By admin, March 12, 2022
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Although in-house bookkeepers are a common concept, not all business owners are aware of virtual bookkeepers.
As the term suggests, virtual bookkeepers manage bookkeeping tasks remotely with the help of cloud software. In collaboration with just about any device in real time, you can access this type of software anytime and from anywhere; no need to wait for office hours to get the job done. Instead, information is easily available because it synchronizes with the cloud and is being updated regularly.
Virtuous Bookkeeping is a leading online bookkeeping and accounting service in the Toronto area. Our team of highly-skilled professionals offers exceptional personalized bookkeeping solutions to suit your budget.
In this post we examine essential attributes of an online bookkeeper.
Let’s get started
With so many virtual bookkeeping services, your choice is not easy. Here are the top qualities of online bookkeepers you must consider to make an informed choice.
When you outsource your work to an online bookkeeper, you must hire professionals who know the ins and outs of your industry. As a result, they can easily adapt to the working style of your business as compared to those who have never worked with companies similar to yours.
Virtuous Bookkeeping’s team of highly experienced Chartered Accountants, Certified Public Accountants, Certified General Accountants, and Certified Management Accountants have decades of experience in fintech.
This is one of the key qualities of proficient online bookkeepers. After all, they need to do repetitive tasks efficiently which requires organization.
Moreover, they should have excellent time management skills to help them identify which tasks need to be done first. They can also maintain an effective checklist and track their accomplished tasks.
Online bookkeepers deal with confidential data which is why an honest team is so important. Their financial reporting must be honest so stolen money is never an issue. They should also be proactive in terms of communication should they discover anything wrong with your finances.
Your business’s growth requires working with professional online bookkeepers who keep up to date with new techniques and skills. This helps them provide the best services.
For example, tax rules and regulations change often, and your online bookkeeping team should be aware of these changes to serve you best.
We are experts in several desktop and virtual accounting programs, including Xero, Sage, FreshBooks, Wave and QuickBooks.
Your online bookkeepers should reply promptly to email correspondence and attend all online meetings via Zoom or Google Meet.
They should also keep track of all your financial transactions, update your financial records regularly, and never have a backlog of tasks.
At Virtuous Bookkeeping we provide you with a committed account manager, an expert bookkeeper, and a reviewer. This helps us ensure optimum accountability and precision when it comes to your accounts. Our dedicated team can answer your queries almost around the clock. You may also access your financial information through our online portals.
Now you are aware of the top qualities of virtual bookkeepers. They should be experienced, well-organized, honest, responsive, and have skills and experience pertinent to your industry. In this way you will be able to scale the service as your business grows rather than wasting your money on an inefficient in-house hire. Need an AP outsourcing company? Want to outsource your invoice processing? For any online bookkeeping and accounting solutions, contact Virtuous Bookkeeping today.
When it comes to your business’s finances, transparency is of utmost importance. That is why your virtual bookkeeper should be crystal clear with their work. As a business owner, you obviously don’t want to work with someone who is suspicious and untrustworthy. Hiring someone who is not transparent in their management of your pricing and billing can result in losses. And you will end up constantly questioning your decisions, which will only adds to your troubles. If they aren’t adding value to your business, maybe it’s the right time to look for a reliable online bookkeeping service provider.
When it comes to your business’s finances, one misplaced comma or an eight mistaken for a zero can influence essential judgement calls. Left unchecked, these errors can seriously damage your organization. That’s why it’s important to hire a virtual bookkeeper who is detail-oriented. Remember, they will be dealing with the numbers that will go a long way towards ensuring you make the right business decisions. An online bookkeeper who is familiar with your company’s operations will be able to detect patterns in your financial records. They are also your best line of defence against repeated mistakes.
However, before you hire anyone to outsource payroll processing, accounts receivable or any other financial tasks, make sure you review their policies. Also, discuss what type of safety nets they have in place to catch mistakes. Ask what steps they will take if anyone from their team is found to be making repeated errors.
Your online bookkeeper should be able to prepare your organization for tax season well in advance. Hence, they should be well aware of tax deadlines for various items like quarterly tax estimates. They should also be able to keep all of your receipts and books organized properly. While you may hire a corporate accountant to be prepared for corporate taxes, your virtual bookkeeper will play a vital role in helping your business be better prepared.
As mentioned, your virtual bookkeeper should have the necessary software knowledge to perform their jobs properly and accurately. By being familiar with online bookkeeping software, they can automate many processes. Over time, this will greatly reduce the amount of time they need to spend on data entry. Furthermore, they should also know how to use cloud-based systems to keep your accounts up to date and help you recognize problems more efficiently. These efficiencies will go a long way towards allowing you to make decisions, promote your business’s growth, and improve its overall performance.
A reliable professional bookkeeper should understand the importance of your business’s expenses, income, liabilities, assets, and equity. Furthermore, they should be able to:
Virtual bookkeepers can qualify to work in the field in two ways: they can either study online and complete courses to attain the necessary qualifications and certification, or they can gain first-hand experience by working for a company. This goes a long way towards ensuring they complete the tasks being assigned to them in a timely manner. With the right experience, they will master how to accurately perform specific tasks.
Your virtual bookkeeper should remain on top of your cash flow and understand present and future requirements. There are numerous factors such as bonuses, taxes, annual events, and business seasonality that need to be considered when determining cash flow requirements. So, your virtual bookkeeper should have the knowledge and skills to balance these requirements. It will help maintain your business’s stability over a long time.
Furthermore, they should also know how to properly use credit when cash flow might be lower compared to the rest of the year. Controlling debt expenses should also be factored in. An experienced virtual bookkeeper will be able to look for favourable rates as well as the terms of credit.
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