Bookkeeping is a systematic process–there are rules to be followed, and practices that must be properly performed to end with accurate results. For this reason, it is very rare that bookkeeping is associated with words like flexibility. In the midst of the COVID-19 pandemic, bookkeepers, accountants, and CPAs were all forced to be flexible–moving their practices to their homes, and working remotely became the new norm. According to a recent PWC study, Pre-pandemic, 29% of Accounting Firms had at least 60% of employees working from home at least once per week; that number has grown to 69% of practices. As businesses begin to introduce employees back into their offices, one question remains–is virtual bookkeeping here to stay?
What Are Some Advantages of Virtual Bookkeeping?
There are many advantages to a virtual bookkeeping practice. Working online can allow the bookkeeping services to access client information at any time, meaning that, if a client is facing a financial emergency, or simply has a question that they need to be answered, the problem will be able to be resolved anywhere at any time. Additionally, virtual bookkeeping practices have the flexibility of working from anywhere with an internet connection. Not only does this allow employees adaptability, but it opens the ability to serve a larger array of clients, even in cities that your business may not be located in.
Although the idea of a virtual bookkeeping service may still seem unfamiliar to some small businesses, this online format has presented no signs of disappearing anytime soon. Let’s look at 5 key reasons why virtual bookkeeping is here to stay, and how it can benefit your business.
5 Reasons Why Virtual Bookkeeping Is Here to Stay
1.) Advancements in Technology: As more improvements continue to be made in technology, more businesses are switching to online platforms to satisfy their customer’s needs. Virtual bookkeeping services rely on technology to get their job done, but this also offers a convenience factor for their customers. Most virtual bookkeeping services use advanced software systems, allowing clients to access their company data anytime on a secure platform. For example, if a client is on a business trip in a different city, and wants to access their financial reports, there is no longer a need to call their financial service to get the data that they need. All of the business’s financial data would be accessible through secure software unique to their business, creating a seamless process for their business.
2.) Tailored to Fit Your Businesses Needs: Virtual bookkeeping services are composed of experts who can offer your business the support it needs. Whether your business is going through an unexpected period of growth or is in the midst of a downsize, virtual bookkeepers will be able to assist your business instantaneously. Although an in-house accounting team may be able to perform similar tasks, it may take a longer period of time due to limitations in employees, human error, and much more. Virtual bookkeeping services can offer your business the support it needs while continuously adjusting to fit your business’s changing financial needs.
3.) Noticeable Cost Savings: When hiring a virtual bookkeeper, you are cutting some of the mandatory operating costs that come with hiring an in-house accounting team. Most virtual bookkeeping services are not hired on as full-time employees. Virtual bookkeepers are only considered ‘on the clock’ when they are performing the financial services your business needs. These tasks may not take up the time of the traditional 40-hour workweek. Rather than spending money on operating costs and payroll taxes, you will be able to reallocate that money back into the growth of your business.
4.) Custom Skill Sets Tailored to Fit Your Businesses Needs: Virtual Bookkeepers are experts in their field, meaning that they have a lot of experience working in a variety of different business settings. Whether you are a small real estate firm that needs help balancing your books or is a pet grooming business that needs help setting up an online payment portal, there is a team of specialized experts who can help you grow every step of the way.
5.) Saves Valuable Time: Often, Small Business Owners have a hard time sharing their business’s financial information. This fear, however, is invalid. Through the rise of technology, many online services offer secure portals for financial information to be safely stored online. A virtual bookkeeping service will be able to use these online portals to your business’s advantage. While a virtual bookkeeping service is performing your company’s bookkeeping tasks on a safe, online platform, you will have time to focus on what only you can do–grow your business.
How Do I Hire a Virtual Bookkeeping Service?
Many small businesses may have never considered hiring an online financial service before. The first step is to go online and do your research. There are tons of online bookkeeping services, but there is only one correct match for your business. Some things to consider when you are hiring a virtual bookkeeping service include:
- What services do they provide?
- Do they provide a monthly reconciliation of your business’s accounts?
- Are they available during your business’s work hours?
- Will they make sure your business is tax compliant?
- Will your business truly benefit from this service?
Final Thoughts
Virtual Bookkeeping services are here to stay. This up-and-coming type of financial support for businesses can help maintain accurate financial records and can help prevent unwanted difficulties for your business. If you are struggling to keep up with proper financial tasks for your business, hiring a virtual bookkeeping service might be the right choice for you.
Limitless Outsourced Bookkeeping Services in Gilbert, Arizona.
Looking for a virtual bookkeeping service in Gilbert, Arizona? Limitless Investment and Capital offers a variety of skilled experts qualified to assist your business’s needs. Rather than struggling to manage your business’s books, focus your efforts on a piece of your business that only you can. Our goal is to provide you true accounting freedom. Interested in a free financial analysis? Contact us today to get started!