Easy, Accurate, Done: Outsourced Accounts Payable in Reno

Managing your business’s accounts payable can be a daunting and often annoying nuisance. When managing your own finances as a small business owner, it can feel as if there simply aren’t enough hours in your day stay on top of it all, leading to unnecessary stress, unorganized financial documents and sometimes fiscal penalties when dealing with suppliers and manufacturers; all of which can really dampen your Danish (if you know what we mean).

Fortunately, VAST makes managing accounts payable easy, accurate and done. As just one of the many services we offer, VAST understands the benefits that come with outsourced accounts payable, and our Fortune 500 expertise ensures satisfaction and exceptional results. Although a recent study from the Association of Chartered Certified Accountants (ACCA) found that small business owners worry that using outsourced accounting, (also known as virtual accounting) may disrupt executive control of finances and managerial practice, the results prove otherwise.

Allowing VAST to take control of your accounts payable in Reno (or wherever your business is based) can reduce financial errors while allowing you to enforce business rules and limits that prevent employees from making costly mistakes. Whether your accounts payable includes basic costs or a laundry list of expenses, allowing a professional to manage your accounts payable offers abundant benefits.

VAST offers full-service, across-the-board virtual accounting services; however, we can accommodate working with your internal CPA should you choose--no problem. As virtual accounting becomes more widely used by businesses everywhere, you can count on VAST to stay ahead of the game, providing the best service for outsourced accounts payable and all things virtual accounting.

Choose VAST to ensure managing your accounts payable is easy, accurate and ultimately, done.

VAST; Offering Outsourced Accounts Payable in Reno

VAST is proud to offer reliable outsourced accounts payable in Reno and beyond. While we may be headquartered in Reno, Nevada, our services are available country-wide, with global options pending. For outsourced accounts payable in Reno (or anywhere else), or a full spread of virtual accounting services. Please contact us to get started today. VAST, sounds like ‘fast,’ feels like trust.

Simplify Payroll by Going Virtual: VAST’s Outsourced Payroll Services

As a small business owner, if you’ve ever been responsible for payroll, you certainly know there’s much more to it than writing checks to your employees a couple of times each month. From keeping accurate records to calculating and paying payroll taxes, payroll is filled with a number of responsibilities that, if neglected, could spin your business’s accounting department into a frenzy.

In order for your employees to be paid on time, someone has to maintain bulletproof records and schedules. For years, this person had to be housed in your office, and most likely on the payroll themselves. They had an intimate knowledge of the ins and outs of your business and ensured that everyone was paid the correct amounts and on time. Sure, it worked, but it’s often difficult for businesses to house a full-time employee to handle payroll. Payroll is oftentimes either simple enough that even with other accounting duties it doesn’t justify someone spending 40 hours per week completing it or it’s so complex that this person spends the majority of their workweek trying to unwind the mess they’ve unintentionally made for themselves. Instead of trying to justify whether or not businesses can afford to pay someone to complete payroll in-office, many business owners are simplifying the process by using outsourced payroll services. More than simplicity, business owners are actually saving money, saving time and increasing their payroll efficiency.

Save Money

Typically, when clients come to us to hand over their payroll, we find out that multiple people in their company were involved in completing payroll. A couple times each month, these people would be tied up with payroll duties instead of completing their daily work tasks. This can drain a company’s performance. By hiring an outsourced payroll service, these employees are free to focus on their primary responsibilities, making your office more productive and saving you money.

Save Time

The following list shows a number of the time-consuming tasks you’ll be able to free yourself and your employees from once you hire an outsourced payroll service:

  • Writing and distributing paychecks

  • Calculating and paying employment taxes

  • Drafting and distributing W-2s and 1099s

  • Investigating any and all paycheck inquiries from employees

Once you and your employees can let go of these duties and know they're being handled professionally and carefully, everyone on your team will be able to refocus their time--possibly gaining more business, improving processes and procedures or scratching off items from the company wish-list.

By hiring an outsourced payroll service, you’re giving yourself the peace of mind to know your payroll is being processed carefully, on-time and correctly. If your payroll is giving you unnecessary stress and keeping you from your primary responsibilities, there’s no reason to avoid looking into a virtual / outsourced payroll service. It’s the route more and more ambitious small business owners are taking--effectively saving money, saving time and increasing efficiency.

Want one last reason you should call to hear about our outsourced payroll services immediately? How about this: it’s estimated that one third of small business that handle their own payroll are slapped with penalties upwards of $800 each year due to payroll mistakes or failure to correctly file payroll taxes. Ouch.

Virtual Accounts Payable: How it Works

Virtual Accounts Payable

It is everyone’s favorite chore: paying the bills. With VAST, you get to take that old calculator and throw it in file 13 (that special file in every office that we only put items in but never remove). In fact, our virtual accounts payable is so efficient that you may actually be able to clear just enough space for the varnished wood of the desktop to finally see sunlight in a few places. Now we know this is a big claim, but we intend on living up to it.

