Benefits of Hiring a Virtual Bookkeeping Firm
Updated: Aug 3, 2018
Hiring someone to handle your company's bookkeeping is an important decision. They will have access to a lot of your company’s private financial information, so finding the right person is a considerable responsibility. As you’re searching for a bookkeeper who will be the right fit, considering a virtual bookkeeping firm is a smart choice in our ever-increasing, technologically progressive world.
What is ‘virtual bookkeeping’?
Virtual bookkeeping means that the work will be done remotely, at the bookkeeper’s location, instead of being carried out at the client’s office. Aside from location, there is not a big difference between onsite bookkeeping and virtual services. Virtual bookkeepers use software, whether desktop or cloud-based, to record financial transactions, review and update statements, and reconcile bank and credit card accounts, regardless of where they are.
What are the advantages of working with a virtual bookkeeping firm?
There are many advantages for both the company and for the bookkeeper when virtual services are utilized.
Benefits for the company are that virtual bookkeepers:
file federal, state, and local reports/taxes online, which contributes to a ‘paperless’ environment
don’t need office space or supplies
would likely be considered independent contractors, so the company won’t provide them with insurance or benefits, nor will they have employment taxes, all of which are costly to the employer
offer scheduling flexibility and can work as little or as much as the business needs. This is a huge benefit for businesses that may not require full-time on-site bookkeeping, or whose bookkeeping needs fluctuate.
Benefits for the virtual bookkeeper:
the ability to have a flexible schedule appeals to many, or is even necessary for those with disabilities
they have control over when tasks are completed, as long as they adhere to the client’s needs
working remotely saves money on transportation costs to a traditional office location
not having to travel saves valuable time--time that can be spent completing work for clients
These are only a few examples of why hiring a virtual bookkeeping firm is a smart business decision for your company. When businesses decrease monthly expenses and spend less time accommodating an onsite bookkeeper, they gain the expertise, experience, and convenience of a virtual bookkeeping professional.