What Is a Virtual Accounting Firm and How Can it Help the Average Business? A virtual accounting firm is a company that provides accounting services remotely rather than operating from a traditional physical office. In this article, we spotlight one such firm that has a proven track record and over 25 years of experience leading the virtual accounting industry.
1-800Accountant is one of the largest virtual accounting firms in the United States. Led by CEO Brendon Pack, 1-800Accountant is a virtual accounting firm that provides comprehensive financial services to small and medium-sized businesses.
Founded by veteran CPAs, each with more than 17 years in the industry, the company aims to bring the expertise of large international accounting firms to small businesses through a blend of expert accountants and advanced technology.
It’s a unique business model that Pack finds many small and medium companies are adopting as a way to save time and money, while always staying on the forefront of accounting technology.
Brendon Pack recently took the time to submit to a Q&A session where he shared his decades of expertise on the topic of business development, virtual accounting and the ways a firm such as his helps businesses grow faster and more efficiently.
Question: What are the benefits of partnering with a virtual accounting firm?
Answer: Brendon Pack
Virtual accounting firms provide essential financial services while offering the flexibility and convenience of digital solutions.
They are particularly beneficial for small to medium-sized businesses looking to streamline their financial operations without the overhead costs of traditional accounting firms or having to hire an in-house staff.
Q: Can you outline the specific benefits of a virtual accounting firm?
A: Brendon Pack
Absolutely. Here are the primary benefits a virtual accounting firm should offer to potential clients:
Cost Savings
Without the need for a physical office, virtual firms can pass cost savings onto clients. We also offer more flexible pricing models, including hourly rates, fixed fees, or subscription-based services.
Access to Expertise
We provide access to tax experts without geographical limitations. Better still, we keep you current with the latest accounting software and best practices.
Convenience and Flexibility
Business owners can access their financial data anytime, anywhere thanks to our virtual accountant’s remote access.
Improved Efficiency
We utilize proprietary software to automate routine tasks like invoicing, payroll, and financial reporting. In addition, we also provide real-time access to financial information, aiding in timely decision-making.
Scalability
A virtual team can easily scale services up or down based on the business’s needs. This allows the business to grow more quickly which includes handling more complex accounting requirements.
Enhanced Security
At 1-800Accountant, we implement the most robust and up-to-the-minute cybersecurity compliance measures to protect sensitive financial information. This ensures compliance with regulatory requirements and industry standards.
Q: What are the primary services offered by 1-800Accountant?
A: Brendon Pack
We offer the same accounting services any business would expect out of their in-house accounting team. These services include:
Bookkeeping and Accounting
We offer day-to-day accounting services, including categorizing transactions and reconciling accounts. This includes maintaining accurate and up-to-date financial records while preparing financial statements and reports.
We also orchestrate catch-up bookkeeping which means helping businesses get up-to-date with their financials, no matter how far behind they are.
Payroll Management
We would handle all payroll processing needs, including tax withholdings, and benefits administration while ensuring IRS compliance.
Accounts Payable and Receivable
We manage all ongoing invoicing, bill payments, and collections.
Tax Preparation and Planning
We assist with tax advisory services, tax filings and ensure compliance with tax regulations. We also provide strategic tax planning to minimize liabilities and support a robust audit defense if need be.
Financial Analysis and Strategy
If needed, we will take an active and advisory role in the company’s accounting needs. Not only can we help with budgeting and forecasting, but we can offer insights into financial performance and advise on both short and long-term financial strategies.
Q: Tell us more about your payroll processing services
A: Brendon Pack
Sure. 1-800Accountant offers a comprehensive payroll processing service designed to handle the complexities of paying employees while ensuring compliance with tax regulations.
Our payroll service includes automatic calculations, processing payments, and managing benefits, all aimed at simplifying the payroll process for small businesses. This service ensures that businesses comply with IRS regulations, minimizing the risk of penalties and errors.
Q: What are some unique features of your bookkeeping services?
A: Brendon Pack
We incorporate a combination of advanced technology and personalized bookkeeping expertise tailored to meet the unique needs of small businesses.
Consider that 1-800accountant offers:
Dedicated Bookkeepers
Each client is paired with a dedicated bookkeeper who is knowledgeable about that company’s specific industry and its state regulations. This ensures personalized and accurate bookkeeping services.
Comprehensive Support
We offer robust support, including catch-up bookkeeping for businesses that have fallen behind, ensuring all financial records are up-to-date and compliant with IRS standards.
User-Friendly Technology
Our services are powered by technology that allows for seamless integration of bank accounts, automatic categorization of transactions, and easy access to financial reports. The secure online portal provides clients with the ability to upload receipts, send invoices, and track expenses.
Experienced Professionals
Our team consists of certified US-based accountants with an average of 17 years of experience, offering a wealth of expertise to help businesses maintain accurate financial records and make informed decisions.
Strong Focus on Client Growth
By handling the day-to-day bookkeeping tasks, 1-800Accountant allows business owners to focus on growing their businesses rather than getting bogged down with financial paperwork.
Q: What is unique about the tax preparation and advisory services of 1-800Accountant?
A: Brendon Pack
First and foremost, we offer dedicated accountants and year-round support.
Unlike traditional firms that might only engage during tax season, 1-800Accountant provides continuous support throughout the year. This proactive approach helps in regular tax planning and adjustments to minimize liabilities and maximize savings.
To that end, clients are matched with dedicated tax advisors who specialize in their specific industry and state, ensuring tailored advice that aligns with their unique business needs. This personalized support helps businesses navigate complex tax situations that may be unique to their company more effectively.
We also pride ourselves in leveraging advanced accounting technology to streamline the tax preparation process. By using state-of-the-art technology, we ensure greater accuracy and reporting efficiency, while reducing the risk of errors and insufficient compliance.
We thank Brendon Pack for his time to answer these questions. To learn more about 1-800Accountant we invite you to visit their website.
About 1-800Accountant
1-800Accountant operates in all 50 states and serves a diverse range of industries.
Their services are available at affordable, flat-rate pricing, ensuring that small businesses can access professional financial expertise without the unpredictability of hourly billing.
The company has served over 100,000 businesses and boasts a team of accountants with an average of 17 years of experience.
Founded in 1999 by original CEO Mike Savage of New Canaan, CT, the original mission was to make accounting services simple and affordable for small businesses. Under Savage’s leadership, the company became a leading virtual accounting firm serving nearly 100,000 small business owners nationwide.
Brendon Pack joined the founding management team in 2013 and played a crucial role in scaling the company's operations and driving revenue growth.
As Chief Revenue Officer, he was instrumental in planning and executing long-term revenue strategies, expanding product offerings, and developing new client acquisition models.
In January 2022, Brendon Pack succeeded Mike Savage as CEO, while Savage continued as Chairman of the Board. This transition marked a new phase in the company's growth, with Pack bringing his extensive experience in sales, marketing, and senior management to the forefront.
Together, Savage and Pack have overseen the integration of advanced technology with dedicated human CPAs to provide comprehensive and efficient accounting solutions. This combination allows the company to offer a wide range of services, including bookkeeping, tax advisory, payroll, and entity formation, all tailored to the needs of small businesses.
The leadership duo has driven the company’s expansion through strategic partnerships and diversification of services. This includes collaborations with other firms to enhance service offerings and support for small businesses, particularly during challenging times such as the COVID-19 pandemic.
These accomplishments highlight the effective partnership between Mike Savage and Brendon Pack, showcasing their commitment to providing high-quality, accessible accounting services to small businesses across the United States.
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