What is a Virtual Accountant?

Rest assured that despite the “virtual” term, virtual accountants are very real people that provide tangible benefits to businesses and nonprofits. In fact, outsourcing to virtual accounting firms is an increasingly popular option for organizations across the country that want all the expertise of in-house accounting without the costs and hassles of managing employees.

 

How Virtual Accounting Works

Traditionally, businesses and nonprofits have employed in-house professionals to manage all their financial management responsibilities. But increasingly these organizations are outsourcing some or all of these tasks to firms that specialize in providing an array of services, including:

  • Bookkeeping
  • Budgeting
  • Forecasting
  • Cash flow management
  • Financial statements
  • Tax preparation
  • Risk management

 

Virtual accounting firms work closely with each client to identify and deliver the desired services, communicating as needed to discuss particular approaches. Typically, the firm will devote a team of experienced professionals to ensure that each client’s needs are continually met.

 

Why Outsource

Virtual accounting addresses several of the drawbacks of traditional in-house employment:

  • Scalability: When business grows, virtual firms are ready to grow with you—with no need to hire and train new employees.
  • Stability: Employees inevitably leave or retire, often taking proprietary knowledge with them. Virtual accounting firms always have a team of professionals available to meet your needs.
  • Cost: Employing in-house experts is expensive. Virtual accounting firms offer a variety of services that can be less expensive, especially when you factor in the cost of hiring and training new employees.
  • Expertise: Instead of relying on one person or a few to keep pace with all the latest processes, requirements, and tools, you get a team with experience across tax, accounting, audit, and other fields.
  • Focus: Financial management is a necessity for businesses and nonprofits, but it’s not the mission. Outsourcing to virtual accounting firms allows organizations to spend less time on employee management and more time on their mission-critical initiatives.

 

The Insero Difference

Insero & Co. is a premier virtual accounting firm with more than two decades of experience and accountants, consultants, and support staff available to meet the needs of businesses and nonprofits. The firm is large enough to provide the resources clients need, yet small enough to provide relationship-based service built on a foundation of regular communication and personal attention.

Contact us to talk about your current finance and accounting challenges, and how we might be able to help you reduce costs—and headaches—as your organization continues to grow.

Revised Form I-9 Required in January 2017

On November 14, 2016, U.S. Citizenship and Immigration Services (USCIS) published a revised Form I-9, Employment Eligibility Verification. Changes to the form are intended to help employers reduce technical errors and facilitate electronic completion. Employers may continue using Form I-9 with a revision date of 03/08/2013 through January 21, 2017. By January 22, 2017, employers must use the revised form. Employers should continue to follow existing storage and retention rules for all previously completed Forms I-9.

Most of the revisions to the I-9 operate to allow for easier electronic completion, while others aim to streamline the employment eligibility verification process.

What This Means to You

All U.S. employers should review their I-9 policies and procedures to ensure they are up to date with the new changes to the form. Human resources professionals and others responsible for the completion of Form I-9 should become familiar with the changes immediately to ensure timely transition to exclusive use of the revised form. Compliance by January 22, 2017, will be critical as Form I-9 enforcement audits are expected to increase.

Click Here to View the New Forms

At Insero, we make it our business to stay abreast of the latest trends and technical updates and we understand how important timely updates are to our clients. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Tax & Business Letter: Winter 2016

This issue’s topics include:

  • Hiring for the holidays? Pay attention to your Affordable Care Act responsibilities
  • Keep your business healthy with a comprehensive annual checkup
  • Are you making the most of your vehicle expense deductions?
  • Get your finances in shape for 2017
  • Use this free tool to proactively monitor your credit
  • This tax break offers benefits and surprises

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Click Here to Download

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FLSA Overtime Rule Blocked by Federal Judge

The federal overtime rule scheduled to take effect on December 1, 2016 has been blocked by U.S. District Judge Amos Mazzant III, who issued a preliminary injunction on Tuesday. The Department of Labor (DOL) rule would have essentially doubled the Fair Labor Standards Act (FLSA) salary threshold for overtime pay exemption.

To learn more about what this recent development means for you and your business, click here for an informative article from the Society for Human Resource Management.

 

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At Insero, we make it our business to stay abreast of the latest trends and technical updates and we understand how important timely updates are to our clients. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.