You can have someone work remotely with you to help you keep track of your finances every day. It’s easy to access virtual support outside your office with a variety of bookkeeping software, video conferencing, and file-sharing technology. Let’s take a closer look at the pros and cons of hiring a virtual bookkeeper to manage your business.
Virtual Bookkeeper Pros
1. Save Money and Space
Full-time employment can be costly and come with additional costs such as benefits, office space, and equipment.
A virtual bookkeeper is a person who works remotely. They don’t need to be located in a specific area and are not required to provide health insurance.
2. Add an expert to your team
Virtual bookkeepers work all day to manage bookkeeping and compete for business from a variety of companies. They will have a deep understanding of their business and will strive to improve their skills every day to stay competitive.
They also get to see how their clients run their businesses so they are constantly learning new and better ways to help you.
3. The Most Recent and Greatest Tools
You will need the right tools and technology in order to take on new responsibilities within your company.
A freelance virtual bookkeeper is responsible for maintaining the software and providing support for clients. This gives you one less thing to worry about internally.
4. Access to a team
You need to hire a traditional bookkeeper to help you grow your business.
You’ll have a team of virtual bookkeepers to support you. They will help you identify the best person to do the work for you and assign them to your account.
The cons of virtual bookkeepers
1. Logistics of Being Offsite
Although there are many benefits to working remotely, there are also some logistical challenges. It’s not as easy to communicate with someone as if they were right next door. Also, it’s easier for expectations and deliverables to be misinterpreted.
To avoid miscommunication, you should establish a schedule and conduct monthly check-ins when you hire a virtual bookkeeper.
2. Weakened Data Security
It’s important to use technology to share financial information with your bookkeeper when they are located in another country. Although most technology companies have security measures in place and take security very seriously, it is possible that someone could access your financial information if the transfer takes place outside of the company’s network.
Ask about the security measures taken to prevent information breaches when looking at virtual bookkeeping services.
3. Insufficient Insider Knowledge
Virtual bookkeepers are not part of your business. They will have a lot of knowledge about the services they offer, but they won’t be able to make decisions for you. Virtual bookkeepers won’t have the same level of knowledge about your vendors and customers as someone working in your company.
It’s best to establish an approval process so that you have the final say in what your bookkeeper sends to clients and vendors.
Read More: Pros of using Simulation in Manufacturing
Our virtual bookkeepers right for you?
A virtual bookkeeper may be the best option for you if you own a growing business and need to have bookkeeping support. This field is still in its infancy so make sure you do your research. Ask thoughtful questions to your potential bookkeeping team to ensure that you find the right fit for your company.