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Why is Virtual Cloud Bookkeeping Best for Small Businesses?

Posted on 11/11/2022

In the realm of small-business bookkeeping, virtual cloud bookkeeping services are getting more and more popular; as a result, the practice of bookkeepers traveling to meet with customers is becoming more of an exception than the norm. In fact, it’s probable that you won’t ever really meet most of your clients.

Trusting a virtual service with your books may be challenging, and selecting the right provider can be even more challenging. In order to make the best choice possible, we’ll simplify the process easier by demonstrating how to use your virtual accounting service and outlining the qualities to look for in these services.

Data storage in the “cloud” is like taking place in a fantastic location. But ever since it began, a lot of companies have tended to favor it. A revolutionary wave of recent technological advancements that had seemed like a far-off fantasy to many has come to pass thanks to cloud computing. Many big and small businesses have started adopting virtual cloud bookkeeping to streamline their accounting and finance operations.

The corporate sector is quickly undergoing a transformation as a result of the move to cloud computing, which is a very important step. It boasts a plethora of benefits, including mobile data access, and lowers IT expenditures.

The most enjoyable development in the accounting sector in recent years, in terms of “Accounting,” is definitely the cloud. Due to this, bookkeepers and company owners may now access crucial data regardless of where they are.

50% of IT professionals believe that artificial intelligence and machine learning are playing a role in cloud computing adoption, growing to 67%.

What Are Virtual Cloud Bookkeeping Services & What Is Virtual Cloud Bookkeeping?

Virtual Cloud bookkeepers do regular financial activities including recording transactions, balancing bank and credit card accounts, and processing payroll, much like conventional on-site bookkeepers.

The main distinction is that in order to complete these activities, a typical bookkeeper must be present at your place of business. In contrast, a virtual cloud bookkeeper uses cloud-based software to manage everything remotely.

Online or remote bookkeeping are other names for virtual cloud bookkeeping.

Key advantages of virtual cloud bookkeeping include:

  • More industry-specific accounting resources, including access to professionals with highly specialized vertical experience
  • On-demand insights for key financial metrics for making stronger data-driven decisions
  • More timely monthly, quarterly, and annual reports
  • Access to an expansive team of CPAs and bookkeepers with relevant industry experience

Make sure the individual’s work is trustworthy, accurate, punctual, and thorough before engaging them to assist with managing your company’s money, just like you would with any other person or service.

You have three options for hiring a remote bookkeeper: as a full- or part-time employee, as an independent contractor or freelancer, or by using a remote bookkeeping service.

If you use a bookkeeping service, you’ll gain the advantage of working with a large team of professionals from various fields. Access to more individuals also increases the ability to provide accounting services and address last-minute bookkeeping jobs.

Duties of a virtual bookkeeper:

The duties of an internal accountant or bookkeeper are often carried out by a virtual bookkeeper. They record a company’s regular financial transactions as well as critical bookkeeping duties like:

  • Recording day-to-day transactions
  • Paying bills and invoicing clients
  • Reconciling bank and credit cards statements
  • Remitting sales tax returns

Virtual bookkeepers may provide monthly and annual financial reports and communicate with your accountant as necessary, just like their in-office equivalents.

Cloud Accounting: Choosing It for Your Business:

Business inboxes are clogged with documents. For instance, the accounting transaction needs the appropriate paperwork. The effectiveness of these jobs can be considerably improved by software. The use of cloud accounting is a great way to simplify corporate transactions. Here are a few less well-known benefits of cloud accounting for businesses:

  • Strict security and backup: Tasks are automatically backed up when using cloud accounting. It can only be viewed by people who have access to files. It’s critical to back up tasks, especially because it saves time.
  • IT costs were reduced: It is cloud-based, and it does not necessitate a significant level of IT maintenance
  • Collaboration is high: It is simple to transfer tasks. Even if it is shared with a large number of individuals, it is free.

Analyze the web visibility of your virtual bookkeeper.

A truly cloud-based company should be leveraging social media aggressively, including a virtual cloud bookkeeping service. They ought to be taking part in forums on Facebook and LinkedIn. They should also be creating material that positions them as thought leaders in addition to this.

By doing this, you may avoid relying on their assurances that they can fulfill your needs. You won’t have to just take their word for it if they are giving advice that other people find to be helpful. It’s a strong indication that your potential virtual bookkeeping service will actually benefit your company if they recognize the importance of contributing to the discourse.

What benefits do small businesses get from Virtual cloud bookkeeping?

Making the switch to cloud bookkeeping can help small businesses become more productive and save time and labor. According to accountants and business consultants, cloud accounting has a variety of advantages for small and medium-sized enterprises, which are detailed below:

  • Work from any location

The business sector has changed to reflect the epidemic, as many individuals now work from home due to covid limitations. If you’re one of the folks that want to operate from any place or are required to due to constraints, cloud bookkeeping may definitely help. Clients are able to access company accounts from anywhere with only an internet connection.

