What is Virtual Bookkeeping?
Virtual bookkeeping is an arrangement where a business owner can outsource their bookkeeping needs to a bookkeeper who works remotely on an as-needed basis. This type of arrangement can be very beneficial to both the business owner and the virtual bookkeeper on the basis of flexibility and cost.
Virtual bookkeeping services allow business owners to focus on what they do best – which is often to provide goods or services that are completely unrelated to bookkeeping. In fact, many small or medium business owners find that they do not have enough time in their days to handle the actual running of the business as well as the necessary behind-the-scenes work like marketing and bookkeeping.
This means that these bookkeeping tasks can fall by the wayside, often having a negative impact on the business. That’s where our virtual bookkeepers at YBL Accounting come in.
How Does Virtual Bookkeeping Work?
A virtual bookkeeper will access your financial information remotely, which requires you as the business owner to grant them access to your servers, bookkeeping software, and financial documents. If your books are kept on paper, our expert accountants will help you through a no-hassle setup of QuickBooks Online. Then, your virtual bookkeeper can access your books in real-time, from wherever they are.
Some tasks Quickbooks Online accounting software can save you time
- Tax Preparation: Help prepare payroll taxes and other business taxes
- View financial reports
- See your cash flow
- Automate data entry
- Includes credit card processing
Benefits of Virtual Bookkeeping for Employers and Bookkeepers
For a business owner, the most obvious benefit of hiring a virtual accountant is not having to keep the books themselves any longer. Hiring a virtual bookkeeper often makes much more financial sense as opposed to hiring a full-time, on-site bookkeeper – virtual bookkeepers do not require office space, supplies, insurance, benefits, or employment taxes.
This service especially makes sense for small business owners who only need occasional online bookkeeping services or those whose needs fluctuate throughout the year but don’t require a full-time accountant.
For virtual bookkeepers, the main draw of this arrangement is that it allows them to work from home, on their own schedule. This can be particularly helpful for parents who need to be home with their children or for those individuals who have disabilities and may not be able to travel easily to and from an office.
Working from home allows the bookkeeper to save money on gas, car maintenance, and child care if applicable, and also eliminates spending time every day commuting. Plus, in this way, a virtual bookkeeper can work for more than one client at once – especially the small business owners who only have minimal bookkeeping needs.
YBL Accounting Meets Your Needs
Our bookkeepers are dedicated to meeting your business needs with our live, on-demand services. Consider these benefits:
As we mentioned, you’ll have a dedicated virtual accountant who is a certified QuickBooks ProAdvisor. This means they are very highly trained in their industry and they are always learning and keeping up with the latest technologies and tax laws. This takes the burden off of you to try to be a professional bookkeeper when your passion and skills lie elsewhere.
With QuickBooks Online, your books will always be accurate and updated in real-time. Your books will line up with your bank accounts thanks to your bookkeeper’s updates and efforts reconciling accounts.
If you currently have your books kept on paper or on another accounting program besides QuickBooks Online, your virtual accountant will help you make the switch.
While this may sound daunting, your virtual accountant will be there to not only walk you through the transition but also to assist you with learning the ins and outs of the new program and how best to use it for your business’s particular needs. We can even come to your place of business to set up the program on your computer or your network of computers if you need assistance.
And, again, your bookkeeper will commit to learning the basics of your business and your industry so that you don’t have to continuously explain your needs and how the business works.
Your virtual accountant will keep your income statements, balance sheet, and chart of accounts organized on a continual basis, so you can easily understand and evaluate your business’s performance and analyze emerging trends.
If you find yourself stuck on an accounting question and don’t know where to find the answer, your virtual bookkeeper can be reached via message or video chat to help you resolve the issue.
We make the process of hiring and working with a virtual bookkeeper as streamlined and convenient as possible – there’s no need to schedule an appointment with a local accountant to interview them and decide whether you want to hire them. Rather, you can conduct interviews online or just be assigned an available YBL Accounting expert virtual accountant.
Once you have explained your business to the bookkeeper and made the switch to QuickBooks Online, you won’t have to spend a ton of time liaising with your bookkeeper. They will simply do the job and alert you to anything out of the ordinary or anything that needs your attention, but they will be available to answer questions and perform additional accounting services as needed.
Time Back In Your Day
As a small business owner, you likely have a lot of demands on your time. If bookkeeping feels like an onerous task that you put off doing as long as possible, it may be time to outsource the job. We understand that bookkeeping can feel particularly daunting because it’s an ongoing undertaking, which is why we are here to help.
Additionally, if you don’t feel like you understand the process of bookkeeping well, it can create extra stress regarding whether your accounting has been done correctly. Incorrect bookkeeping can lead to all kinds of unpleasantness like lost revenue, missed opportunities for tax deductions, and audits by the IRS. With professional assistance, you can rest easy knowing that your books are being kept in impeccable condition, and you’ll gain back the time that you otherwise would have spent attempting to handle the books and stressing about the whole process.
Our virtual accountants will review and close your books at the end of each month, and provide you with a report. This report is the best possible metric to judge the health of your small business and will point to any emerging trends, whether positive or negative. By reviewing these reports at the end of each month, you can adjust your marketing strategy or make other tweaks to keep your business heading in the right direction.
In the same vein, your bookkeeper will put together a year-end report that will be invaluable when you are preparing your tax return. These reports can also give you an accurate picture of your business’s growth year over year. Additionally, your bookkeeper will assist you with filing your taxes and answer any questions you may have about the process and potential deductions.
See How YBL Virtual Bookkeeping Services Can Help Your Business
Are you ready to outsource your bookkeeping needs to a virtual bookkeeper and feel the relief of not having to worry about accounting? Contact us at YBL Accounting today to get started with a free consultation.