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Why Hire Online Bookkeeping Services

06-Dec-2022

Despite hybrid & remote work gaining popularity, business owners are still skeptical about hiring virtual assistants, especially in the areas of bookkeeping and accounting. It is true that bookkeeping has a key role to play in the smooth operations of your business. Without the help of online bookkeeping services, businesses won’t be able to achieve the desired outcomes.

This article is curated to make you aware of how bookkeeping actually works and why you should hire one. But before that, you need to know-

What Really Is Online Bookkeeping?

This covers a wide range of online bookkeeping services. Here we are talking about the usual tasks, but for the most part, these services share a few components-

  • Bookkeeping software (Cloud Based) – In general, any online bookkeeping service uses a cloud-based software such as QuickBooks for their needs.
  • The bookkeeper is always with you – Well, not really with you but on your PC. In short, you will be able to interact with them via video conferencing or simple emailing.
  • Your shoe rack is digital – Your bookkeeper will provide you with the necessary tools to digitize all documents so that there is no mess of physical receipts.

While the aforementioned components usually go along with online bookkeeping, still not all services are created equal. Now that you have got some understanding of what it really is, let us delve into hiring online bookkeeping services for small business.

1. Enhances Productivity

Using virtual collaboration technologies, remote employees can work as if they are in the same office. Let us take an example- remote employees can combine instant chats, video calls, and emails, among other types of online communication. According to a study, those who are working remotely are more likely to put in more hours as compared to onsite employees. Moreover, they are able to facilitate working in other time zones without any loss of productivity. This flexibility ultimately leads to increased business hours, which of course depends upon the online bookkeepers you hire. Additionally, your business will not be hampered by bad weather, as it is quite common with employees working onsite.

2. Highly Scalable

Proficient bookkeeping services online can help your business grow. When you first start with a bookkeeper, you will be needing to record quarterly financial transactions. But as your business will continue to grow and become complex, then you will be needing assistance from additional bookkeepers.

Here’s what you can expect from an online bookkeeping service-

a) Payroll processing
b) Weekly/monthly financial recordings
c) EER (Employee Expense Reimbursements)
d) Filing sale tax returns
e) Collecting receivables
f) Making payments

3. Access to Global Talent

Most business owners don’t even realize how hiring to work on-site severely limits the recruitment process. Moreover, a work-from-home model is needed to gain substantial benefits from tapping international talent, if you deal with global clients. To be really honest, most global clients are interested and more likely to work with companies having diverse talented teams. Making a switch to bookkeeping online services will help you immensely if you are expanding, but not able to accommodate them physically.

4. Guaranteed Security

Most business owners are skeptical of employing a bookkeeping service online because of the security concerns. Well, it is understandable, because the nature of financial data is quite sensitive. Moreover, any business owner would want to be extra cautious with your financial information. Therefore, you can get your online bookkeeping services provider to sign a non-disclosure agreement so as to ensure the privacy of data is intact.

As remote work has already become the new norm, numerous measures have been taken by companies to ensure the utmost security online. With all such means, the idea of feeling risky hiring online bookkeeping services in this digital arena can only be a myth.

5. Low-Cost Working Model

The economical effectiveness of an online bookkeeping assistant is what makes them so popular in this era. Moreover, online assistants help you save hefty bucks, as they don’t need extra expenses on office space and equipment.

From sick leaves, and bonuses, to any other employee cost, hiring online employees enables you to save money. Consequently, you will be able to give attention to major parts of your business operations. In addition to that, online assistants allow the employees to save money and spend some time with family and friends.

6. Training Process Becomes Much Easier

We all know that recruitment is the first level of the on-boarding process. After that, comes training and companies use different tools or software for that process. That is because new employees take some time to adapt to new working scenarios. If you outsource your bookkeeping services, it will significantly benefit you.

Additionally, most reputed online bookkeepers offer NQAIR (No Questions Asked Instant Replacement), in case they are unable to work due to some emergency. Now you will have a new online bookkeeper ready to start in a short span of time.

7. Eliminating Software Version Control

There was a time when desktop bookkeeping software was used. You had to purchase the new version each year if you wanted to keep up with the sales tax changes. But with the development of cloud-based software, there is no need to update it manually. Many leading companies nowadays have created a perfect roadmap of brand-new features that are released and automatically updated with little to no human intervention.

Tasks That Can be Outsourced to Online Bookkeeping Services

  • Reconciliation of Bank Statements

Reconciling your statements including corporate bank accounts can be a challenging task. Especially, if you don’t have experience, then the chances of errors increase significantly. An online bookkeeper can assist you in maintaining your finances with no mistakes.

  • Making Balance Sheets

Profit/loss reports and balance sheets are one of the integral financial documents which are very critical to business owners. Moreover, these documents ensure the primal running of the business. Hiring a reputed online bookkeeper will make these documents accessible for review as well as usage at any time.

  • General Ledgers

Going through each and every transaction to track income can be a very tedious task. Therefore, a General ledger processing helps in tracking expenses, which you will surely need to examine to reduce expenditures. Moreover, general ledgers are detail oriented and need time to compile. With online bookkeepers, the execution of these tasks can be completed within the time frames.

  • Timely Bill Payments

There can be no one better than a bookkeeper to resolve your bill payment process or at least make it seamless. These professionals are highly skilled and make sure that all your accounting needs are taken care of without any delay. After-all, when dealing with invoices or multiple clients and any other expenditure, you can’t afford delayed payments.

Conclusion

Times have changed, it’s not the 90s anymore, and every business has to stay ahead of its competition. And to do that, new strategies and ways have to be devised to enhance your business operations. Hiring an online bookkeeping service will not only make your tasks easier but will provide you peace of mind too. So, what are you waiting for, just get in touch with the best online bookkeeping services today and get stress free. But before committing to anyone, do your research first and then make a wise choice.

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