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Virtual Bookkeepers: Is it a Good Idea for Your Business?

By outsourcing parts of your business to freelancers, you can save time and potentially money. Business owners often hire virtual bookkeepers to handle their daily accounting responsibilities. As your business grows and routine accounting tasks grow, this can be especially helpful.

The virtual bookkeeper can help you stay on top of your financial records, manage your financial records, and reduce costly errors in your business. Any outsourcing of your business comes with risks, however. In this regard, it is crucial to weigh all the pros and cons before hiring someone for virtual services.

A Virtual Bookkeeper’s Guide to Hiring:

What Is a Virtual Bookkeeper?

A virtual bookkeeper can provide routine accounting services remotely for your business. Having a remote bookkeeper allows them to work from any location and choose their own hours.

Businesses typically provide the following information to a virtual bookkeeper:

  • Cloud server login information
  • A software program for accounting
  • Data from financial institutions, such as bank statements

The bookkeeper can enter the network and perform the necessary tasks once they have a log in.

What Does a Virtual Bookkeeper Do?

Virtual bookkeepers typically perform the same functions as their in-house counterparts. It is generally the responsibility of bookkeepers to process your General ledger recording of financial transactions of the company.

In some cases, they may leverage this information to generate periodic financial statements for your business, such as:

  • Income statements
  • Balance sheets
  • Cash flow statements

Pros of Virtual Bookkeeping Services:

There are many pros of virtual bookkeeping, your small business can benefit from hiring a remote bookkeeper in several ways, including:

1. Cost savings

Due to its non-full-time nature, virtual bookkeepers are not entitled to full-time benefits. As part of this process, payroll taxes are paid, workspace is provided, and healthcare coverage is provided.

Based on GrowthForce’s research, virtual bookkeepers range from $500 to $2,500 a month. The cost of a full-time bookkeeper, plus benefits, is between $3,000 and $4,500 per month.

2. Error reduction

In spite of your skill in bookkeeping, you are unlikely to be able to ensure all accounting tasks are performed correctly. In light of the fact that 29 percent of small businesses fail due to cash flow problems, neglecting accounting responsibilities can lead to serious consequences. In order to reduce errors caused by multitasking, a bookkeeper should focus solely on routine accounting tasks.

3. More freedom to do what you do best

Financial management tasks can be taken off your to-do list, so you can focus on more important initiatives.

Cons of Virtual Bookkeeping Services:

Outsourcing your company’s bookkeeping has both benefits and drawbacks. The following are some of the main downsides of hiring a virtual bookkeeper:

1. Reduced security

An outsider having access to your internal systems puts your company’s information at risk.

2. Communication and logistical challenges

Sometimes freelancers aren’t available when you need urgent assistance. You may experience delays in communication and turnaround when working with a virtual bookkeeper.

3. Lack of industry knowledge

Many businesses and industries rely on virtual bookkeepers. As a result, they may not be able to identify potential risks and make strategic recommendations for your business.

How to Hire a Virtual Bookkeeper?

The good news is that finding a reliable freelancer has never been easier. Small businesses can find quality assistance online through a variety of online platforms. Business owners can post bookkeeping job posts on these websites:

  • Upwork: Upwork allows businesses and independent professionals to connect and collaborate remotely.
  • FlexJobs: A variety of flexible job postings are available on FlexJobs, such as jobs for freelancers and full-time candidates. The service carefully screens employers and candidates to ensure a quality experience.
  • VirtualVocations: Job-seekers can connect with hand-screened remote job leads through Virtual Vocations. Premium subscriptions help ensure that you’re only connected with serious candidates.

Read More: Know 5 Key Benefits of Taking Business Loan – Ultimate Guide

The Bottom Line: Does Your Business Need a Virtual Bookkeeper?

Your business’s goals and available resources will determine whether you should hire a virtual bookkeeper. Most business owners find outsourcing routine accounting tasks to be more beneficial than disadvantageous. You should also thoroughly interview potential candidates before sharing any company information.