VAST provides outsourced accounting that can honestly live up to all of your companies accounting needs. Imagine never having to deal with a bill from a vendor ever again. We can have them mail their invoices directly to us. Once approved, a check will be in the mail faster than you can say pneumonoultramicroscopicsilicovolcanoconiosis. Hey, it may be the longest word in the English language, and could take a few minutes to figure out how to say, but you get the point.

On top of being fast, this also makes for easy accounting on your part. Your only obligation is to give us your approval. As an added bonus, our bookkeepers will also take care of the ever-tedious task of reconciling your credit card statements. Every team member is overseen by experienced certified public accountants and chief financial officers, so these guys and gals know what they are doing. With us on your side, your virtual accounting will always be running like a well-oiled machine.

If you are tired of handling all the numbers, then our online bookkeeping services are ideal for you. Whether you want us just to handle your virtual accounts payable or your entire accounting operation we have to tools to get it done. Let us be your outsourced accountants.

The Anatomy of Virtual Accounting

Every effective accounting department can be broken into four main areas: Accounts Receivable, Accounts Payable, Payroll, and Reporting. We call this the anatomy of accounting. Each area has a specific and important role to play and when any of these sections are not performing at their highest potential, the system as a whole can be weighted down. In order to keep your virtual accounting running accurately and at its peak performance, each section has to be carefully maintained. To detail exactly how each section contributes to the whole, we've examined each one-by-one: Virtual Accounts Receivable

This portion of your virtual accounting is simply the money your business is taking in. It consists of billing clients and entering invoices, as well as making and posting deposits. As we keep track of the money your company is earning, accuracy is pinnacle. Tracking the inflow of cash can be critical for making future business decisions.

Virtual Accounts Payable

Probably the least favorite part of virtual accounting for most business owners is accounts payable. This section takes care of money your business owes others. VAST can help you pay bills, credit cards and perform statement reconciliations. Ensuring that you are not overlooking any bills or paying too much is our priority in handling this section of your virtual accounting.

Virtual Payroll Service

Your employees work hard for you, and VAST makes paying them for their hard work simple. With Intuit, we will process their taxes and issue a check automatically every pay period. At the end of the year, filing taxes will be a cinch, because we will have kept Intuit thoroughly updated.

Virtual Reporting

Often the most neglected of all accounting services, reporting is a critical part of the process. With accurate virtual reporting, VAST gives you all the tools to manage your business and make critical decisions about the future. We reconcile all of your accounts to ensure accuracy and deliver detailed, easy-to-understand reports.

When the anatomy of your accounting is healthy and running efficiently, you can be certain that the information you need is always a click away with our virtual accounting services. When you work with VAST, we make sure that every part of the accounting process is working at peak performance. No matter how simple or complicated your accounting might be, we have the tools to manage it accurately. We understand the anatomy of accounting, and we bring this knowledge to providing exceptional virtual accounting services for our clients.

The Systemized World of Paying Others: Payroll & Payroll Taxes

Often considered a headache by many business owners, payroll does indeed come with many challenges. If you are trying to do it yourself then you already know what we’re talking about. There seem to be a million different laws and bits of knowledge required to handle the daunting task of paying someone for the work they’ve completed. This is just getting more complicated every year with things like health reform, employee payroll tax credits and more. Even if you have an accounting degree, you still have to find time every week (or every other week) to accomplish the task accurately. As your business grows and you find yourself running wild to get everything done, one of the first items many business owners like to take off their plates is payroll. When you finally decide to make a change and hire someone else to handle payroll for you, you are looking at several different options. One of the first decisions is whether to hire an in-house accountant or an external service. This decision is crucial to the success of your business and should not be taken lightly.

When you hire an in-house accountant to take care of payroll, it comes with the benefits of having some level of control over the process. However, this control comes at a substantial price. The risks and liabilities completely rest on your shoulders. If you happen to have hired an accountant who likes to cut corners this could become very costly both in time to fix and penalties to pay, very quickly. Another aspect you may have overlooked in making this decision is the costly software purchases and renewals needed to give the accountant the tools needed to do their job accurately. Between the accountant’s salary, the equipment they require and the space they occupy, this option can prove to be a rather expensive.

An outsourced payroll services is another option and one we at VAST highly recommend. A payroll service eliminates the need for you to pay another employee’s salary, purchase accounting software and provide them with a workspace. Payroll services are also often a much safer option, as these companies are specifically trained to process payroll and deposit taxes timely and accurately. Additionally, the fees they charge are often very reasonable.

You do need to do your homework to ensure you engage with a reputable competent payroll service. Even if you hire a payroll service, the liability for the taxes still ultimately rests on your shoulders should the payroll service fail to remit them. You also want to make sure that you will not incur penalties or receive multiple notices from the taxing authorities if the service makes repetitive errors.

At VAST, we work with many outsourced payroll services on behalf of our clients. We are happy to help provide recommendations and more information on the pros and cons of outsourcing your payroll or on choosing a service to use.