What You Need to Know About Virtual Bookkeeping

virtual bookeeping
Business / Cloud Accounting / Start-Up

What You Need to Know About Virtual Bookkeeping

Deciding Between On-Site and Virtual Bookkeeping

If your business is considering hiring a bookkeeper, one of the decisions you need to make is between having an on-site or virtual accountant. Choosing to work a company that provides virtual bookkeeping has many benefits for your business. Choosing virtual bookkeeping allows your accountant to keep on top of your books, without ever stepping foot in your office.  

About Virtual Bookkeeping 

Similar to on-site accountants, virtual accountants manage your business’ day-to-day financial tasks such as recording financial transactions, reconciling bank and credit card accounts, and processing your payroll. Traditionally, accountants need to visit your workplace to manage these financial tasks. Virtual accountants can manage all of these tasks using cloud-based software systems such as Xero. Virtual bookkeeping is often referred to as remote or online bookkeeping, meaning all financial tasks are carried out in the cloud.  

Hire a Reliable Virtual Bookkeeper

You can hire a virtual bookkeeper on a full-time or part-time basis. If you choose to outsource your finance function, you will benefit from a team of experts, including a wider range of bookkeeping expertise and capacity to cover additional bookkeeping tasks and accounting services. Choosing a virtual accountant regulated by a professional body, will give your business confidence they are certified and reliable. Gallagher Keane are registered members of Chartered Accountants Ireland which means we are supervised by this body, ensuring we provide the highest standard of accounting services.  

Key Bookkeeping Tasks  

There is no difference between the key tasks undertaken by on-site bookkeepers and virtual accountants. These tasks include:

  • Data Entry 
  • Recordkeeping 
  • Accounts Payable and Receivable 
  • Expense and Receipt Management  
  • Payroll reconciliation and reconciliation of bank accounts. 

Accounting Tools

On-site accountants tend to use locally installed accounting and bookkeeping software, which is not accessible by the client. Virtual accountants use cloud-based accounting and bookkeeping tools. This provides remote access to the accounting team and the client, giving a real-time view of business finances.  

Workplace and Communication

On-site accountants tend to involve in person meetings, email, and phone communications. However virtual accountants can communicate from anywhere in the world. Communication involves emails, phone, shared drives, video conferencing and project management software. The transition to remote working has highlighted how businesses can work together in harmony, despite not being in close proximity to each other. This has given businesses more choice when it comes to the services they choose. In today’s world, working with an accountant online is no different to working with a local accountant as many businesses are operating fully remotely.  

Virtual Bookkeepers and Physical Documents

Virtual bookkeeping works well for businesses that are willing to use cloud services and go paperless. Cloud accounting replace the need for physical paper invoices and receipts. There are many resources available to manage paperless billing and invoicing, making it easier to move your business’ office to the cloud.  

Will Virtual Accounting Work for My Business? 

Almost all businesses or start-up businesses will find virtual bookkeeping a convenient alternative to traditional accountants. Choosing a virtual accountant gives you a greater number of experienced accountants to choose from, as your business does not need to be in close proximity to your business.  

Start-up Businesses and Virtual Accounting  

Working with a virtual accountant is a strategic fit for many start-up businesses. Start-ups that are growing rapidly can benefit from virtual accounting as they can provide your business with flexibility to take on extra work as and when you need it. Start-up businesses with unusual business models can benefit from working with a virtual accountant to ensure your tax affairs are in order. If your start-up business operates in several locations, virtual accountants can help you handle your finances in all of these locations. Having one point of contact managing your finance information will save you time and money, as well as giving you a clear picture of how your business is performing.  

Gallagher Keane’s Services 

Gallagher Keane maintain their entire practise using cloud accounting software. This allows our clients to access their finance information online and make informed business decisions. If you are interested in finding out more about Gallagher Keane’s online accounting services, why not book a no-obligation call with us.