Consumer packaged goods (“CPG”) businesses need the right financial advice to flourish and remain competitive. Often, they find themselves at a disadvantage because many cannot afford a full-time in-house accountant. If this sounds familiar, perhaps a virtual accounting firm is better suited for your business.
What Can a Virtual Accounting Firm Do for Your Business?
A virtual accountant offers a variety of services, some of which include:
Enhancement of accounting functions and improvement in processes
Insight into new reporting procedures
Cash flow forecasting model development
Management of payroll records to ensure adherence to local, state, and federal tax requirements
Budget development
Strategic financial planning for growth
Disputing manufacturing charge-backs
Financial coaching
Benefits of Choosing a Virtual Accountant
Working with a virtual accountant offers business owners the flexibility to focus on other key business areas all while securing a greater understanding of your business’s financial well-being.
The expertise of a highly-skilled virtual accountant allows a company access to professional advice when battling challenging business decisions. Additionally, bringing more effective financial controls will decrease threats and relieve risk. The best part of the virtual environment includes reliable and up-to-date financial reporting and cloud technology that presents real-time access to information from anywhere.
A highly-skilled virtual accountant brings in years of experience that can help solve complex business problems. Moreover, they can implement effective financial controls that help mitigate various forms of risk. Finally, on-boarding a virtual accounting firm allows for immediate access to the latest financial reporting suites and cloud technology capabilities, including real-time platforms. Ultimately, these systems can be leveraged to make informed, strategic decisions.
Virtual accountants are adept at avoiding common pitfalls associated with remote employment. In fact, communication and availability is where virtual accountants thrive. They are flexible to a client’s pace and needs when it comes to scheduling meetings, discussions and follow-ups. They utilize modern communication tools like email, as well as voice or video call solutions such as Skype, Zoom, or Google Hangouts. This helps ensure that lines of communication stay accessible.
How to Know If Virtual Accounting is Right for Your Business
Business owners need to focus on other areas of the business, such as operations and sales
There is a lack of financial information which hinders the ability to make better financial decisions
Lack of financial resources for a full-time in-house accounting position
Establishing best practices for ongoing accounting, management, and reporting
Ultimately, competing in the global CPG marketplace can be difficult. Hiring a virtual accountant gives business owners the time and flexibility they need to drive their business forward. Let LN Accounting Advisors LLC help you make impactful financial decisions to you help your business grow.
For more information about outsourced accounting and financial services, schedule a free consultation. LN Accounting Advisors LLC is an outsourced accounting firm serving entrepreneurial and small-to-mid-sized business clients remotely all over the U.S. and internationally in eCommerce and consumer product goods.