The average annual income for bookkeepers is approximately $60,000. This provides your organization with some protection against the disclosure of its private data. You may also require the bookkeeper to sign a non-disclosure agreement (NDA). It may be necessary to strengthen your network firewalls and other protections before you allow your virtual bookkeeper access to this sensitive information. Things to Consider Before Hiring A Bookkeeperīecause virtual bookkeeping requires the bookkeeper to have remote access to your business’s critical financial documents, data security is essential.
Virtual bookkeepers have flexible schedules as long as specific tasks are completed by the assigned deadline. Finding someone locally who can provide that level of expertise while staying within the client’s payroll budget may be a challenge.īusinesses don’t need to provide office space, a laptop, or other supplies to the virtual bookkeeper. Virtual bookkeeping firms and bookkeepers for hire often have quite a bit of experience in many different industries. Outsourcing your bookkeeping needs can provide a level of expertise that can otherwise be hard to get. Engaging an outside firm like CFO Strategies to handle your bookkeeping protects your company against staff turnover and the disruption and cost of starting over with a new bookkeeper.įrom the virtual bookkeeper’s perspective, this structure can allow them to serve multiple companies anywhere in the country, giving them more knowledge of various systems and practices. Further, it is common these days for staff to turn over frequently, often within 1-3 years, which is disruptive to an organization. Many businesses’ need for a bookkeeper can be cyclical, so this arrangement can allow the business to ramp up the bookkeeper’s workload during busy times and ease off during slower times. Ultimately, there is no difference in the benefits a company will realize from the bookkeeper.īy entering an independent contractor arrangement, employers reduce payroll taxes, insurance premiums, and other costs associated with having a full-time employee on the payroll. The key to success is maintaining regular communication. The virtual bookkeeper would obtain access to the company’s systems, applications, and files remotely, perform the same tasks and deliver the same reports as when working on-site. As such, there is a greater demand for professionals that can work remotely or virtually.Ī virtual bookkeeper offers the same services and benefits you would expect from a bookkeeper working on-site. In today’s workplace, most companies work in automated environments that facilitate or enable working remotely. The most successful relationship is based on regular communication, where expectations are established and met or exceeded. All services are customized and tailored to the needs of the clients. Filing certain tax returns, such as payroll taxes and sales taxīookkeeping services are provided on a schedule agreed to with the client and could be on a daily, weekly, or monthly basis, depending on the client’s needs.Preparing financial reports, including cash flows.Creating and posting journal entries for all financial transactions.Generating and recording sales invoices.Bookkeeper Responsibilitiesīelow are some tasks that may fall within a bookkeeper’s duties. For example, what works well for an insurance brokerage company may not be a good fit for an architectural firm.
The scope of a bookkeeper, whether it is an in-person or a virtual bookkeeping position, can vary widely based on the client’s needs and budget.
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