If you are like most small business owners, you are probably spreading yourself pretty thin. On top of managing your business, you may also be playing the role of marketing specialist, receptionist, salesperson, and bookkeeper. Businesses always look for ways to reduce time spent on tasks, minimize their expenses, and increase their profitability.
Recent technological advances allowed as to change the way we do business. Remote bookkeeping, or as it is also known virtual or online bookkeeping, is one of the most sought out services in the business world. It is a new form of bookkeeping set up to replace in-house bookkeeping. Remote bookkeeping services help you to improve your business.
How does remote bookkeeping work?
So, how does remote bookkeeping work? Well, a company will grant a virtual bookkeeper with remote access to its financial documents and online bookkeeping software, such as QuickBooks or Xero. Online accounting software and mobile apps that come with them make it easier for business owners to scan or take a snapshot of receipts and invoices and immediately upload them to secure and shareable online folders.
A virtual bookkeeper takes this data along with data that online software receives from bank accounts and credit cards and uses it to make daily entries and monthly reconciliations and reports. Reports are shared between the virtual bookkeeper and clients through the same secure and shared online folders. Remote bookkeepers can also pay your employees and pay recurring bills and invoices, among other tasks.
What are the benefits of virtual bookkeeping?
Many companies choose online bookkeeping and accounting services for many reasons, including:
- Time efficiency
The biggest benefit of having a trusted virtual bookkeeper is that you allow someone else to handle your bookkeeping requirements for you. Rather than learning new bookkeeping software or spending time to do all the bookkeeping yourself, it allows you to focus on scaling your business without bookkeeping distractions.
- Lower cost
Hiring a remote bookkeeper is usually much cheaper than having an on-site bookkeeper, especially if you consider the fact that your bookkeeper can be located anywhere in the world and you do not need to provide office space. You will also save your time, which is very valuable and can be spent to grow business. One of the best reasons to hire a virtual bookkeeper is because, even though you pay a low price, you still get much in terms of service.
- Better business management
Whether you are behind on your books or need your books kept current, an experienced virtual bookkeeper is your solution to staying organized. You can keep track of all money and use that information to determine how to increase/lower your budget accordingly.