Virtual Bookkeeping

How often do you look over the shoulders of your in-house bookkeeper

What is Virtual Bookkeeping?

Virtual Bookkeeping is Bookkeeping that is done remotely or virtually over the Internet. The Bookkeeper does not have to be present in your premises to do work. Does that mean you lose a lot of control? Not really! How often do you look over the shoulders of your in-house Bookkeeper? With virtual Bookkeeping services, you get to see the work being done. Isn’t that cool? Plus, when you have a supervisor who can oversee the work of the Bookkeeper using control accounts, you can minimize errors.
The most popular virtual Bookkeeping option is to use software running within your premises. Other options are to use an online website or a third party. Since you don’t require a physical presence, it can be done from any part of the world. As a result, it can drastically improve Bookkeeping quality, focus, and costs

high level of service

Quality

With virtual Bookkeeping, you are not stuck with just local talent for Bookkeepers. You can choose from educated and experienced Bookkeepers across the globe. In fact, there are companies with operations in India that give access to some of the best Bookkeepers. A virtual QuickBooks Bookkeeper will give you the same high level of service without hiring on-site staff

one of many tasks!

Focus

Since virtual Bookkeeping does not require travel, you can support multiple businesses. Such support allows them to focus on what we they do best. There is little reason for them to do tasks besides Bookkeeping. Even within Bookkeeping, they can focus on a single software tool such as QuickBooks. On the other hand, in-house Bookkeepers have to handle multiple tasks just to fill their idle time and justify their pay. Bookkeeping just happens to be one of their many tasks!

Cost Savings

Last but not the least, you not only get access to worldwide talent but can also benefit from the lower cost of living in countries like India. India has a rich pool of bookkeepers. However, the best part is that you get professional Bookkeepers with years of experience at the lowest bookkeeping rates.

Who is a Virtual Bookkeeper?

A virtual Bookkeeper is a person who works remotely to provide accounting and Bookkeeping services. The Internet with remote or online access makes this possible. You can provide services from anywhere in the world and do all the same work that is done by an in-house Bookkeeper. However, the virtual Bookkeeper does not have to travel anywhere. So, they can be more efficient and less expensive.

How Does A Virtual Bookkeeper Work?

A virtual Bookkeeper works from their own office. They never have to visit your physical location but you can communicate with them by email and telephone. So, communication is quite efficient. They use the latest technology to access all the information they need but you can still control their access. If you choose, you can let them download transactions and statements from your bank. And authorize them to pay your bills or send invoices! A virtual Bookkeeper uses their own computers to access your software. They provide services through three common methods of access.

Remotely Access QuickBooks Desktop Software

The virtual Bookkeeper uses remote access programs like LogMeIn or Remote Desktop to access the Bookkeeping software. The software is running on your computers. Once they are on your computers, they work just like a local Bookkeeper. You can even see them enter data. Or, move the mouse on the computer screen.

Use QuickBooks Online

You use online software such as the QuickBooks online website. They can access QuickBooks online over the Internet just like your local Bookkeeper. This method is getting popular but does come with a higher cost. You need to pay for the online software.

Use their own QuickBooks Software

With this method, you let them use their own QuickBooks software. They generate all the reports you need. And, save the reports to a cloud drive. They can also backup to the same cloud drive. You access the reports in Excel or PDF format. This method is the cheapest. You do not need to own any software for Bookkeeping. It’s also the most efficient because Bookkeeper does the work on their computers

Virtual Bookkeeper do

What does a Virtual Bookkeeper do?

A virtual Bookkeeper can provide the same accounting services as those provided by an in-house Bookkeeper. There are almost no differences in the quality and range of services. Common virtual Bookkeeping services include:

Data Entry & Bank Reconciliations
Accounts Payable & Billing
Accounts Receivable & Collections
Sales Tax Filings and Payments
Payroll Services
Financial Reporting

Why would I use a Virtual Bookkeeper?

A virtual Bookkeeper can provide Bookkeeping services with high accuracy and quality. However, the key benefit is that a virtual Bookkeeper costs less. And, they do not have to commute to work. So, the work can be done efficiently with less time and money. For small businesses, this efficient structure creates a big advantage. Instead of getting bogged down with Bookkeeping, you can focus on your core business. And, you can use the savings to invest and grow the business.

How do you transition from on-site Bookkeeper to a Virtual Bookkeeper

Ok, you now understand the benefits of virtual Bookkeeping services and are ready to switch. But, how do you do that? Luckily, the transition is easy and convenient. It only takes a quick consultation to understand your requirements and current tasks. The virtual Bookkeeper can determine the required services and start performing those services. With over 90% of the market, QuickBooks has set the standard for Bookkeeping software. Since QuickBooks has already streamlined the various tasks,

you just need to give access to QuickBooks. They can then perform all the services. Unless you want to also keep your current Bookkeeper, it’s generally not a good idea to have the virtual Bookkeeper do just a few tasks. In other words, don’t reduce your current Bookkeeper’s tasks with the intent of eliminating the position. Once you decide to replace your current Bookkeeper, switch over should be immediate and complete! What if you do not want to replace your current Bookkeeper? Instead, you want to just relieve their load by getting some virtual support. That’s where a virtual Bookkeeper can operate as an assistant to your current Bookkeeper

Get your Bookkeeper

Get your Bookkeeper a Virtual Assistant

Why not take advantage of virtual assistants? Such assistants can work with your Bookkeepers and assist with time consuming tasks.

Examples of virtual

Examples of virtual assistance may include

Entering invoices and bills into QuickBooks
QuickBooks Data Entry
Generating custom reports for your end users
Sending invoices via email to clients
Paying bills using QuickBooks or online banking Bill Pay
Filing and paying sales taxes

Virtual Bookkeeping

Virtual Bookkeeping Options

You can hire a virtual bookkeeper using any of the following ways

Option 1 – Employee of your company. The virtual Bookkeeper is an employee of your company. The only difference is that they do not work from your physical location. You still have to produce a W2 at the end of the year for the virtual Bookkeeper and provide all the benefits such as payroll taxes, health insurance, vacations and sick leave. Though the virtual Bookkeeper is remote the location of the virtual Bookkeeper is usually limited to the same state of your company or, at the very least, the same country as your company

Option 2 – Direct contract with individual Bookkeeper. The virtual Bookkeeper is an independent contractor. You enter into a contract directly with the virtual Bookkeeper and pay the virtual Bookkeeper for the hours they work. You need to pay particular attention to the IRS definition of independent contractor vs. employee. At the end of the year, you need to issue a 1099 to the virtual Bookkeeper and file the same with the IRS

Option 3 – Contracted through a professional Bookkeeping agency. The virtual Bookkeeper is employed by a Bookkeeping agency. You enter into a contract with the Bookkeeping agency and pay the agency based on hours worked by the virtual Bookkeeper

Options 2 and 3 could be considered as Outsourcing Bookkeeping which offers many benefits over hiring the virtual Bookkeeper as an employee. There are more advantages tied to Option 3

Get Ready

Get Ready to Take Advantage of Virtual Bookkeeping Services

If working with a virtual QuickBooks Bookkeeper sounds like the right fit for your company, we’re ready to help you find a package that meets your needs. We offer various packages with flexible options to ensure you’re never paying for services you don’t need. We work closely with you to determine the best solution to manage your finances, allowing you to focus on other aspects of running a successful business. Our expert team provides the reliable services you need to avoid the expense of hiring in-house staff. As a virtual bookkeeping firm, we specialize in streamlined, remote financial management tailored to your requirements. Our team provides comprehensive virtual bookkeeping solutions using QuickBooks for our commercial clients in the US.

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