Over the last year and a half, businesses have had to adapt in new ways – many having to restructure their companies to comply with stay-at-home mandates as a result of the pandemic. According to the U.S. Chamber of Commerce, businesses that managed to thrive during the pandemic were flexible, exhibited resourcefulness, and instituted creative solutions to both company and customer challenges. As the world is slowly beginning to open up again, business owners are deciding to keep some of these pandemic-era changes in place, like giving their employees the option to either return to work in-office or stay at home and continue to work remotely. Using a virtual bookkeeping service should be one of the changes your company considers keeping permanently – and here are four reasons why

1) Flexibility

Flexibility has become an essential component for businesses, required both on the part of the employer and the employee. Online bookkeeping fits into the post-pandemic-era business model by offering a degree of flexibility that’s much needed in this “new” world. Virtual bookkeeping services are on-demand, and given that all the work is done electronically, response time is improved now that the work can be accessed from virtually anywhere. This means that all of the invoices you need for your clients as well as other bookkeeping tasks can be completed quickly and efficiently.

Also, data is securely located in the cloud, making access to records easy for both the bookkeeper and the client. The cloud also doubles as a safe place for your company to back up data. For industries where travel is required, it is especially beneficial for employees to have access to this information on the go. This flexibility is also valuable for the long term. If we’ve learned anything from the pandemic, it’s that the future is uncertain, and in the event that your company is once again forced to shift operations, this will be one less thing you have to worry about.

2) Resourcefulness

Successful businesses are those that are able to maximize their productivity with the resources currently available to them. Owners often have to find a balance between what they would like to do and what makes sense given their budgetary constraints. Outsourced bookkeeping services are a low-cost alternative to hiring an in-house bookkeeper, and with the option to pay either hourly rates or fixed monthly fees, a company can get the services it needs while still staying within its budget. This is perfect for businesses that are looking to cut down on their expenses or fledgling start-ups that may not have sufficient funds to bring on a full-time bookkeeping team.

The financial benefits linked to virtual bookkeeping services go beyond just saving on personnel costs (although this is a significant chunk of change saved as you don’t have to pay for an employee’s benefits). By outsourcing accounting and bookkeeping services, a company doesn’t have to pay the overhead for things like extra office space and also saves on equipment expenses.

3) Creative Solutions

Creative solutions are always in demand. Right now, your company is likely working on a solution for how to bring everyone back to the office safely. Depending on the comfort level of your staff, the number of employees returning to the office could be limited, leading to uncertainty as to where a bookkeeping or accounting department would fit in. With virtual bookkeeping, however, space is not a concern and there are fewer employees you have to worry about.

4) Other Advantages of Virtual Bookkeeping

Expertise is another one of the key benefits when outsourcing bookkeeping services. Because bookkeeping is arguably one of the most important parts of any business, it’s important to make sure those managing your company’s accounts and finances are qualified. Many online bookkeeping professionals hail from big accounting firms who have chosen to work virtually because of the flexibility this arrangement offers them, which can be a major benefit for your business. If you are in an area that is in short supply of qualified bookkeepers, outsourcing work to a virtual bookkeeper is a great option that allows your company to get the financial and accounting expertise it needs without worrying about location constraints.

Outsourcing also provides a degree of separation between the company/ employees and the bookkeeper. While this may not be an issue for your company, having an unbiased outsider do the bookkeeping and accounting may be beneficial for businesses that struggle with inter-office conflict. Another added advantage is that your company doesn’t lose time or money on training costs!

The Future is Remote

According to an article published by the U.S. Small Business Administration (SBA), one of the top business trends for 2021 is the continuation of remote work. This prediction was made largely for two reasons: 1) businesses find that their companies can run with increased or comparable efficiency while working remotely, and 2) given the relative uncertainty about how the pandemic will progress, it is smart for companies to maintain adaptable business models in the event a second COVID wave hits the U.S. Another trend the SBA predicted for 2021 was that businesses that offer virtual services will not only be in high demand but will also stay that way post-pandemic.

We understand why some business owners are still hesitant to commit to outsourcing their bookkeeping and accounting services. One misperception is that they equate the low cost of these services with low quality. However, this is not the case with Our Bookkeeping Team. The experts at Our Bookkeeping Team are licensed, ex-Auditor CPAs who are well-equipped to manage the financial audit process. Many of our team members have previously worked at big accounting firms, such as PricewaterhouseCoopers (PwC), Deloitte, and KPMG. We specialize not only in bookkeeping services but also in virtual controllership and outsourced financial services. At Our Bookkeeping Team, we provide the knowledge and expertise your company needs so you can focus more on running your business. For more information on the services we provide, or to learn more about how Our Bookkeeping Team can help your business, please visit ourbookkeepingteam.com or call us at 213-468-8316.