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We’re making it super easy for you to hire amazing talented Virtual Bookkeepers from around the world!
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Find, interview, and hire amazing remote talent from around the world to scale your business via our platform.
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Manage contracts, team engagement, invoices, and feedback in one centralised platform.
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Pay your global team in 90+ countries in a single click without having to worry about the admin that comes with it.
What Is Virtual Bookkeeping & What Are Virtual Bookkeeping Services?
A virtual bookkeeper doesn’t actually do anything physically; they’re just responsible for managing your finances and accounting services online. You’ll still receive regular statements and invoices, and you’ll be able to keep track of everything yourself. However, you won’t need to hire someone full-time to manage your books. Instead, you can make use of freelance bookkeepers and other online bookkeeping services.
There are many different types of virtual bookkeepers out there, each offering slightly different features and levels of customization. Here’s what you should look for in a virtual bookkeeper:
1. Accessibility
You want a bookkeeper who offers 24/7 accessibility. If something goes wrong during normal working hours, it could cause problems for you. Make sure you know exactly where your bookkeeper works and how quickly they respond to requests. Not having consistent access to your bookkeeper can hinder your business and financial transactions.
2. Reporting
Do they provide you with detailed reports? Do they send you weekly or monthly summaries? How often do they update you? These are important questions because you want to make sure they’re providing you with up-to-date information. Make sure you outline how and when you’d like your financial reports.
3. Customization
The cool thing about a virtual bookkeeping service is that you can really customize it to your business and your needs. You can specifically request that your virtual bookkeeper is familiar with whatever cloud-based accounting software you prefer for your business and so on.
Learn about Virtual Bookkeepers:
- Virtual Bookkeeping
- Benefits
- Considerations For Companies Relying On Paper Documentation
- Who Should Use
- Remote Bookkeeping Services?
- Types of virtual bookkeepers
- How to choose a virtual bookkeeper
- How to assess virtual bookkeepers
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Virtual Bookkeeping Benefits
Remote bookkeeping allows you to access financial data from anywhere, anytime. This makes it possible to provide better customer service and improve productivity. And you don’t have to do any of this through an accounting firm.
A remote bookkeeper can automate certain accounting functions, such as payroll processing and tax preparation. They can also perform basic reconciliation activities to ensure accurate reporting.
The benefits of working with a virtual bookkeeper include:
• Better Customer Service – You can respond faster to customers because you are always accessible via phone, email, or chat.
• Improved Productivity – With a virtual bookkeeper, employees spend less time managing accounts receivable and inventory.
• Lower Costs – By outsourcing some administrative work, you can reduce overhead expenses.
• They can oversee all your balance sheets
• They can make sure all your bank statements are saved and accessible
• They can update and organize your financial records
• They can ensure your bank accounts are synced and meet your business needs
• They can process payroll for you
• You can delegate a wide variety of financial tasks and all your basic bookkeeping needs to them so you have more time to focus on making the business decisions that matter most!
Considerations For Companies Relying On Paper Documentation
For most small businesses, it makes sense to keep track of their financial records digitally. But how do you transition away from paper invoices without losing out on important information about your customers? Here are some things to consider before making the switch.
- Assess your current processes and where your data and important financial reports are stored
- Make sure you’ve allocated time for the migration process from a paper documentation system to cloud-based software
- Make sure the right people have access to this information. If you have a virtual bookkeeper you need to ensure there’s a user-friendly way for the right people to have remote access to this information.
Who Should Use Remote Bookkeeping Services?
Virtual bookkeepers make it easy for small businesses to keep up with their accounting without hiring an accountant. They do most of the work for you, so you can focus on what you do best – running your business. Remote bookkeeping services are not just for financial professionals or big businesses but for anyone looking to streamline bookkeeping for their business.
Types of virtual bookkeepers
A virtual bookkeeper helps small businesses keep track of their finances and prepare financial documents such as tax forms. These professionals are paid through commission, usually based on how much money they process for clients. These bookkeepers maintain virtual positions and can pretty much assist with all your day to day finances and basic bookkeeping tasks thanks to their accounting knowledge and experience.
Virtual bookkeepers do not actually enter data into spreadsheets; rather, they use software programs to perform calculations and generate reports. Because they are working online, virtual bookkeepers can work from home, making it possible to start a side hustle while still managing a full-time job.
There are three types of virtual bookkeepers:
• Software-as-a-service providers. These bookkeepers provide access to software programs that allow clients to run their books without having to purchase additional hardware.
• Cloud-based bookkeepers. These bookkeepers store client information in the cloud, allowing them to access files anywhere there is an internet connection.
• Desktop-based bookkeepers. Clients download software onto their computers and connect to the Internet to submit payments and request invoices.
