Online Bookkeeping Services: Don’t Believe These Common Myths

Outsourced bookkeeping is gaining in popularity among businesses of all sizes. Undoubtedly the financial condition and success of your business are linked to how well you handle this task.

Whether you want to outsource it just once or on an ongoing basis, you may hesitate because of certain misconceptions surrounding online bookkeeping.

To help you make an informed decision, Toronto’s most reliable online bookkeeping service provider debunks the myths about, well, online bookkeeping services.

Let’s get started.

Common Misconceptions About Online Bookkeeping Services (Debunked)

Here, we dispel some common myths about outsourced remote bookkeeping services to help you to understand why it could be the best choice for your business.

1. You Aren’t Able to Control Your Business Properly

When you outsource your bookkeeping to a reliable service provider, you can manage your business more efficiently. This is because you do not need to think about managing your books and can focus more time on core business activities.

However, some businesspeople believe that if they outsource their bookkeeping that they will no longer be in control of their finances. This is not true. On the contrary, if your books are handled by experts and remain in order, you will better understand your company’s true financial situation and be able to manage it better.

2. Your Bookkeeping Will Be Done Overseas

Not necessarily. Many businesspeople wrongly believe that when they outsource their bookkeeping to an online bookkeeping service provider, these tasks will be performed abroad. In reality, outsourcing only signifies that you are acquiring these services from a third party, and this job may not be outsourced to a different country.

While some bookkeeping companies hire overseas bookkeepers, others do not. Most will have a local office. So, you do not have to be anxious about your company’s financial data or records being sent overseas.

3. It Costs Too Much

When it comes to running a company, time is valuable. Don’t think of outsourcing to an online bookkeeping service provider as an additional cost. Remember the time and energy you can save by allowing an expert to manage your books. As mentioned, when you can focus more time on the things you are best at, you generate more profit and growth in the long run.

4. Online Bookkeepers Only Do Data Entry

The scope of a trusted bookkeeper’s services is more than just providing data entry services. They can also generate financial reports and even do reconciliations in case any discrepancies arise. They may also check the accuracy of the entries, communicate any financial issues, and contact customers for payments. So, while data entry is a vital part of bookkeeping, a proficient bookkeeper provides many other services as well.

5. My Financial Information Is Not Safe

As bookkeeping mainly deals with financial data, many business owners are anxious about how secure it is to outsource this task. However, it is a myth that financial data is at risk when it is outsourced to an online bookkeeping company. Indeed, this may also happen if you hire an in-house bookkeeper.

For the security of your financial information, most online bookkeeping service providers adopt additional measures. They may use software that allows you to share files via cipher encryption. Also, they regularly audit your file to make sure there is no breach of your data.

These bookkeeping service providers are aware of the sensitive nature of their work which is why they adopt stringent security protocols that comply with industry standards.

Here we have busted some of the misconceptions about outsourcing work to online bookkeeping services. These tasks are time-consuming but vital to run your business successfully. That’s why you should start working with a trusted online bookkeeping company. For more information, get in touch with Virtuous Bookkeeping. We’ll be happy to help you.