What Is Virtual Bookkeeping

1. What Is Virtual Bookkeeping pasfirm.com/2021/12/02/what-is-virtual-bookkeeping Accountant December 2, 2021 The practice of entering your company’s financial activities into organized accounts on a daily basis is known as bookkeeping. Additionally, it can also refer to the various recording techniques available to businesses. Bookkeeping is a crucial part of your accounting process for a variety of reasons. If you keep transaction data up to date, you can create reliable financial reports that help you track business success. Also, in the event of a tax audit, detailed records will come in helpful. In recent years, The concept of virtual bookkeeping has gained more traction. VIRTUAL BOOKKEEPING Virtual bookkeepers handle day-to-day financial responsibilities like documenting transactions, reconciling bank and credit card accounts, and processing payroll, just like traditional on-site bookkeepers. The main distinction is that a traditional bookkeeper must be present in your office to perform these responsibilities, but a virtual bookkeeper can do so utilizing cloud-based software from anywhere. Remote or online bookkeeping are other terms for virtual bookkeeping. Also, it’s critical to ensure that any person or service you contemplate engaging to assist you with your business finances is dependable, accurate, fast, and comprehensive. 1/4

2. If you’re starting a business and need to hire a bookkeeper, one of the first considerations you’ll have to make is whether to hire on-site or virtual bookkeeping. You’re probably familiar with on-site bookkeeping and have previously worked with local bookkeepers in person. Virtual accounting, on the other hand, benefits your business by providing you with access to thousands of bookkeepers who can keep track of your books without ever having to set foot in your office. Hiring a virtual assistant accountant can save you money in the long term while also lowering your upfront expenses. Additionally, They can target high-spend areas and manage your money efficiently using data organizing and report generation skills. Also Read: Top 7 Ideas For Small Businesses To Save Money In 2021 ACCESSING PHYSICAL DOCUMENTS Businesses that are willing and able to go paperless and use cloud services to replace the requirement for real paper invoices and receipts are a strong fit for virtual bookkeeping. Also, there are numerous resources available, for paperless billing and invoicing, employee reimbursements, and new banking and credit card companies as well as built-in receipt management tools and paperless statements, making moving your business’s back office to the cloud easier than ever. The business offers the bookkeeper remote access to its server, software, and financial documents to enable virtual bookkeeping. Additionally, the bookkeeper connects to the firm’s secure network from their home computer, examines the documents as if they were logged into an on-site corporate computer, then downloads and installs the company’s bookkeeping software. Also, depending on the arrangement, either the worker or the customer may buy and register the software, but both must use the same programme and version to ensure that the files are transferred and communicated properly. 2/4

3. If the bookkeeper is a company employee, they will be paid under the company’s payroll regulations and cycle. On the other hand, if the bookkeeper works as an independent contractor, they will bill the company for the services rendered, and the client will pay according to the company’s contractor payment policy. Professional Accounting Solutions, Inc, VIRTUAL BOOKKEEPING SERVICE Our team of experts will clean up your books quickly and accurately using QuickBooks online to bring you up to date and give you control over your finances. Configuration of the system. Examine and restructure your chart of accounts. Months/years of transactions accurately posted and classified Reclassify any inaccurate entries. In less than a week, you can have your financials ready. Talk about your deductions. Examine your tax return with you. Stress-free tax preparation Also Read: How To Manage Employee Expenses? QUICKBOOKS Our QuickBooks Consultants can assist you with all aspects of QuickBooks software. We provide consulting services that combine strong accounting and technological skills as a Certified QuickBooks ProAdvisor. Setup of the software Implementation Integration of third-party apps with data migration Troubleshooting and maintenance SupportsTraining ACCOUNTING We’re a full-service accounting firm that specializes in virtual cloud-based accounting solutions tailored to your financial and business objectives. Profitability study of costs and revenues Budget planning and analysis Financial projections for the long term Purchases of Financial Management Equipment Implementation of financial processes and internal controls. Tax Licenses for Businesses Research on State Sales Taxes (Excise Tax Returns) Selection and implementation of software 3/4

4. BENEFITS Because of the cost savings and flexibility associated with this arrangement, a virtual bookkeeper may be beneficial to a corporation. Virtual bookkeepers don’t require office space or supplies, and contractors are exempt from paying insurance, benefits, or employment taxes, saving the company a significant amount of money. Virtual bookkeepers have a flexible schedule and can work as little or as much as the firm requires; this is especially beneficial for small businesses that don’t require a full-time on- site bookkeeper or whose financial services needs change. Hopefully, this article was able to provide all the needed information regarding virtual bookkeeping. Get free 1-Month online bookkeeping services from Professional Accounting Solutions, Inc, one of the best-reputed accounting Miami, USA-based firms. Share this Post December 2, 2021 Accountant 4/4