What is virtual bookkeeping and how it works

Virtual bookkeeping has become increasingly popular and it offers exceptional, dedicated services to a business. A virtual bookkeeping company provides service from a remote location – removing the need for an in-house accounting team. Mazuma is a licensed accounting firm (CPA) based in Orem, Utah, and members remote bookkeeping of the AICPA. We provide professional accounting services to businesses and individuals, with a focus on small business bookkeeping and taxes. The virtual bookkeeper helps keep the company on track by understanding the bigger financial picture and enables the company to make informed financial decisions.

Virtual positions are becoming increasingly common as businesses turn to cloud-based software to meet their needs. Virtual booking strikes a balance between staffing arrangements and workloads. A virtual bookkeeping arrangement can be beneficial to both the business and the bookkeeper in terms of flexibility and cost. Tax laws are becoming more complex, so small business owners turn to accounting professionals to learn about tax-deductible expenses. From a day-to-day business perspective, virtual bookkeepers can ensure your records are up to date and organized for tax time.

What Are Outsourced Bookkeeping and Accounting Services?

Here are some ideas to get you the help you need to set up your bookkeeping system. Consider your circumstances and unique business needs to choose the model for bookkeeping that makes the most sense for your business. Online software is usually the lowest-cost way to do bookkeeping for your business, but that doesn’t necessarily make it the best fit. You thought you were finally going to get to be creative or focus on your services or create your products – then you have to file a tax return. There are several key rules of bookkeeping to keep in mind, but one of the most important is regarding debits and credits. In other words, debit is all incoming money, while credit is all outgoing money.

So what exactly are online bookkeeping services and what do online bookkeepers do? Enter remote bookkeeping, a service that will provide SMBs with a dedicated virtual bookkeeper who’s always there to take on this challenging task. Virtual bookkeepers offer the peace of mind that comes with knowing your books and finances are up to date and organized—without the pressure of hiring an in-house professional.

How much should you charge for virtual bookkeeping services?

Outsourcing bookkeeping is accessible remotely, providing businesses convenient, shared access to accounting software and financial documentation via a secure portal. When your business is still growing, bookkeeping isn’t such a cumbersome task. But as the business gets larger, it can start to become a very time-consuming job. When deciding whether to use online bookkeeping services, it’s best to consider the amount of time (and therefore, the amount of money) https://www.bookstime.com/ that you’ll save with accounting software and a dedicated bookkeeper. From monthly financial reports to expenditures at multiple locations, the virtual bookkeeper can use their accounting software to ensure everything is recorded and organized. Quickbooks Online, NetSuite, and many other programs are out there to assist an in-house bookkeeping team, but it requires the need to train employees and keep their education and the software itself up to date.

At Bench, for example, we connect directly to your bank and credit card accounts to automatically pull your transactions. Then we categorize every transaction and produce shiny financial statements for you. We also give you an easy-to-use platform with simple reports and dashboards to keep track of your finances. Your bookkeeper has a portfolio of clients they’re working for, but they’re always available for questions or conversations about your finances.

Can I hire a bookkeeper instead of an accountant?

Bookkeeping goes well beyond organizing your bank and other financial statements in the right folders. With solid bookkeeping practices, you have a better idea of which invoices clients need to pay and which vendors you need to pay. When you have a better idea of when money is coming and going, you can get ahead of potential cash flow issues. It means that your virtual bookkeeping service has missed the biggest boat of all when it comes to being a “cloud-based” bookkeeping service. They must offer flat rate pricing — a monthly fee in exchange for a well-defined set of deliverables.