Be honest: Do you end up racing to catch up on bookkeeping at the end of the month (or at the end of the fiscal year) because you’ve been so busy doing other business-related things?
It might be time to consider virtual bookkeeping!
What is a virtual bookkeeper?
Just like an in-house bookkeeper, a virtual bookkeeper will diligently record the day-to-day transactions for your business — things such as bills, payments, invoices, deposits, and bank transfers. The big difference is that a virtual bookkeeper (thanks to the technology available to us nowadays!) works remotely.
How does remote bookkeeping work exactly?
At Finatics, we use secure electronic document management applications so that our bookkeepers can receive a scanned copy or photograph of any receipt or invoice from the companies that contract our services. Our preferred app is Receipt Bank, but we do work with businesses that use other apps such as Hubdoc.
That’s not all! Businesses can have other important financial transactions like phone bills or online subscriptions “auto-fetched” in these apps, so our bookkeepers can access these documents directly from the vendors. In this way, a virtual bookkeeper receives the required documentation to process timely and accurate transactions.
Our team members are also very experienced using various cloud accounting software, including Quickbooks Online and other major accounting software apps. If you’re not yet accounting in the cloud, don’t worry! We have helped other businesses successfully transition to cloud-based accounting programs. Some of the many Apps that we have experience with include the TSheets (time tracking and scheduling app), Receipt Bank (document management app), SOS Inventory (inventory management and item assembly app), A2X (e-Commerce app that transfers transactions from Shopify and Amazon), and a few different KPI/Metrics apps. We have certifications in QBO, SOS Inventory, Float, and Spotlight reporting.
Not only is virtual bookkeeping secure, it’s fast and easy! It works well for businesses anywhere across Canada. Once all of the financial transactions are posted, a virtual bookkeeper will review and update statements and reconcile accounts. Everything will be ready for your Virtual CFO to analyze or for your tax accountant to review at year-end.
What’s the benefit of outsourcing to a virtual bookkeeper?
There are a few very clear benefits. First, small- to medium-sized businesses, startups, and non-profit entities all reach a point when it’s no longer sustainable to have someone who is not a bookkeeper in charge of the books. When you hire virtual bookkeeping services, you typically contract someone or a team with more experience than you’d be able to afford to hire as a full-time, on-site bookkeeper. Plus, you don’t need to provide office space, computers, a cell phone, or pay for office supplies for your virtual bookkeeper.
When you work with a virtual bookkeeping provider, there is more flexibility than you get with a full-time bookkeeper onsite. You are able to use the services you require as needed (and pay for only what’s needed). If you have a project, you can quickly scale up with more hours. If your business experiences seasonal fluctuations, you can cut back on the hours. Some companies will hire virtual bookkeeping services to keep things going while full-time staff are away on sick leave or holiday.
Some accounting work requires niche expertise. With a virtual accounting team (Bookkeepers and CFOs), you work with professionals who have diverse backgrounds and a breadth of experience.
Instead of trying to do the bookkeeping yourself, or relying on a staff member who doesn’t have bookkeeping expertise but does the work as part of their “other duties” as assigned, you’ll save time and money outsourcing to a virtual bookkeeper. You’ll have that time to spend on other ways to grow your business.
How do I find the best virtual bookkeeping provider?
Find a company that has a good reputation and a demonstrated track record.
Always check the credentials of the people who work for the accounting company. Do they have several years of experience working with public and private enterprises? What areas of expertise do they list? Do they tell you the professional designations of various team members?
It’s also good to see if there are any good reviews online. Check LinkedIn for professional references and Google reviews to see what people in the community have to say about the firm.
Curious to explore virtual bookkeeping as an option for your business? Please contact Finatics to find out how we help businesses across Canada.