Top 8 tasks accounting firms can outsource to a virtual accountant this Christmas

Introduction:

The Christmas period should be a time for firms to wind down, but for many accounting practices, it’s one of the busiest times of the year. As clients rush to finalize their accounts, staff take leave, and deadlines pile up, it’s easy for things to get overwhelming.

Outsourcing key tasks to a virtual accountant ensures that your firm’s operations run smoothly, your clients stay satisfied, and your in-house team can focus on high-level advisory work.

By leveraging AccountGlobal’s outsourced support, firms can handle the holiday rush without hiring temporary staff or overloading their teams. This approach ensures that your clients continue to receive high-quality service without the usual delays or bottlenecks. Let’s explore the tasks your firm can outsource this Holiday Season, making the season smoother for everyone involved.

How can a virtual accountant support your team during Christmas?

A virtual accountant acts as an extension of your firm. They step in when your team is on leave, during peak workloads, or when tight deadlines approach.

With AccountGlobal’s support, your firm can maintain its operations smoothly, avoiding stress and ensuring that clients receive the best possible service.

Why does outsourcing matter during the Christmas period?

As the end of the year approaches, accounting firms experience a combination of increased pressure and unpredictable workloads. Some clients slow down, while others try to wrap up their affairs before the new year. In addition, team members take time off, shorter workweeks lead to fewer available hours, and many deadlines still need to be met.

Outsourcing offers an immediate solution. Here’s why you should consider outsourcing during the Christmas period:

• Scalability when you need it most:
  During the Christmas season, work volumes vary. A virtual accountant offers flexibility, enabling you to scale up support during periods of high demand. As workloads drop after the holidays, you can easily scale back without any long-term commitments, saving you time and resources.
• Reduced operational costs:
  Save on payroll, training, and overhead costs by outsourcing specific tasks. Hiring full-time employees for seasonal work can be expensive, especially when you only need help for a few months of the year. Outsourcing eliminates those unnecessary costs and gives you access to highly skilled professionals at a fraction of the cost.
• Focus on high-level work:
  The holiday period is busy for everyone, and accounting firms are no exception. Your in-house team should focus on high-value client engagements, strategy, and advisory work, not on time-consuming, repetitive tasks. By outsourcing these tasks, your firm can focus on client relationships, strategic planning, and growth, the things that matter most in the coming year.

Top 8 task you can outsource to our virtual assistant this Christmas

As the holiday season approaches, accounting firms face increased workloads and staff leave. Outsourcing routine tasks to a virtual accountant ensures operations run smoothly, allowing your team to focus on higher-priority client work. Here are the top 10 tasks that can be easily delegated this Christmas.

Bookkeeping & bank reconciliation

Bookkeeping is a critical task for any firm, but it can also be time-consuming, particularly during the Christmas rush when clients may need to catch up on their year-end records. Outsourcing bookkeeping ensures your team can avoid delays and that client records remain accurate and up-to-date.

What a virtual accountant can do:

• Record daily transactions: Keeping accurate daily records of all activities helps maintain up-to-date client data.
• Reconcile bank accounts: Ensuring all bank accounts match transaction records and balances is essential for accuracy.
• Manage accounts payable and receivable data: Virtual accountants can manage incoming and outgoing payments to ensure your clients' accounts are current.
• Generate trial balances: Creating trial balances ensures that accounts are accurate and ready for year-end reviews.
• Update ledgers: Correctly updating ledgers for easy future reference ensures your client’s books are organized and accurate.

Tax preparation & compliance

The pressure of meeting tax deadlines can increase during the Christmas period, as clients often expect quick turnarounds. Outsourcing tax-related tasks to AccountGlobal ensures that your firm stays ahead of deadlines, meeting all necessary compliance requirements efficiently.

Tasks a virtual accountant can handle:

• Prepare and review tax returns: Virtual accountants can help prepare and organize tax returns, ensuring they’re accurate and complete.
• Calculate PAYG, GST, and other obligations: Ensuring that all tax obligations are met and documented correctly.
• Compile supporting documents for submissions: A virtual accountant can gather all necessary documentation to support tax returns.
• Ensure compliance with BAS/GST regulations: Ensure that all taxes are compliant with the latest regulations and paid on time.

