It might be high time for you to look for a virtual Bookkeeper. We are talking about a professional who is able to work with you remotely and keep a track of your day-to-day finances. With countless bookkeeping software options, along with video conferencing and file-sharing technology, it is easier than ever to obtain virtual support from someone way outside the physical boundaries of your office in Keilor. Let us look at the benefits and pitfalls related to the concept.
Benefits of Hiring a Virtual Bookkeeper
Saving both money and space: Bringing on for your company, a full-time employee can be really expensive and comes with costs beyond just their salary – such as benefits and your office space and the equipment needed to get the job done. All these add up to a lot of expenditure. Hiring a virtual bookkeeper means that you do not have to find a physical space to home a new person, and since they are a freelancer, you are not responsible for providing things such as health insurance that an employer would be needed to furnish.
The Latest and the Greatest Tools: Whenever you take on a novel responsibility in-house at your organization, there is also the need to bring on the necessary tools and technology to get the task done. When you hire a virtual Bookkeeper, they are responsible for providing you with the necessary software and for maintaining everything up to date. This means that one less set of systems and processes for you to think and worry about internally.
Adding a specialist to your current team: Virtual bookkeepers spend the entire day doing bookkeeping and competing for brand new businesses for a variety of companies. This means that they know all of the ins and outs of the trade, and work to increase their own skills on a daily basis to remain competitive in the market. Not just that, but as they get a behind-the-scenes look at how all their clients manage their businesses, they are constantly gaining knowledge and best practices that they are able to apply to the task they carry out for you.
Access to a Team: If you employ a traditional Bookkeeper, there is the challenge of finding someone who is the right fit. You do not want to overpay for someone very senior, but you also want to hire someone who will be able to manage the obligatory tasks as your business continues to expand and grow. When you employ a virtual bookkeeping team, you will be supported by individuals who represent different areas of expertise and experience, meaning that they’ll identify which of their team members is perfectly suited for the work you need to be done.
Pitfalls of Hiring a Virtual Bookkeeper
Logistical disadvantages: While there is a list of benefits to having someone work virtually, there are also a number of logistical pitfalls that tag along with hiring someone outside of your physical office space. Communication is not as effortless as if you are sitting right down the hall, and it is easier for wires to get crossed in terms of deliverables and expectations. When you bring on a virtual Bookkeeper in Keilor, create a concrete schedule and put into practice monthly check-ins from the beginning to avoid any sort of miscommunication.
Weakened Data Security: When your bookkeeper is in some other location, it is necessary to make use of technology to share sensitive financial information. While most of the technology companies take security critically and have safeguards in place, there is always the chance that someone might access your financial information as it is being transferred beyond the boundaries of your firm’s internal network. When hiring virtual bookkeepers, be sure to ask what preventive measures they take to safeguard against information breaches.
To be short of insider knowledge: While a virtual Bookkeeper will be highly knowledgeable regarding the services they provide you with, they are not a part of your organization. They’re never going to hold the level of understanding about your vendors and customers that someone inside your company would have. For this, it’s probably best to establish an approval process whereby you will have the final say before your bookkeeper sends documents to your customers or vendors directly.
If you are the proprietor of a growing business that needs bookkeeping services to support, however, you might not yet be able to find or hire someone in-house, a virtual bookkeeper and might just be the right solution for your expanding business.