Most small business owners are busy focusing on their everyday operations. Handling a business and managing its financial activities like accounting and bookkeeping can be stressful. Bookkeeping can be monotonous, and most businesses find it boring. It would make things worse if you don’t have enough knowledge in bookkeeping in accounting. Hence, virtual bookkeeping services are the best option for your business business.
What is Virtual Bookkeeping
Virtual bookkeeping is when a business owner outsources bookkeeping with a bookkeeper remotely. This is often used by small business owners and the demand for virtual bookkeepers is increasing as more businesses are considering virtual bookkeeping or cloud accounting. Both the client and the bookkeeper will have access to a shared account of the accounting software. Your bookkeeper will post entries, reconcile, and do other accounting functions all online with respect to the data you share. You will be provided with financial reports and insights once the book is closed at the end of the month. You can have a video conference to communicate or evaluate the report with your bookkeeper, so you don’t have to meet them in person. Some of the main benefits of hiring a virtual bookkeeper are that it is more cost-efficient than hiring an in-house bookkeeper. You can hire experts who have industry experience as same as yours. This saves time and overhead costs to hire
Tips to Find the Best Virtual Bookkeeping Services
Do they have Industry experience?
Hiring an expert who has worked in the same industry as yours is always better. You can ask for the certification of the bookkeeper to understand the legitimacy. Make sure they know how to handle the accounting software you use. You can look for QuickBooks Pro Advisor certification, Xero Certification, etc. and they are up-to-date with laws and compliances. You can also ask for client testimonials or references to get a better understanding.
You should have a detailed understanding of how much they charge for the bookkeeping services. Make sure there are no hidden charges. Check if they are charging a fixed monthly rate or an hourly rate. Go with what works best for your business.
Look into their workflow
Understand their process and what they have to offer. Some bookkeepers will do more than just data entry. They prepare financial statements and analyze them along with other major accounting activities. Ask about their workflow and hire a bookkeeper who fits best for your requirements.
Communication is key. When you’re outsourcing bookkeeping. miscommunications can create huge problems. Your bookkeeper must be someone who can help you understand your financial performance. Make sure they are fluent in English before hiring to avoid miscommunication.
As a business owner, you will be sharing sensitive information about your business with your bookkeeper. While hiring, ensure that all the data transferred is secure and confidential. Ask about their data security measures and who has access to what.
Ask about what you can expect from their services and make a schedule to communicate conveniently. Make sure the reports are provided as per the schedule and they respond to your questions on time. You should set timely meetings to discuss the financial performance, and challenges faced. Seek actionable insights from the bookkeeper and work on a solution together. Make sure they stick to the schedule.
A virtual bookkeeper is someone who has a significant role in growing your company. Hiring someone who truly understands your business and guides you to success. At Agile e-Platform, we provide virtual bookkeeping services to SMEs across the US. Our experts are well versed in accounting practices and have worked with clients in various industries over the years.
Contact us to know more about our services.