Accountants and bookkeepers are as important to the business as the operating staff. The growth of your business requires you to hire someone to manage your money. Accountants and bookkeepers play a crucial role here. Here are 7 reasons why businesses and you should hire bookkeepers and accountants if you still don’t understand.
What Is Online Bookkeeping?
It is a term that covers a wide range of online bookkeeping services. Bookkeeping tasks remain, but you won’t be dropping off paper stacks at your bookkeeper.
Most of those services have a few things in common.
- Okay, fine. The bookkeeper isn’t really on the computer, but you usually communicate with them via email and video chat.
- Software for cloud-based bookkeeping – Online bookkeepers use products like Xero or QuickBooks Online for bookkeeping.
- With an online bookkeeping service, you will be able to digitize all of your documentation so you won’t have to keep physical receipts.
There are many factors that make up a bookkeeping service, but not all bookkeeping services are created equal. Visit our guide to bookkeeping services for more information about the services we consider to be top-notch.
Having a sense of what online bookkeeping is, here are our 7 reasons to hire one.
7 Reasons to Hire an Online Bookkeeper
1. Save Your Time
An online bookkeeper will free up your evenings and weekends if you have been doing your bookkeeping yourself. Having more free time to do what you enjoy will help you stay healthy.
Using an online bookkeeper will also result in less time spent on administrative work during your working hours. Put your effort into the tasks you excel at and that will make your business grow.
2. Scalable Bookkeeping
As your business grows, your online bookkeeper can grow with it.
It may not be necessary to hire a bookkeeper every quarter in the beginning. In order to keep your business organized, additional bookkeeping services will be required as your business grows.
An online bookkeeper can help you with:
- Transaction recording on a monthly or weekly basis
- A payroll system
- Employee expense reimbursements
- Collecting receivables
- Making payments
- Filing sales tax returns
- Preparing financial reports
- Liaising with your accountant
Scalable online bookkeeping helps you grow your business.
3. Only Pay for What You Need
Each service can be added or removed, so your business always has the level of service it requires.
As opposed to hiring a bookkeeper. Paying for unneeded hours could cost you money. It is also possible that your internal bookkeeper could fall behind if your business grows due to increased workload.
4. Always Know Where You Stand Financially
Using cloud bookkeeping software, you can access your financials from anywhere with internet access. Click two times and you’ll find:
- Last month’s profits
- At that moment, how much cash is available in the bank
- You owe clients and customers money
- Whether you owe taxes or suppliers
- What your monthly payments are to each supplier (ugh, so many subscription fees)
You’ll also find many other useful reports at your fingertips.
5. Ditch The Mess
When your shoe box is virtual, no more piles of paper will be clogging up your home. Online receipts and invoices will store all your receipts and invoices in the cloud. will be stored in the cloud.
You can easily find all the relevant information on your digital receipts by scanning them with optical character recognition software like Receipt Bank. It will store your receipts online and categorize them by date, supplier, amount, and type of purchase. Easy.
6. No More Software Version Control
There was a constant stream of new versions of desktop bookkeeping software released by software companies years ago. You had to buy the updated edition each year in order to keep up with sales tax changes or even open a newer bookkeeping file.
Now that we use cloud-based software, everything is automatically updated. In companies such as Xero, new updates and features are automatically released as they become available.
7. Secretly Check-In on Your Bookkeeping Progress
By using an online bookkeeper, you have access to their cloud-based software, which allows you to log in anytime and view the progress of the project.
Though it’s a bit tongue-in-cheek, this is still a very powerful feature. Hopefully, your bookkeeper earned your trust by doing a great job. You sure can feel comforted to know that you can check on the progress of your bookkeeping at any time.