The most common type of virtual bookkeeper is a desktop-based bookkeeper. However, some companies prefer to hire software-as-a-services providers because they can customize their offerings to meet specific requirements. For example, a software provider might offer a free trial period to test out the program.
Freelancers
Freelancing is becoming one of the most common ways people are earning extra income online. In fact, according to Upwork, there are now over 3 million freelancers worldwide. And while it might seem like a good idea to take advantage of this trend, many freelancers aren’t aware of how much work goes into running a successful freelance business.
A. Virtual Bookkeeping Software
If you’re looking for a simple solution to manage your finances, virtual bookkeeping software is a perfect fit. You’ll find plenty of options out there, including QuickBooks Online, Xero, Wave, Freshbooks and others. These programs offer everything you need to keep track of your clients’ invoices, expenses and payments. Some even allow you to send automated emails to customers letting them know about upcoming bill dates.
B. Accounting Software
While some freelancers use accounting software such as Quicken or TurboTax, others prefer to do the numbers manually. If you choose to go this route, make sure you account for taxes and fees. For example, if you charge $100 per hour, you’d better add up those costs too.
Services
Virtual Bookkeeping Services offer a much wider range of services than most small businesses realize. They provide everything from simple bookkeeping to payroll management. In fact, many virtual bookkeepers offer more services than traditional bookkeepers do.
For example, virtual bookkeepers often include tax preparation and filing, payroll processing, and even retirement planning. If you don’t know where to start, ask about what services they offer. You’ll likely find something that fits your needs.
How to choose a virtual bookkeeper
Bookkeepers are like plumbers, electricians, and roofers — people we don’t always think about choosing until something goes wrong. But even though it might seem obvious, there are still plenty of questions to answer before you start working with a bookkeeper.
Here are some things to consider before you decide whether to work with a virtual bookkeeper or hire a traditional bookkeeper yourself.
1. What Accounting Method Do You Prefer?
There are different types of accounting methods. Some are better suited for small businesses while others are best for larger companies. For example, QuickBooks Online offers both desktop and mobile apps, which makes it easier for smaller businesses to manage their books. However, Intuit doesn’t offer a cloud-based solution for larger companies. If you’re looking for a professional bookkeeper, make sure you know what type of accounting system they use.
2. How Many Transactions Do You Expect To Do In An Average Month?
If you plan to keep track of every transaction, you’ll probably need a bookkeeper who uses double entry accounting. This method requires tracking each purchase and sale separately, making it easy to see how much money you’re spending and where it’s coming from. Double entry accounting is ideal for large companies because it provides detailed reports on cash flow and helps ensure accurate financial statements.
3. Which Bookkeeping Software Do You Use?
You need to make sure the person you choose to hire is familiar with your preferred accounting software.
How to assess virtual bookkeepers
A virtual bookkeeper should have a strong digital footprint. They should have a website, social media profiles, and a professional LinkedIn account. If you don’t have one already, it’s time to start building one. Your website should include contact information, pricing, and testimonial videos. You’ll want to make sure that people can find your site easily via Google. To do this, optimize your meta tags and keywords. Don’t forget about your social media platforms either. Facebook, Twitter, Instagram, and Pinterest are great places to promote yourself and your business.
Reviews are important. Ask them for testimonials or connect with current clients. Make sure that your reviews are positive. People trust recommendations over anything else.
Virtual bookkeepers should know how the software works. This includes spreadsheets, invoicing, and accounting programs. The best ones are easy to learn and understand. Look for those that come with training materials. There are plenty of free resources online too.
If you’re looking for a more affordable and sustainable option without having to do the entire hiring and assessing process you might consider making use of a hiring platform like DigiWorks. Virtual assistant companies or platforms like DigiWorks are amazing as they not only match you with pre-vetted and assessed bookkeepers and admin assistants that can take care of all your business needs but they will also handle all onboarding and payroll needs as well. Since DigiWorks’ talent are from emerging countries, the rates are much lower than the US minimum wage and you don’t have to deal with the risk of dealing with scammers or incompetent freelancers.
Ready to build your remote team?
Use the DigiWorks platform to hire, manage, and pay remote talent from all over the world.
Conclusion
Virtual Bookkeepers are here to assist you in running your business. They are not there for you to do your work for you. You must make sure that they offer any add-ons such as payroll processing and tax preparation because it is important to know what they can do for you. Finally, look for a good price. With massive freelance marketplaces and being able to unlock the global talent pool with companies like DigiWorks, affordable and competent virtual bookkeepers have never been more accessible!
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About DigiWorks
DigiWorks is an easy-to-use platform that helps small businesses and start-ups hire amazing remote talent from around the world. DigiWorks offers a way for you to hire, manage, and pay people from all countries. If you find an amazing virtual assistant from the Philippines, a content writer from Nigeria, or an operations manager from South Africa – manage and pay your entire team from one platform with no hassle.
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