In this technology-driven world, the practice of virtual bookkeeping has become an essential part of every industry around the world. The next step in precise and efficient accounting are virtual bookkeeping services, as it helps organizations take control of their business finances and make efficient data-driven decisions. And the best part is that it’s virtual – there’s no need for traditional full-time, on-site bookkeepers. Still on the fence about going with virtual bookkeeping services? Read below.
A virtual bookkeeper can manage a number of activities such as preparing payrolls, helping with cash management, and preparing statements and itemizations. Check out these 4 benefits of virtual bookkeeping and learn why it’s so essential for any business and government organization to adopt.
The 4 Main Benefits of Virtual Bookkeeping
Save Time and Expenses
Hiring a traditional bookkeeper can be quite expensive. You’ll need to provide salary, payroll taxes, benefits, insurance, and any software or equipment needed to complete their duties. With a virtual bookkeeper, all of those expenses are eliminated saving you thousands of dollars in the future. Not only will a virtual bookkeeper reduce your hiring and operating costs, they will also save you time.
One of the best features of a virtual bookkeeper is their ability to let you focus on what is really important to your organization, and less time managing resources and everyday financial tasks. Since virtual bookkeepers don’t need a physical location within the business, there will be a considerable reduction in accounting and administrative expenses.
Reports and Financial Data in Real Time
When hiring an experienced virtual bookkeeper, you can ensure your books will always be up-to-date at all times. By managing bank statements, receipts, and invoices in the cloud, updates will be accurate and in real time. Since your books will always be updated, you can rest easy during tax season or a surprise audit.
Speaking of audits, there’s nothing worse than the last-minute stress of trying to find important financial data and records which can lead to errors and missed deadlines. No matter the size of your organization, no operation can afford to make mistakes during audits – and virtual bookkeeping can help with that.
A full-time in-house accounting team are usually bogged down with other projects and reporting, whereas a virtual bookkeeper can be dedicated to ensuring you always have the correct financial data in front of you no matter the current workload. Virtual teams are especially beneficial for routine financial tasks and reporting like payroll or month-end close activities.
Improved Business Management Capabilities
Virtual bookkeepers are able to maintain your books electronically and often remotely via a cloud-based platform. Any changes made to financial data will be in real time, which lets you know what’s happening with your finances at any time.
All of the tedious and repetitive tasks that can bog down your operations like tracking everyday expenses and levels of cost efficiency should be performed by a virtual bookkeeper to free up your time. Virtual teams have some very efficient processes for financial activities including:
- Bill Payment and Invoice Generation
- Payroll Management
- Creating Financial Statements
- Making Business Purchases
- Financial Data Backup
Manages Taxes and Government Regulations
If your business is having trouble with IRS deadlines, a virtual bookkeeping team can also help prepare your taxes, filings, and taxable accounts to always ensure your returns are filed on time. When handling legal and regulatory concerns, a virtual bookkeeper is even more essential. Reading the fine print can be hard when dealing with government regulations, and virtual bookkeepers are very experienced when it comes to the current regulation.
For many companies, the bottleneck is usually the time spent tracking down all the changing tax laws and regulations, and this is exactly what a seasoned virtual bookkeeper can help with. Keeping up with government regulations can be a challenge for any size organization but having the support of a virtual bookkeeper can make things much easier during the process.
Tenace: Your New Virtual Bookkeeper
It’s important to have a seasoned virtual bookkeeper that is experienced with the technologies needed for your specific type of organization, whether commercial or government contractor.
If you’re still not sure if hiring a virtual bookkeeper is the right choice, you can contact us any time and one of our Tenace team members can help you determine if virtual bookkeeping services are a good fit for your organization.