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Virtual Growth Set to Web-Deliver Accounting Solutions

Virtual Growth is on a mission to deliver automated and integrated accounting solutions to small businesses through its outsourced delivery platform.

The much-watched accounting firm that's taking a shot at delivering its services as an application service provider Thursday introduced a suite of financial solutions scheduled for public release in the third quarter.

At the heart of its financial software line-up is Virtual Accountant, a Web-based accounting solution that combines enterprise-class software with a professional bookkeeping team that manage a clients' initial setup.

Virtual Accountant removes the costly burden of building and maintaining an in-house accounting department, so that dot-com companies can concentrate on core competencies and get growing their business.

Stephen King, Virtual Growth founder and chief executive officer, said its outsourcing program is a cost-effective way to manage small business finances and bookkeeping.

"To compete effectively in the new economy, all companies require faster time-to-market, scalability and increased efficiencies," King said. "Through Virtual Accountant, we help financial managers keep their fingers on the pulse of their businesses with accurate and updated financials."

The Virtual Accountant service includes a comprehensive initial client setup process. Client data from existing accounting software like popular QuickBooks programming is readily converted to the system. The setup team also reviews a client's financial information for accuracy, cleans the client's books when necessary, and sets up accounting policies and procedures to reconcile financial information.

Virtual Growth assigns teams of expert accountants and trained bookkeepers, which enables businesses to outsource their entire accounting function.

The team ensures accurate and proper bookkeeping by overseeing, reviewing, processing and entering the client's financial information into the Virtual Accountant System. Data posts directly into the client's general ledger allowing customers to review and analyze their transaction detail from any Web-based browser. As with most outsourced services, it comes with round-the-clock customer service and technical support.

Powered by Virtual Growth partner Lawson Software the program leverages the speed of the Internet to deliver a Web-based accounting system that is updated daily.

The Virtual Growth accounting system features a friendly Web interface, XML-based reporting, integrating billing and invoicing, online timesheets and expense reports as served up from a secure 128-bit dual firewall environment.

Based in New York's Silicon Alley, Virtual Virtual Growth is privately held ASP that has received funding in part from Bessemer Venture Partners Inc., Citigroup Investments Inc., a subsidiary of Citigroup Inc. and other venture capital firms.