Today, most business processes have moved towards advanced tech-driven methods. Bookkeeping, too, is taking a slow turn towards its virtual mode.
This article gives you a simplified idea about virtual bookkeeping. Along with this, we will also share seven significant
advantages of virtual bookkeeping.
What is bookkeeping?
Let us learn briefly about bookkeeping before moving forward to its advantages.
Bookkeeping is a method of recording, storing, and retrieving financial transactions for a corporation or an individual. A bookkeeper is the one who looks after the book, and he performs the following tasks:
- Billing for goods and services provided to customers
- Monitoring individual accounts receivables
- Providing financial reports
- Processing employees' payments
- Verifying and recording invoices
- Paying suppliers
Virtual Bookkeeping
It is easier to
understand virtual bookkeeping when we have comprehended bookkeeping in advance. The bookkeeping function performed remotely over the internet using cloud-based software is called virtual bookkeeping.
Physical Bookkeeping v/s Virtual Bookkeeping
| Physical Bookkeeping |
Virtual Bookkeeping |
| Outdated |
Updated with the latest technologies |
| Location centric |
Wide global reach |
| Occupies a lot of office space |
Saves office space; can be utilized for other purposes. |
What are the advantages of virtual bookkeeping?
With the help of expert CPAs at
Harshwal & Company LLP, we present the seven most essential
advantages of virtual bookkeeping.
- Time-saving Method - Virtual bookkeepers, are more time-saving than the traditional ones. From hiring to working, they consume less time than traditional bookkeepers.
- Cost-effective Solution - Reduced expenses are the best part of hiring a virtual bookkeeper. It helps you save money in the following ways:
- Reduced hiring expenses
- Preventing you from office expenses
- Saves the cost of providing employee benefits
- It eliminates the cost of providing tools
- Accurate Financial Reporting - Virtual bookkeepers work hand-in-hand with cloud-based accounting software. Thus, eliminating the need for regular manual data entry. It provides better visibility of business performance and gives real-time access to financial records.
- Updated Records - Virtual bookkeepers are more advanced and updated with the latest developments and technologies. They keep your records updated and accurate.
- Availability of Wide Talent Pool - You get access to global experts when hiring virtual bookkeepers. In contrast, you can only access the local bookkeepers when opting for a traditional bookkeeping service.
- Flexible Schedules - Virtual bookkeepers are more adaptable and flexible toward your working models. It helps them to deliver accurate, effective, and on-time services.
- No Office Space Required - Virtual bookkeepers work from remote locations. They can help you save your office spaces, so you can utilize them to meet other requirements.
Conclusion:
Virtual bookkeeping is a futuristic method of bookkeeping for business owners. It will reduce the stress of managing the books and aid them in maintaining an accurate record of their accounts and finances.
Delegate your bookkeeping services to the dedicated team of bookkeeping experts at
Harshwal & Company LLP.