What is Remote Bookkeeping?
Remote bookkeeping is an attractive option for small and emerging businesses in search of affordable financial management. As the name implies, remote bookkeepers work are outsourced team members who provide virtual support whenever needed and are often hired by businesses looking to reduce time spent on tasks, increase profitability, and minimize expenses.
In this article, we explore remote bookkeeping, from FAQs to benefits. Hopefully, we’ll help you determine if remote bookkeeping is the right path toward financial management for your business.
Let’s dive in!
Remote Bookkeeping vs Bookkeeping
The biggest difference between remote bookkeeping and traditional bookkeeping is location. Simply speaking, a remote bookkeeper does not work in the client’s physical office. The bookkeeper telecommunicates with their client from a remote location, providing services as needed.
Beyond location, remote bookkeeping responsibilities, training, and expertise are the same as traditional bookkeeping.
Remote Bookkeeping FAQs
We’ve listed some common remote bookkeeping FAQs that we often receive at MyRQB.
How does remote bookkeeping work?
At the beginning of your journey with a remote bookkeeper, you’ll grant the bookkeeper access to your company’s bookkeeping software (like QuickBooks or Xero), server, and financial documents. The bookkeeper will then access the program as they would if working on-site and download the software onto their own computer. If you do not currently have a bookkeeping software, most remote bookkeeping agencies will recommend a secure, highly-trusted program.
Regardless of the bookkeeping software used, both you and the remote bookkeeper will be able to access financial documents, make entries, and create reconciliations and reports. This allows you to remain apprised of the financial status of your company at any time.
Is my data safe?
We understand your concern! After all, you will be giving your virtual bookkeeper access to your financial records and bookkeeping software. The answer is yes. Make sure you choose a trusted, reputable remote bookkeeping agency, and you will have nothing to worry about.
For example, at MyRQB, we are in compliance with 201 CMR 17.00, the most stringent data regulations in the country. We have multiple layers of data protection, with surveillance and technology companies that are monitoring our servers 24/7. It has redundancy in every aspect of the network.
Check with your remote bookkeeping provider about their data safekeeping regulations.
Will I lose touch with my business if I outsource my bookkeeping?
This is an excellent question, and the answer is no – actually, the opposite often happens! Business owners who are freed to spend time managing their operations and sales (rather than entering information into their books) focus on their core competencies and see their business succeed.
Does my remote bookkeeper replace my CPA or tax preparer?
No. Typically, your remote bookkeeper will join your team, working alongside your CPA or tax preparer to get all your financial documents organized and ready for tax time. However, your bookkeeper will not prepare your taxes. This is the responsibility of your CPA or tax preparer!
What Are Common Remote Bookkeeping Tasks?
Remote bookkeeping tasks vary, depending on the level of responsibility given to the bookkeeper! Typically, the remote bookkeeper manages the financial accounts for their clients, including accounts payable and receivable. Every task is done meticulously.
A few common remote bookkeeping tasks include:
- Producing financial statements
- Recording transactions (debits and credits)
- Reconciling reports
- Entering data
- Maintaining up-to-date books
- Issuing payroll for staff members
What Are the Benefits of Remote Bookkeeping?
1. Remote bookkeeper saves time
As a business owner, you carry many responsibilities from day one. As time goes on, more tasks are added to your plate. Remote bookkeeping takes bookkeeping tasks out of your hands.
2. Remote bookkeeping is affordable
For many small and emerging businesses, hiring an on-site bookkeeper and paying for office space isn’t possible. Remote bookkeepers are cheaper than full-time, in-house bookkeepers, while still providing expert service. For example, you won’t have to pay your remote bookkeeper for sick days, lunch breaks, vacation time, or health insurance. You will only pay for time spent working directly on your business, such as for a specific project, not for an entire year.
3. Remote bookkeeping is flexible
Your virtual bookkeeper will be there whenever you need them. If you need your remote bookkeeper to join an important meeting, answer a question, provide a summary of your current financial status, or give some advice, they will be there to provide assistance. Additionally, once you no longer need the service of your remote bookkeeper, you can terminate the contract seamlessly.
4. Remote bookkeeping helps business owners make informed decisions
One of the primary tasks remote bookkeeping tasks is maintaining updated books, allowing business owners to understand the current fiscal status of their company at any given time. When an important decision needs to be made, these numbers provide insight to make an informed course of action.
How Can MyRQB Meet Your Bookkeeping Needs?
At Remote Quality Bookkeeping, we regularly work with business owners who want to pursue their passion and make money, but end up spending valuable time on complicated bookkeeping tasks. Ultimately, some business owners do not have extensive financial management knowledge and are unsure where to turn to make informed financial decisions.
This is where our team of outsourced bookkeeping experts comes into play. Our team members take over your data entry, reconciliation, reporting, and numerous additional financial tasks, helping you understand your financial reports and take charge of your business finances.
Additionally, when it’s tax time, all your information will be organized and optimized.
At MyRQB, we have extensive experience in customizing our services to meet unique needs and helping business owners see bottom-line growth. Our client testimonials speak for themselves. To get in touch with a member of our team, feel free to reach out at (866) 567-4258 or complete our online contact form. Talk to you soon!