How Does Virtual Bookkeeping Work?

Jun 1, 2021 | Bookkeeping

If you’re like many small business owners, you wish your workday could be a bit easier. You put forth a lot of extra effort every day, but that’s often what it takes to succeed. For tasks such as bookkeeping, you could (and probably should) work with a trained professional. Unfortunately, hiring a professional can be counterproductive if you’re trying to cut back on business expenses.

Virtual bookkeeping is a hybrid option that works well for small to medium-sized businesses like yours. You get the professional bookkeeping service your business needs with the cost advantages you want.

What Exactly is Virtual Bookkeeping?

A virtual bookkeeper does the same thing as an in-person bookkeeper, except they do it remotely. They use technology to document your daily financial activity, organize your data, track your cash flow, and provide detailed reports of your financial status.

Virtual bookkeepers have the same training, work ethic, efficiency standards, and skill as in-person professionals. They perform the same tasks, but advanced technology allows them to perform efficiently from an off-site location. They accomplish this by:

  • Digitizing your financial documents, so they’re compatible with advanced bookkeeping technology
  • Customizing your account based on your business needs
  • Setting up your chart of accounts in a secure virtual environment
  • Tracking your cash flow each day by monitoring incoming and outgoing funds
  • Tracking your receivables and payables
  • Managing your financial data from a protected cloud platform
  • Syncing your data, so it’s always up to date
  • Providing financial reports on-demand

What’s so different about a virtual Bookkeeper?

A virtual bookkeeper performs the same tasks as staff or independent bookkeepers. When you compare the differences, you see the benefits.

Staff Bookkeeper

When you hire a full-time or even a part-time bookkeeper, it costs you more than a professional salary. If your bookkeeper works in your office, you must also pay for office space, equipment, a business phone line, a desk, a chair, clerical support, supplies, and other costs.

Your staff bookkeeper’s compensation package will likely include vacation days, sick days, health insurance, FICA, overtime, and other costs.

Independent Bookkeeper

When you work with an independent bookkeeper, you begin by paying a professional hourly rate. To discuss your account, you’ll have to schedule an appointment and make a trip to your bookkeeper’s office.

Professional bookkeepers usually rent an office and keep it client-ready. They sometimes pay for secretaries, support staff, and an answering service. Of course, they pass these and other overhead costs on to you.

Virtual Bookkeeper

Virtual bookkeepers don’t recoup traditional support staff, office furnishings expenses, and other overhead costs. We don’t demand vacation pay or employee benefits. We perform the same services, but our virtual business costs less to operate. You get the benefit of our cost-efficiency.

Contact Goode Bookkeeping and Consulting

Contact us to learn more about our bookkeeping and back-office services. Give us a call at (860) 659 6543 or complete our Contact Form to schedule your free consultation.

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