What is this?
Virtual Accounts Team is a group of experienced finance professionals who can offer a fully bespoke business support service- and you don’t need to be a practice client of Revelation Accountants! We can work alongside your trusted advisor or book-keeper, or for example, in place of a member of accounts staff, who may be on maternity leave, long term sickness, or even in the interim of you successfully replacing someone who has left your employment, and there is a time lag with the process of recruiting a new employee.
What services are included?
By using technology and cloud-based software to collaborate and communicate with clients, Virtual Accounts Team can assist with any business accounts and financial matters as follows:
All book-keeping matters – Accounts payable, accounts receivable, Bank reconciliations, etc
Payroll Management
Financial reporting – eg VAT returns, Management reports
Correspondence and communication with HMRC
Any other matters of concern, where possible.
Who would this benefit?
Change, fluctuation and transition can be caused by any number of unforeseen events. Some of our clients have experienced a huge impact within their business, usually caused by uncontrollable incidents, such as staff personal circumstances changing - for example long term sickness, maternity leave or changing jobs. Getting a competent replacement, temporary or longer term, often proves extremely difficult. Other clients have undergone remarkable rapid growth, and therefore have required support maintaining the business records in good order until either they were able to successfully recruit a suitable member of staff to undertake the work, or they just required interim support during the excessively busy period. Virtual Accounts Team can provide the level of support as and when required in each situation.
How much does this cost?
As your business is different to every other business, we offer a bespoke tailored pricing on a case by case basis. Clients have found substantial savings in comparison to employing someone- even on a part-time basis. For example, a part-time book-keeper typically costs anywhere from £10k-£14k and in addition, there will be holiday leave entitlement, employers NIC and employer’s workplace pension costs. Plus, if a recruitment agency is used, there will often be significant recruitment fees incurred. Once the required service is agreed, Virtual Accounts Team will charge on a pre-set fixed monthly fee, that are generally significantly lower in comparison to employment costs.