Virtual Bookkeeping Is an Absolute Must in 2022

The way US businesses operate has been rapidly evolving since the start of the COVID-19 pandemic in 2020, putting stress on many companies. The pandemic has forced many owners to change the way they do business for both safety and savings – most significantly, transitioning their in-house employees to work from home status.

This begs the question– if most of your employees are working from home anyway, can you further cut costs to preserve your business by outsourcing entire departmental functions?

The answer is yes. This is especially true for accounting and bookkeeping departments. Outsourcing your bookkeeping needs to a virtual controller allows you to slash your business expenses while maintaining a high level of service.

Here, we’ll be talking about several reasons why your business should hire an online bookkeeping team for 2022.

Reason 1: You can cut your costs by up to 30 percent.

Outsourcing your bookkeeping needs to a company such as Our Bookkeeping Team costs 30 percent less than maintaining an in-house accounting department.

Hiring a virtual accounting service means you do not have to pay for onboarding, salaries, benefits, employment taxes, and office space or equipment.

Additionally, a dedicated virtual bookkeeping business has the economy of scale that your in-house department lacks, allowing them to offer competitive pricing conducive to your bottom line.

Reason 2: Online bookkeeping services offer flexible payment options.

Virtual bookkeeping services often allow you to pay only for what you need, offering a la carte packages appropriate for various stages of the business cycle.

Online bookkeeping encompasses a wide range of services, including inventory accounting, billing and collections, payroll services, audits, and financial document preparation to name a few. Why pay for the whole kit and caboodle when you only need a few tools?

You can pay for regular services or special projects, and as your needs evolve, so can the services provided by your online bookkeeping team.

Reason 3: Online bookkeepers generally come from diverse professional backgrounds.

To gain experience, many freshly minted certified public accountants seek employment at one of the big four accounting firms – Klynveld Peat Marwick Goerdeler (KPMG), PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Deloitte – and move on to start their own businesses or work for a team of motivated self-starters.

Our Bookkeeping Team, for instance, is comprised of highly educated, extensively trained ex-auditor CPAs from the Big 4. We offer CPA-level expertise at a bookkeeping price to bring diverse experiences to work for you.

Reason 4: Cloud-based bookkeeping is convenient and necessary.

Some may extol the virtues of face-to-face interactions with your bookkeepers, but this prioritizes nostalgia over economy. Virtually every business or financial transaction is conducted online. Rarely do clients or businesses require paper documents when virtual docs are so convenient.

Virtual bookkeeping means you can access your business budget and financial records right from your phone, tablet, or computer – and quickly email receipts and other documents as needed.

If you’re already using a cloud-based accounting system, a capable online accounting firm will be able to work within your current program. Our Bookkeeping Team can work with any existing cloud-based system, including Cabbage and QuickBooks, so there’s no need for an expensive financial system overhaul.

Reason 5: On-demand access to a team of virtual bookkeepers.

To follow up on our previous point, going virtual does not mean you are suddenly cutting off access to a live human being. You might have questions that pop up throughout your workday that require the expertise of a CPA, not just a quick Google search. That expertise is only a phone call or email away – you never even have to leave your office.

When you outsource your business finances to a virtual bookkeeping service, you will have on-demand access to an entire team of bookkeepers. Oftentimes, startups and small businesses can only afford a small accounting team, if not only a lone bookkeeper, who then have to struggle to juggle vacations, sick-leave, or paid time off of these in-house employees. Signing a virtual bookkeeping service means you’ll never have to worry about the department schedule again. When you call, we answer.

Reason 6: There’s no need to worry about employee retention.

Speaking of juggling a schedule, the pandemic has business owners in every state pulling out their hair trying to find quality employees who will stick around for the long haul.

The beauty of outsourcing your bookkeeping needs is that you now have one less department where you have to worry about employee turnover. Instead, you can focus on the retention of those core employees vital to generating revenues.

A contract with another business is often more reliable than one with an employee, as a company generally has more to lose if they fail to meet their obligations.

Reason 7: Reduce liability with third-party oversight.

A second (third, fourth, and fifth) pair of eyes is crucial when it comes to the details of a business’s financial records. Sound business decisions are made based on budget and cash flow – if any detail is missed or error made, serious repercussions could follow.

And it’s not just an eye for detail that’s necessary to keep your books in order – accounting practices evolve over time, requiring ongoing education. Our Bookkeeping Team stays up to date with the latest information one needs to know for bookkeeping, ensuring your books are always tip top and nothing falls through the cracks.

Reason 7: Outsourcing means your choices aren’t confined within borders.

When you decide to transition to an online bookkeeping service, your access to expertise is greatly expanded. You no longer have to worry about an employee’s commute or the most convenient venue to hold a meeting. You can seek and hire the most qualified team that will satisfy your bookkeeping needs.

You might even find that working with an online accounting service in a different time zone is advantageous. This is especially true for businesses with odd hours. For example, if your business primarily operates at night, but your clients have daytime hours, hiring a bookkeeping team with similar hours to your clients can be beneficial when a financial concern affecting your customers arises.

Our Bookkeeping Team is ready to help your business thrive in 2022.

If you’d like to be able to make informed decisions based on GAAP-oriented, thorough bookkeeping while also cutting your operating costs, Our Bookkeeping Team is ready to help. Our Bookkeeping Team provides timely and affordable financial services to businesses throughout the nation. Call for your free consultation: 213-468-8316.