What is virtual bookkeeping?
Virtual bookkeeping is a bookkeeping service that happens via a cloud-based accounting software, rather than in-person. Your bookkeeper will maintain your books and keep your financial data up to date, all from an off-site location.
How can a virtual bookkeeper help my business?
The benefits of a virtual bookkeeper are endless. Here are five reasons switching to a virtual bookkeeping service is the right move for your business:
- Expert bookkeepers without the hiring process
- Easy data backup
Hiring a full-time accountant is expensive. There is the price of maintaining a job posting, the time lost to the interview process, and ensuring your new employee has benefits, to name a few expenses. In contrast, a virtual bookkeeper will only cost their hourly or by-project rate. With a virtual bookkeeper, you get an expert bookkeeper without the full-time price tag. Most virtual bookkeepers will access your books using a cloud-based bookkeeping software like QuickBooks Online. Cloud-based software will routinely back up any changes to your books for your records. This way, you do not have to remember to maintain a backed-up copy of your financial data, you can be sure you always have one. Using a cloud-based software typically also means that you control which parts of your financial data your virtual bookkeeper has access to. They are not able to view or manipulate any data you do not want them to.
- Timely reports and financial data
- Closely manage your company’s finances
- Save time and money
Curating your financial data is your virtual bookkeeper’s only responsibility. A full-time in-house accounting staff can get bogged down with other projects and reporting, making it difficult to get timely financial data. In many small businesses, the bookkeeping is done by the business owner, making it almost impossible for you to focus on both the business and the finances. Instead, your virtual bookkeeper will be dedicated to ensuring you always have the right financial data when you need it. A virtual bookkeeping service is especially beneficial for routine financial tasks and reporting like month-end close or payroll. Since your bookkeeper will be maintaining your books virtually and often remotely, all interactions with that data will take place via your cloud-based software. This means that all changes made to your financial data and your books will be available to you in real time. A virtual bookkeeper allows you to keep all your financial information up-to-date and at your fingertips so you know what’s happening with your money at all times. Not only will a virtual bookkeeper save you expenses like hiring costs and full-time operating costs, they will also save you valuable time. In most small businesses, the business owner wears many hats. They are the owner, the support staff, even the bookkeeper. It can be overwhelming. It can also result in costly mistakes. You started a business because you are passionate about what you do. A virtual bookkeeper gives you the time and resources you need to focus on what is really important to you: your business. Read related blogs
A Continuing Education
As of 2021 only 62% of small businesses utilize the edge needed to soar above the rest, an accountant. Far beyond mere number crunchers, accountants are pivotal in steering small...
Introduction to Bookkeeping In 2024, understanding bookkeeping basics is more crucial than ever for small business owners. Bookkeeping, the systematic recording of financial transactions, is the backbone of a company’s...
Dividend accounting is a fundamental aspect of financial management that plays a pivotal role in the investment landscape. It involves the meticulous tracking and analysis of dividends paid out by...