Online bookkeeping allows an accountant or bookkeeper to provide their services to any business remotely.
While you might not think online bookkeeping is standard practice, it becomes more and more popular. It also has some real benefits for both businesses and bookkeepers.
Online Bookkeeping Defined
An online bookkeeper is allowed to complete their work remotely instead of physically being in the office. Other than the location where the work is completed, there aren’t any other differences. Online bookkeeping still uses financial software, like QuickBooks Online and Sage Intacct, to post financial transactions, create and review financial statements, and reconcile bank and credit card accounts.
Online bookkeeping can be beneficial for a business in a few ways. First, it can be a cost-savings to them. Depending on their needs and their staffing situation, they could save 40% of what an in-house bookkeeper would cost. The second is expertise. It might be difficult for a business to find a qualified bookkeeper in their area. The third is continuity. With an online firm, your business will always have someone available to complete your books without having to hire a new person or not have services completed due to illness or absence from work.
Some benefits for the bookkeeper is flexibility and the ability to work from home. While they will still complete the same work for their client each month, they are able to determine when they work. Online bookkeepers also don’t have to worry about living in a specific community or area or missing out on those family events that are important to them.
While online bookkeeping isn’t for everyone, the benefits for a lot of businesses and individuals can be overwhelmingly positive, so don’t write it off just yet. Want to know more about how it works? Check out this blog.