Virtual bookkeepers work with a wide range of client types and business sizes in various stages of growth. So, your virtual bookkeeper can be expected to bring a great breadth and complexity of knowledge and experience to your company.
Having an outsourced bookkeeper offers many advantages in cost savings, accuracy, depth of insights, and role efficiency. Small to medium-sized business owners who learn how to make the most out of virtual bookkeeping services can increase their profit margins and better facilitate rapid growth.
6 Ways to Make the Most of Virtual Bookkeeping Service
Here are some helpful recommendations on ways to maximize the benefits of your virtual bookkeeping service.Learn What a Virtual Bookkeeping Service Does for You.
Virtual bookkeeping means having your bookkeeper work for you remotely using cloud-based software. This advanced accounting software enables file sharing with you for real-time review, full transparency, and ease of communication.
In addition to recording financial transactions, reconciling credit card and bank accounts, reviewing statements, and other standard tasks, a virtual bookkeeping service provides more advanced functionality.Know How Virtual Bookkeeping Works.
Modern finance management technology has made working with a remote bookkeeper more convenient than less advanced in-house systems. With an integrated platform like QuickBooks Online or NetSuite, your virtual bookkeeper can manage all your bookkeeping needs, examine your books with you in real time, and communicate across unified systems with you.Find the Best Virtual Bookkeeper for Your Needs.
Whether you’re bringing a bookkeeper on board to work in-house or remotely, you will need to determine whether they are compatible with you and your business. So, be sure to ask:
- How many clients have they had in your industry?
- What’s their communications process?
- Do they respond promptly?
- Do they adhere to accounting industry best practices?
- Do they have reviews and references you can check?
Use Appropriate Accounting Software and Processes.
First, you and your new virtual bookkeeper need to use the same financial management software. Ask them which bookkeeping applications they use for providing their services. Software options frequently used with remote bookkeeping include QuickBooks, NetSuite, Zoom, and others.
With the few suitable apps you need for keeping financial records, sharing files, meetings, messaging, and conducting remote meetings, your virtual bookkeeper can manage all your bookkeeping needs with ease.Have a Clear Agreement on Bookkeeping Tasks and Fees.
Typical obstacles to timely reporting by in-house accounting departments are eliminated virtual bookkeeping services with the superior efficiency of cloud-based accounting. Before teaming up with an outsourced service provider, ask what deliverables they will provide weekly, monthly, etc.
Ask about the costs for additional services and how pricing is determined. Monthly flat-rate pricing for clearly-defined deliverables is the practical standard for outsourced bookkeeping services.
Virtual Bookkeeping Benefits
To help businesses further in making the switch to virtual bookkeeping services, see the below list of benefits that outsourced bookkeeping provides.
- Industry-specific bookkeeping professionals with the experience your business needs.
- Provides insights into your financial data to help you make well-informed decisions.
- Timely weekly, monthly, quarterly, and annual financial reports.
- Up-to-the-minute insights to helpful guidance on relevant planning.
- Cost savings compared to hiring an on-site bookkeeper by eliminating salaries, benefits, training, and other overhead.
- Dedicated accounting department resources are always within reach.
- Greater convenience due to scheduling flexibility, compared to an in-house bookkeeper.
- More availability and quicker response times to help manage industry challenges.
- Advanced accounting options extend from your bookkeeping service, including financial analysis, projections, compliance, taxes, etc.
Which Businesses Need Virtual Bookkeeping?
Most business owners will find virtual bookkeeping services offer an advanced and convenient alternative to in-house bookkeeping. The greater expertise and flexibility of virtual bookkeeping services are a benefit to any business. Still, for some kinds of businesses, remote bookkeeping services are especially helpful:
Fast-growing startups: With increased numbers of customers and transactions, bookkeeping hours and complexity multiply. As you scale your business, an experienced remote bookkeeping service can provide the extra help you need. That can save you from recruiting and hiring processes and creating a bookkeeping workspace.
Unique Business Models: It can be too difficult to find a bookkeeper locally who fully understands your industry’s financial reporting requirements. From cash flow to balance sheets to income statements, to P&L, etc., you need a professional who works quickly and produces accurate records.
When Virtual Bookkeeping May Be the Best Solution
If your business has entered a phase in which you know you need to hire a bookkeeper, the first choice to make is whether you want to have a person on-site or use a virtual bookkeeping service. If you have experience working with on-site bookkeepers, then you’ve likely found that having a bookkeeper on-site comes with its own pros and cons. Outsourced virtual bookkeeping services have become a popular alternative, opening up access to the most knowledgeable accounting professionals in the field.
AccountingDepartment.com provides businesses with a full range of client accounting services. This gives all the advantages of having your own full-scope off-site accounting department while paying only for services you need. For more information about remote bookkeeping services, reach out to AccountingDepartment.com!