BAS lodgement

BAS lodgements are critical, and the ATO doesn’t slow down during the holiday period. Outsourcing this task ensures that your clients' compliance is maintained and deadlines are met even when your in-house team is stretched thin.

Outsourced BAS tasks include:

• Preparing BAS summaries: Virtual accountants can ensure the BAS summary is prepared accurately and efficiently.
• Reconciling GST: Ensure all GST transactions are reconciled and accurately reported to avoid errors.
• Reviewing coding accuracy: A careful review of coding ensures that there are no discrepancies that could lead to penalties.
• Handling PAYG instalments: Managing PAYG instalments is vital for keeping your clients compliant with ATO requirements.

Payroll processing

Payroll processing becomes more complex during the holiday season due to leave, overtime, and bonuses. Mistakes in payroll processing can result in costly errors and strained client relationships.

Tasks a virtual accountant can manage:

• Process payroll cycles: Ensuring payroll is completed on time and in line with regulatory requirements.
• Manage holiday leave requests and accruals: Accurately calculate leave entitlements and ensure they are recorded correctly.
• Ensure correct superannuation contributions: Managing super contributions according to the latest regulations.
• Handle deductions and adjustments: Accounting for bonuses, overtime, and other special adjustments during the holiday period.
• Prepare payroll reports: Provide detailed payroll reports to ensure clarity and tax compliance.

Accounts payable (AP) & accounts receivable (AR) management

Maintaining smooth cash flow is essential, especially during the holiday period. Delays in payments can cause stress for your clients, but outsourcing AP and AR management ensures that payments are processed on time, reducing financial strain.

What a virtual accountant can handle:

• Issuing payment reminders: Virtual accountants can send timely reminders to clients, preventing overdue payments.
• Process supplier payments promptly: Ensuring that all bills are paid on time and vendor relationships are maintained.
• Track overdue accounts: Keeping track of overdue accounts and following up on payments to ensure timely collections.
• Maintain accurate AP/AR reports: Ensuring that accounts payable and receivable are recorded and managed accurately.

Financial statement & reporting

Clients often request end-of-year reports to better understand their performance. With workloads ramping up at year-end, generating accurate reports can be difficult. Outsourcing this task ensures that your clients stay informed without overloading your team.

Tasks a virtual accountant can prepare:

• Profit and loss summaries: Providing summaries of income and expenses over a set period.
• Balance sheets: Preparing balance sheets to give clients an overview of their assets, liabilities, and equity.
• Cash flow analysis: Offering a breakdown of cash movement during the year.
• Budget vs. actual comparisons: Comparing expected financial outcomes with actual performance.
• Monthly or quarterly reports: Generating periodic reports to keep clients updated on their performance.

Year-end accounts & compliance support

Year-end reviews are essential for understanding a client’s position and preparing for the next year. Outsourcing these tasks ensures clients’ accounts are compliant and ready for the new year.

Tasks a virtual accountant can handle:

• Review all financial records for accuracy: Ensure that all records are accurate and up to date.
• Prepare year-end summaries and reports: Generating summaries to give clients a clear understanding of their current financial position.
• Check reconciliation completeness: Ensuring that all reconciliations are complete and no errors are present.
• Compile compliance documentation: Preparing all necessary paperwork for year-end filing.

SMSF administration

Self-managed super funds (SMSFs) require specialized administration. Outsourcing this task allows your firm to support clients with SMSFs while ensuring compliance with regulatory requirements.

Tasks a virtual accountant can handle:

• Manage SMSF accounts and records: Ensuring that all SMSF records are kept up to date and compliant.
• Prepare financial statements and reports: Preparing statements to meet regulatory requirements.
• Ensure SMSF compliance: Ensuring that SMSFs meet all relevant rules and regulations.

Final thoughts

The Christmas season presents unique challenges for accounting firms, from heavy workloads to staff leave, but outsourcing key tasks can help alleviate this pressure and ensure your clients continue to receive high-quality service. By partnering with AccountGlobal, you can access skilled virtual accountants who can manage your most time-consuming tasks, freeing your in-house team to focus on high-level advisory work and client relationships.

With the flexibility to scale support during peak periods and reduce operational costs, outsourcing becomes a valuable strategy for firms during the busy holiday season.

Ready to ease your firm’s holiday workload and provide exceptional service to your clients? Contact us today to explore how our outsourced support can help your firm thrive this Christmas and beyond.