Why Does a Business Need a Virtual Controller?

With the growing complexities of modern business taking up most of the management’s limited resources, it has now become important to delegate some of the services and functions to the expertise of online virtual controllers. Staying on top of the finances is the goal of every business management team and hiring of a virtual accountant or virtual controller, to fulfill the requirements, is the next logical step in the sequence of offloading processes. This is undertaken with a view of focusing the concentration of the top management on the strategic areas such as growth and development of the business and achievement of other operational objectives, rather than wasting time and energy on the non core processes.
The virtual controller provides all services ranging from the basic to the most complex ones online. The services that are to be performed by the virtual controller are negotiated upfront and are outlined according to the specific requirements of the client organization. The role of a virtual accountant or a virtual controller encompasses the following functions.
1. The virtual accountant is instrumental in guiding the startup process and tuning the accounting system as per the required regulatory procedures and the appropriate software in use.
2. The virtual accountants play an important role in training the bookkeeper and other accounting assistants in the outlined accounting procedures that are suitable for the client’s business.
3. The virtual accountant works along with the in house bookkeepers and accountants to maintain the books and statements of accounts and makes sure that the transactions are recorded correctly and records updated properly. The role of the virtual controller in instructing the bookkeepers and accountants in case of negligent performance is also defined beforehand.
4. The guidance of the virtual controller in the process of budget planning and the budget to actual analysis is very helpful in tackling loopholes in the budgetary programs and taking the remedial steps.
5. The virtual accountant is generally involved in the internal discussions related to projects or the profitability of the departments on a monthly or quarterly basis.
6. The virtual accountant is responsible for the preparation of the fixed assets depreciation schedules on all assets and equipments and for the updations of the list with new purchases.
7. Since the virtual controller is generally located away from the physical address of the client’s organization, a monthly or quarterly teleconference is conducted with the management to discuss the operational results, along with the various other decision making issues as the need arises.
8. The expertise of the virtual accountant comes in handy in the provision of tax planning strategies to the business owners.
9. The preparation of the individual and business tax planning is also undertaken by the virtual controller.
10. The documentation of policies and procedures, due diligence of the business acquisitions, planning of the liquidation or sale of business, etc are other areas that come under the periphery of the virtual accountant and the virtual controller.