Get A QuoteWhat is virtual bookkeeping?
A start-up or small and medium business can leverage virtual bookkeeping perfectly to improve their ROI and gain a competitive edge with fewer resources at hand. But what is virtual bookkeeping and how can it help your business?
What is virtual bookkeeping?
Systematic recording and organization of the business’s financial records daily to enable accurate financial report generation and business performance measurement is called bookkeeping.
Efficient and accurate bookkeeping helps a business understand profitability, demonstrates transparency, enables robust forecasting and helps make well-informed data-driven decisions. This bookkeeping performed remotely, independent of the office location is called virtual bookkeeping.
So a virtual bookkeeper can work from his home base in another street, city or even country. As long as his expertise and experience fits the bookkeeping requirements and is adept at local laws and compliance requirements, a virtual bookkeeper provides impeccable value to the enterprise. Here’s how.
Benefits of virtual bookkeeping
Expanded talent pool: Given they hire from same pool of talent, start-ups and SMBs have to compete with attractive salaries and perks offered by large players. With virtual bookkeeping, the entire world is your pool and this gives you greater convenience to find the right bookkeeping resource well within your budget.
Reduced cost: Rise in inflation post-pandemic has also surged both pay expectations and compensation offered. Also, an employer has to pay benefits which can be a big burden when additional infrastructure and accommodation costs are taken into the account. A start-up or an SMB choosing virtual bookkeeping usually only pays for the services rendered and hence eliminates the overhead expenses. For example, businesses save more than 75% of their budget by outsourcing their bookkeeping services.
Greater flexibility: While an in-house bookkeeper’s schedule is fixed, a virtual bookkeeper can be hired to be available as per your schedule and requirements. For example, if you hire a virtual bookkeeper say, in India, the 12-hour gap can enable a 24/7 work environment to provide you impeccable flexibility. On top of that, given virtual booking services work on basis of the volume of work, they complete the booking work on time without the need for overtime pay.
Saved time & improved productivity: Hiring a virtual bookkeeper who can work around your schedule will reduce the burden on your team (or you) to give you greater freedom for focusing on more critical tasks like financial strategy and marketing. Having strong off-shore support also improves your team’s productivity significantly.
In essence, virtual bookkeeping services save the two most valuable assets a start-up or an SMB can have – time and money. On top of this choosing, an expert bookkeeper gives you greater flexibility and productivity and helps you lay a stronger financial foundation for your growing business. However, a business can only accrue all these benefits when they choose the right virtual booking services.
Equipped with cutting-edge accounting infrastructure Effective Accountancy possess expertise in an extensive range of cloud accounting software and tools to cater to all your bookkeeping requirements. Over the last two decades, we had successful virtual bookkeeping and accounting partnerships with small, medium and large accounting practices.
