If your business is at the phase where you need to recruit a bookkeeper, you will have to choose between on-site or remote bookkeeping options.
Remote bookkeeping benefits your business by providing access to bookkeeping experts who can maintain your books without visiting the office.
Let’s discuss remote bookkeeping and why this can be the right choice for you.
How does remote bookkeeping work?
Online or remote bookkeeping works on the same principles as traditional accounting, or interaction with a third-party specialist who performs the work on-site.
The difference is that such bookkeeping services may be obtained from any part of the planet.
They offer remotely the same bookkeeping services as a standard bookkeeper, including:
- reconciliation of accounts,
- creation of economic reports,
- payroll work,
- budgeting,
- elimination of any financial mistakes,
- control of the payment of bills, etc.
The virtual bookkeeper utilises online applications to monitor your economic information through a cloud structure.
It guarantees you up-to-date data and provides precise financial statements to assist you in making crucial decisions.
Recruiting a bookkeeper remotely provides versatility, and you can get an economic system dedicated to your accounting objectives. Besides, remote bookkeeping is more cost-effective than recruiting a staff member.
What are the benefits of remote bookkeeping?
You may wonder why many cutting-edge companies choose remote bookkeeping services over the traditional staff hiring approach.
Let’s talk about how a virtual bookkeeper may benefit you and your enterprise:
- Access to talent: If you are recruiting a full-time expert, you may choose a less qualified employee who requires less pay. Remote bookkeeping gives you access to a pool of top talent at no extra cost.
- Save time: Now that financial obligations have been removed from your to-do checklist, you can concentrate on critical objectives to improve your business. With remote bookkeeping, you may rest easy knowing that any movement of capital is registered and processed.
- Capital savings: The average bookkeepers salary in 2023 is near $73,000 per year. If you add superannuation, insurance and other benefits to this sum, the cost of hiring will be high. A virtual bookkeeper provides accurate online bookkeeping at a more affordable price. You will also save on purchasing furniture, stationery, and other costs associated with hiring.
- Forecasting and accuracy: When making forecasts, you can’t just rely on intuition; you need actual numbers to make informed decisions. When you invest in remote bookkeeping, the ROI you get from increased forecasting accuracy is impressive.
Online bookkeeping maintains transparency in customer relationships and allows you to store all information on a secure portal. In addition, you can avoid losing important data during natural disasters and other unforeseen situations. According to research, organisations utilising remote bookkeeping are more likely to grow by 15 percent in year-over-year earnings.
How to find a good remote bookkeeping service?
Perhaps your business is rising, and controlling finances is becoming increasingly difficult. Or you are considering selling the enterprise in the future, so you must keep your finances in order. Or maybe you are tired of learning new financial programs. Fortunately, a remote bookkeeper will assist in optimising the economic sector of the enterprise. Here are the main things to keep in mind when choosing an optimal online specialist:
Software used
If you prefer Quickbooks, but you are interacting with a bookkeeper that used to work with Xero or other financial programs, working with them will be challenging. So be sure to ask the expert which apps they use and why. Perhaps you will be more comfortable working with other platforms or have to look for another bookkeeper.
Experience in your industry
When interacting with an insufficiently competent bookkeeper, your company is at significant risk. The consequences of incorrect ledgers can range from bad business decisions on your part to incorrectly completed tax returns (and thus penalties from the ATO). That’s why finding a financial expert who knows your area is essential.
Discuss with your would-be virtual bookkeeper expertise in your field and how many customers they already have in that area. It is a common practice to request a few reviews to ensure the service is right for your business.
The presence of a bookkeeper on the Internet
Companies that offer remote bookkeeping should be present on search engines and social media. Bookkeeping specialists must participate in forums and generate quality content on their sites. This way, you don’t have to take their word for what they can do to perfect your business.
Methods of dealing with clients
Online bookkeeping is always about efficiency. Are you waiting for a remote bookkeeper to find time to chat with you, or do they have a scheduling application? How fast do they respond? If they are underperforming at the negotiation stage, they may not be up to the task when you become a client.
Take an interest in the work process. Does the virtual bookkeeper use a similar algorithm? A bookkeeper should be able to explain all the steps to you; otherwise, it might be a bad sign.
Pricing
Remote bookkeeping will charge an hourly or fixed service rate. The time a specialist spends on your business depends on the number of monthly transactions, the number of employees, and the complexity of the industry. A higher priority option is a fixed price, where you pay a monthly fee to get a particular set of services.
Bottom line
Bookkeeping is a mandatory element in the activities of large and small enterprises. The risk of making a mistake may cause a lot of anxiety and even lead to severe problems. Professional outsourcing service Smart Business Solutions Qld offers cost-effective, efficient, and accurate online accounting for small business throughout Australia
Make your life easier with a qualified virtual bookkeeper. Our experts will monitor the input and consistency of information and take over reporting responsibilities so you can start implementing your business strategy.
Bookkeeping for Businesses
Keeping proper financial records is time-intensive and small mistakes can be costly.
Smart Business Solutions Qld makes sure your numbers are 100% accurate so you can focus on growing your business.
This article is not intended to provide tax, legal, or investment advice, and does not provide any services in these areas. This material has been prepared for informational purposes only, and should not be relied upon for tax, legal, or investment purposes. These topics are complex and constantly changing. The information presented here may be incomplete or out of date. Be sure to consult a relevant professional. Smart Business Solutions Qld is not responsible for your compliance or noncompliance with any laws or regulations.