  • It’s a realistic model that’s affordable.

The affordability of virtual accounting assistants makes employing them so common in the era of technology. Since they do not need additional fees for office space and equipment, virtual assistants aid with cost savings.

You may cut expenditures on items like paid time off, incentives, and other personnel expenses by hiring virtual staff. As a result, the company may focus its attention on more important aspects of its business, such as making investments in emerging markets and making sizable profits.

Additionally, there is no need to enter into long-term contracts or obligations while working with Velan’s Virtual Assistants because you just pay them hourly.In the long term, this also saves money for aid.

  • Reliability and quality

When it comes to producing error-free reports, technology has always excelled over humans. Software for online bookkeeping generates accurate reports that are 100% true. Accounting involves numbers, thus there is a possibility for inaccuracy if accountants execute the task.

In cloud accounting, data is saved on the cloud rather than any other kind of storage medium. The benefit of data security and the assurance that there won’t be any data loss or corruption due to system failure is that it benefits small enterprises.

  • Improve Your Cash Flow

We all need to keep a close eye on business expenses; especially after the epidemic (are we there yet?). You may save time in numerous ways by using cloud-based accounting software like Xero or QuickBooks Online.

Because you are automating the invoicing process, you may take online payments more quickly, and since many accounting systems give straightforward methods to contact clients, this makes any procedure short work.

  • Spend less money

Cloud-Based Bookkeeping Services are cost-effective in the long term because they are available with monthly, quarterly, or annual subscriptions. The inexpensive cost of cloud accounting services, which benefits small businesses, is one of the most popular justifications for employing them. Because small businesses typically have a smaller or more constrained budget, they can benefit the most from accounting by transitioning to cloud bookkeeping.

  • Increased adaptability and financial savings

With the option of working with accountants outside of your immediate region, virtual bookkeeping makes it simpler to locate the best fit for your requirements and your budget. For example, hiring a bookkeeper full-time or internally may not be the most cost-effective solution in terms of:

Salary (hourly rates vary with location and expertise, but annual salaries range from $34-$77K)

Payroll Deduction costs

Overhead like benefits and IT equipment

However, since maintaining your books is a required investment, working with a virtual cloud bookkeeping company like Velan can be the best option for getting current records at a reasonable cost.

Our Bookkeeping Experts are here to help.

You only pay Velan for the bookkeeping services your company really needs. Velan’s experts can offer a larger variety of knowledge and a wider spectrum of virtual bookkeeping services as your transactions or accounting complexity grows.

  • Worldwide talent is available

We frequently are unaware of how the hiring process is constrained when employees are hired on-site. For a business to profit from utilizing global talent, a remote working model is necessary, especially if you are dealing with foreign clients.

Your business’s attractiveness on a global scale will rise when you engage a bookkeeper for your workplace. Additionally, companies with varied skills on their staff are more likely to attract clients. In this sense, Velan’s virtual cloud bookkeeping services will provide you access to the top 1% of global talent.

You might profit from switching to virtual accounting services if your business is increasing but you are unable to accommodate them in your existing physical location. You won’t need to move to a bigger workplace because of this.

  • More time for business expansion

Would you like more time to devote to what really matters? Since it’s doubtful that you began your business with the intention of becoming a bookkeeper, outsourcing virtual bookkeeping services enables you to trade in the stress and time spent on your books for more peace of mind and more time to expand your company.

Choosing a virtual bookkeeper also means spending less time on staff management and training. By understanding every detail about your company throughout the onboarding process, Velan helps you make the move to online bookkeeping.

  • Financial Reporting in Real-Time

The financial data in cloud accounting is updated and accessible in real-time. Automatic data updates eliminate the possibility of human mistakes and make information available to consumers whenever they need it.

  • Absolute Security

Data is one of a company’s most valuable assets, and protecting it is still the top concern for any organization. All of the data is sourced from and stored in the cloud when it comes to cloud bookkeeping. This only allows those with access privileges to access the classified information.

Bottom Line: Access Velan’s Incredible Resources Easily:

Since bookkeeping is not an easy task, many business owners outsource it to online bookkeeping companies. You may gain a clearer perspective of your company’s finances if you choose the correct Virtual bookkeeper who has a natural grasp of your industry.

No matter how simple your concern may be, you can always contact Velan’s professionals to receive the solutions you want.

Keeping track of your cash flow is crucial, and cloud-based accounting software allows you to do it whenever and wherever you need to, allowing you to adapt to any issue.
You may get a clearer image of your firm when you have quick access to all the data and immediately available advice. Contact us today for more information about how our cloud bookkeeping services can benefit your business.

Topics: Bookkeeping Services

Pramod

Pramod

Manager

About the Author:

Pramod has over 11 years of experience relating to finance and accounts in diversified industries. He is an expert in resource and process optimization resulting in greater operational efficiencies.

Author can be reached at [email protected]

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