Everything You Need to Know About Virtual Bookkeeping

November 4, 2021by idoscc0

At times it becomes necessary for a business to hire bookkeeping support. Virtual bookkeepers enable small businesses to save time and money. Virtual bookkeeping services make use of cloud-based software to handle a company’s bookkeeping needs online. Here’s all you need to know about virtual bookkeeping.

The key tasks a virtual bookkeeper is entrusted with are as follows:

  • Data entry
  • Receipt management
  • Payroll reconciliations
  • Accounts receivable
  • Accounts payable
  • Bank reconciliation
  • Tax payment
  • Cash flow monitoring
  • Budget tracking

Pros and Cons of Virtual Bookkeeping.

The pros of virtual bookkeeping are as follows:

1.       Allows Flexibility

Virtual bookkeeping can be done from any location and at any time as long as the bookkeeper gets the work done in the given timeframe.

2.       Time-Saving

Outsourcing a virtual bookkeeper can save you several hours per week. Instead, you can focus on measurements to promote the growth of your company.

3.       Cost-Effective

Hiring a virtual bookkeeper is very cost-effective. The bookkeeper needs to be paid for the specific project they are working on. Virtual bookkeeping can be done remotely, so the bookkeepers don’t need to be paid for vacations or health insurance.

4.       Better Quality of Service

Virtual bookkeeping companies often provide a team of accountants or bookkeepers. Team-based services improve the timeliness and quality of deliverables.

5.       Digitized Recordkeeping

Virtual bookkeeping requires all finances and cash flows to be tracked and monitored digitally. This way, you can look at any of your business finances from the convenience of an app on your phone. Digital recordkeeping also ensures efficient backup of your finances.

The cons of virtual bookkeeping are as follows:

1.       Offsite Communication

The nature of virtual bookkeeping requires the bookkeepers to work virtually; therefore, all communication takes place online. Offsite communication is not as effective and effortless as in-person communication.

2.       Data Security Issues

It is possible for your data to get breached or leaked since the virtual bookkeeper is working from some remote location and using an external network.

3.       Proprietary Software

Bookkeeping services that use proprietary software can also cause security concerns for your business. It’s also possible that the proprietary software may not integrate with the tech stack at your company.

4.       Lack of Industry Knowledge

The virtual bookkeeper you hire may be knowledgeable about the services they provide. Still,they may lack industry knowledge due to the remote nature of their work.

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Reliable Accounting and Bookkeeping Services in Boca Raton

Our accounting professionals at Advance Tax Defense and Accounting provide various accounting and bookkeeping services. Our monthly bookkeeping services cost clients a fraction of the cost of hiring a full-time employee. Our talented team provides a range of accounting services, including payroll management, bank reconciliations, financial analysis, and general ledger accounting.

We also provide cost-effective tax preparation services, tax planning services, and cash flow management services.

Contact us now to get a free consultation and quote.

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2255 Glades Road Boca Raton, Florida 33431 (800) 9
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Copyright © 2021 by Jean Oczeus, EA. All rights reserved.

Copyright © 2021 by Jean Oczeus, EA. All rights reserved.