Benefits of Hiring a Virtual Bookkeeper for Your Business

Outsourced bookkeeping services are a modern way to manage finances for small and large businesses. Since financial management supports every type of business, it also helps build long-term stability. From freelancers to large enterprises, most people lack the time or skills to manage everything on their own.

A business generating steady revenue needs strong financial management to track its accounts properly. This includes tracking transactions, profits, and losses. Many businesses either lack a skilled team or can’t afford an in-house team initially. In this scenario, online bookkeeping services offer a practical way to manage finances at a lower cost. Today, companies hire virtual bookkeepers to track their financial status in real time.

If you lack a bookkeeping team and want better financial control, virtual bookkeeping services are a good option. Here, you will learn the benefits of outsourcing bookkeeping services and how to choose the right one.

What Is a Virtual Bookkeeper?

A virtual bookkeeper is a trained professional who works remotely to manage a company’s finances and routine transactions. It allows businesses to manage finances without hiring a full-time bookkeeper or an in-house team. Virtual bookkeepers manage financial records, generate reports, reconcile accounts, and help businesses stay organized and focused.

Virtual bookkeepers offer flexible services according to the client’s demands and work on a contract basis. Small startups that don’t have a specialized team hire virtual assistants on an hourly or weekly basis to handle their financial work. Hence, virtual assistants offer a cost-effective way to manage finances, saving time spent on complex recruitment processes and employee training.

How Virtual Bookkeeping Services Work

Outsourced bookkeeping services involve hiring an expert who manages accounts using cloud-based software. The experts manage accounts, transactions, and payroll on an online platform accessible from anywhere, so the client stays updated on the current status of their accounts and finances. Here is what’s included in virtual bookkeeping.

• Cloud-based setup: Before starting to work with a virtual bookkeeper, the company or business needs to grant access to their bank accounts, accounting software, and credit card statements so the professional bookkeeper can understand and optimize the current financial situation.
• Document updates: Virtual bookkeepers access financial information and bank feeds after implementing secure data-sharing protocols. They upload receipts and invoices as documents. However, they can’t move money; they can only read and categorize.
• Categorize financial data: Virtual bookkeepers generate financial reports and match the receipts and expenses. They also manage invoice tracking, perform account reconciliation to confirm that you’re getting paid, and help maintain good relationships with vendors.
• Send financial reports: After categorizing financial data, the virtual assistants send you weekly or monthly reports to keep you updated on current profits and losses while maintaining balance sheets and cash flow. They connect with clients via video calls to discuss the current status.

• Maintain account security: Professional bookkeepers implement two-factor authentication to access software and transfer files across different channels. They also conduct regular audits to track all financial transactions.

Benefits of Hiring a Virtual Bookkeeper

Outsourcing bookkeeping services offers many benefits to small startups and large enterprises. Businesses can save money, time, and effort by avoiding full-time hiring. Here is the list of all the benefits of hiring a virtual bookkeeper.

Lower Costs

Hiring professional bookkeeping services reduces costs by eliminating the expenses associated with recruiting full-time employees or maintaining an in-house team. The virtual bookkeepers work remotely and don’t need an office. Additionally, they work on an hourly basis and can be hired only when necessary. Hence, they offer a flexible approach to managing bookkeeping.

Skilled Bookkeepers

Virtual bookkeeping services are provided by well-trained, experienced professionals. They don’t require training or any resources to manage work. Virtual bookkeepers have expertise in various accounting software, and they comply with the protocols. On the other hand, the in-house bookkeeping team needs training, office space, and benefits to work.

Better Productivity

Virtual bookkeepers work according to the business’s needs, eliminating the time-consuming hiring procedures that may take weeks or months to select the right candidate. Hence, online bookkeepers save time, enabling clients to focus on their core business operations. They increase a business’s productivity by managing financial reporting and auditing while the business is achieving real results.

24/7 Access to Financial Data

Virtual assistants use cloud-based platforms to manage financial data. They help you make financial decisions by reviewing the live financial report anytime. Virtual bookkeeping eliminates the need to wait for monthly balance sheet reports. Outsourcing financial services from a reliable source offers you cloud-based access to your current financial reports.

Virtual Bookkeeping vs In-House Bookkeeping

Virtual bookkeeping offers a modern way to manage finances compared to traditional methods. In short, virtual bookkeeping offers you the flexibility to access your financial information, removing delays caused by monthly reports and long manual records. In-house bookkeeping is a convenient option for large companies and businesses; however, they often have to spend hefty amounts to manage it.

The modern bookkeeping system helps drive business growth and boost productivity by enabling remote work, reducing the overall burden on the business. Now, emerging businesses don’t have to rely on in-house teams to manage finance and accounts.

Here is a detailed comparison between modern bookkeeping and traditional in-house bookkeeping.

How to Choose the Right Virtual Bookkeeping Service

Choosing the right virtual bookkeeping service is crucial for your business and will affect it in the long run. Therefore, you need to thoroughly research to find professional, reliable services, then proceed to hire a virtual bookkeeper.

Compare Costs

The first and foremost step is to check the pricing and monthly subscription for hiring a professional virtual bookkeeper. Not every service will be ideal for your business, and you need to find a flexible option that aligns with your business goals and is cost-effective. Evaluate the cost structure and your budget to hire a professional for a particular time.

Check Services

Here comes the important part: checking the services offered by virtual bookkeepers. They provide basic to advanced services based on your needs. Decide what services you need for your business, such as basic bookkeeping, full-service bookkeeping, or tax preparation.

Check for Flexible Plans

Look for a virtual bookkeeping service that offers flexible payment options with no strict contracts. Moreover, ensure there is an option to cancel the subscription or contract if you no longer require the work or it doesn’t work for you. Ask questions before hiring a bookkeeper, and select an option that best suits your long-term goals.

Look for Certified Bookkeepers

Check for bookkeeping experts who have a license or certification for managing your accounts and bookkeeping. Ask about their experience and exposure while interviewing a professional. It will help keep transparency in the hiring process.

Ensure Data Safety and Rules

When hiring a bookkeeper, ensure they use advanced, cloud-based software to protect your data and ensure compliance with industry regulations. You need to select a bookkeeper who uses advanced software and tools to deliver results quickly and accurately.

Also Read:- Outsource Online Data Entry Services in Concord, NC

Get Bookkeeping Services for Modern Businesses at HRMB Associates LLC

HRMB Associates LLC provides skilled, dedicated bookkeepers who work remotely and keep clients updated on their current financial status via cloud-based software or a third-party tool. They work like an internal team and support the business’s financial operations.

Our team of bookkeeping professionals offers a range of services, including software setup, payroll processing, financial statement preparation, and more. They use modern software and tools to prepare financial statements and track profits and losses.

Our professional bookkeepers have years of experience and exposure to a diverse range of businesses. With our online bookkeeping services, you can reduce pressure on your in-house team and assign tasks based on current needs. Hence, if you’re a small business owner looking for reliable bookkeeping solutions, outsource our bookkeeping services. Our experts work on a contract basis and help you focus on other priorities while managing your bookkeeping.