a growing business. That is why outsourcing your bookkeeping to a professional will allow you to devote more of your valuable time to growing, and managing your important day to day operations.
Online Accountant in Canada
If you’re looking for an online accounting firm in Canada to handle your small business finances, look no further than the expert team at Kinden Accounting & Advisory Services. Book your no hassle-free consultation with us today!