The rise of the online community has totally transformed the way we do business. It brings us closer to people who help support in the running of day-to-day business operations. Doing so allows our business to run smooth and help us make better business decisions. One of such area that has made difference in the business world is Virtual Bookkeeping services.This process involves recording, storing and management of financial data of a business from a remote setting.
Virtual Bookkeeping is essential as it helps track expenses, income, business assets and liabilities for business productivity. The insights from such online services are just as helpful in your decision making process.
How It All Works!
- Initial Consultation- The first meeting is held via a video conference. During this, the bookkeeping task is comprehensively discussed and created.
- Legal Matter- Once the parties agree and create the task, an engagement letter is drafted to bind it.
- Accounting Software- There are plenty of sites to choose upon which you connect. You can either work through cloud-based software such as Zero or on desktop platforms like MYOB. The choice is yours.
- Data entry- This stage involves sending source documents to a virtual bookkeeper. The client first receives a checklist to help arrange for all necessary documents. There is a guide on how the documents should be organized before sending them. For safety purposes, it is recommended to send the documents through mail, Google drive or Dropbox.
- Bookkeeping Stage- Once all documents are gathered, the service provider connects your financial data to your bookkeeping software. Data is the processed.
- Reporting Stage- once the above processed if complete, the necessary financial data is processed and sent to the clients through a secure online platform.
- Monthly Meetings- communication is essential for the success of this process. Therefore, the two parties attend one meeting on monthly basis.
- Returning Data- The service provider either sends that data back or stores it in platform until the end of the contract.
Benefits Of Virtual Bookkeeping.
There are many wonderful things about Virtual Bookkeeping services. The perks are real, you get:
Less paperwork, More Yield
You avoid flooding your office with lots of paperwork when you enlist the help of a virtual bookkeeper. Usually, it requires a lot of time to maintain physical books and keep track of all paperwork. Thanks to this service, all details of financial records are stored in one software with ease of access.
Timely Access To Accounts
Virtual bookkeeping services allows for a 24/7 access of your financial statements regardless of where you are. All you need is to ask and instantly receive the statements. This helps keep your business in the right track.
You save a lot when you hire virtual bookkeeping services. You won’t require to cater for bookkeeper’s taxes, recruitment costs, allowances, salary, benefits and more.
You can either hire this services on a need-basis or full-time. The service is vital when bookkeeping needs are higher and one can opt out when they are low.
The completion of day to day activities is in a timely manner. By receiving payments earlier, a business can alleviate up its operations.
What Makes Virtual Bookkeeping Service Unique?
The consultative edge of Virtual bookkeeping services makes it stand out of the rest. It’s not just a matter of sending financial statements every day. It’s all about making the client know what they mean and how to use them.
Outsourced accounting services is just as vital to the success of your business. It would be practically impossible to achieve any of your goals without having proper financial records and monitoring. Therefore, always use it to make better and informed financial decisions for your business.