As a business owner, it can sometimes become an overly time-consuming task to keep up with bookkeeping, while trying to focus on growing and further establishing your company. However, with the importance of keeping a company's accounting and bookkeeping in check, it is something that cannot be pushed to the side, and that is where a virtual bookkeeping company like AccountingDepartment.com comes in.
But before making the jump into virtual bookkeeping services, a business owner should know exactly what it is and what benefits it offers to small and medium-sized businesses.
What is virtual bookkeeping?
Virtual bookkeeping has become increasingly popular and it offers exceptional, dedicated services to a business. A virtual bookkeeping company provides service from a remote location - removing the need for an in-house accounting team.
This means that there is no longer a need for staffing a department to handle the internal bookkeeping needs of the company. Monthly financial reports, payroll services, utilization of bookkeeping software, and much more are handled by a virtual bookkeeping company.
Virtual bookkeepers typically use the latest and greatest accounting and bookkeeping software, although it depends on the preference of the individual or company as well as their specialty or client request.
AccountingDepartment.com has extensive experience with a wide variety of integrated accounting software applications that ensure your virtual accounting experience goes smoothly. Through accounting software and its applications, we help you tie together the complexities of budgeting, inventory, payroll, taxes, expenditures, and billing into comprehensive financial statements.
What are the benefits of a virtual bookkeeping company?
All the tasks (and more) that an in-house bookkeeper typically manages can be done by a virtual bookkeeping service provider. This includes tasks like reconciling accounts, organizing statements, recording financial transactions, and other financial reports. Having it done remotely instead of in-house comes with a host of benefits for business owners.
One of the advantages of virtual bookkeeping services is that they can ultimately work from any location with an internet connection. Our AccountingDepartment.com staff members are spread all throughout the United States and are always here for our clients. Plus, there are many ways for clients to keep in touch with their virtual bookkeeper.
This means that at any point if a business owner needs to get in contact with their virtual bookkeeping service provider, it's made easy thanks to the many digital communication services that are available.
Whether opting to collaborate via email, phone, text, or cloud-based software, it’s easier than ever. They could choose to message via Zoom, have video conferences, or share to-do lists and boards via software such as Teamwork and Hubdoc.
With so many methods of communication, it's easier than ever to communicate with your virtual bookkeeper when needed.
When businesses have bookkeepers on staff who work in-office, the costs can quickly add up. Companies need to pay for their bookkeeper’s computer or laptop, and other consumables in the office. Not to mention the cost of recruiting, hiring, training, and benefits offered to the employee. However, virtual bookkeeping services work remotely with their own equipment and cloud-based accounting software, and it removes all of the added costs of having a person in the office.
In addition, businesses don't need to pay a full-time salary if that level of work isn't needed. Instead, they can pay a monthly rate for the hours spent working on their account by their virtual bookkeeper. This can save the costs associated with a full-time employee who must be paid no matter how much work — or how little — they have.
Ability to Scale with a Business
When hiring an in-house service, small business owners are limited to the bookkeepers and accountants available in the local area. If the business grows rapidly or suddenly has a short-term need for additional help, they might not be able to find the right person for the job. It could be there simply isn't anyone in the area with the required skills, or perhaps the bookkeeper's fees are just too high. When a business instead opts for virtual bookkeeping services, there's a much larger team of professionals who can take on the work as needed. Due to the lack of geographical restrictions, most of the obstacles are removed, thus enabling companies to find the perfect team to assist with their financial needs.
As a company grows, the in-house accounting and bookkeeping department will be forced to grow as well to keep up with the demand of the increased business. A virtual bookkeeping company will have the tools to scale services as a company grows so that there is no disruption during a period of growth. It will alleviate a business from having to search and pay to expand its in-person team while having access to an abundance of add on services.
Secure in One Location
If a company has multiple locations, it complicates things in the sense that their in-person bookkeeper may need to travel from site to site or they would need multiple bookkeepers. This method is not very time-efficient, plus it can quickly become expensive. With a virtual bookkeeping company, cloud accounting is used, meaning all data and records are stored electronically in secure servers in a remote location. This way, nothing can get lost or missed. Not to mention, there is also a greater level of security that comes with this method. Online bookkeeping services expand the flexibility of the bookkeeping service needs.
From monthly financial reports to expenditures at multiple locations, the virtual bookkeeper can use their accounting software to ensure everything is recorded and organized. Quickbooks Online, NetSuite, and many other programs are out there to assist an in-house bookkeeping team, but it requires the need to train employees and keep their education and the software itself up to date. A virtual online bookkeeping service, like AccountingDepartment.com, will be there for a company with the most well-trained employees at all times. Additionally, with user-customizable financial dashboards, clients have the ability to view all of their most important financial information at the click of a button, whenever they need it.
What are the different types of bookkeeping services?
When it comes to choosing the right virtual bookkeeping service, it’s important to evaluate with the needs of the company in mind. Options include part-time bookkeeping to a fully outsourced accounting takeover and many possibilities in between. When entrusting professional service firms to look after a business's finances, knowing the firm has the experience, knowledge, and expertise to do so is critical for a long-lasting, satisfying business decision.
That is what we at AccountingDepartment.com provide each and every time. We work closely with businesses to tailor a personalized package that works and sets you up for continued growth in the future.
If you are interested more in making the switch to a virtual bookkeeping company for your small business or medium-sized business, reach out to AccountingDepartment.com today for more information!