Virtual Bookkeeping – How and Why to Outsource Bookkeeping

What is virtual bookkeeping?

Simply put, when a bookkeeper records financial transactions, it’s called bookkeeping. When a bookkeeper does the same activity from a different geographic location, it’s called virtual bookkeeping. In other words, bookkeeping done with the aid of communication media, like internet, is called virtual bookkeeping.

Why outsource bookkeeping?

Outsourcing provides a great many advantages. To name a few – cost savings, benefits from specialization, and focus on core services.

But for an outsourcing venture to be successful, it needs to be carefully planned out and synchronized with your business. Simply selecting the cheapest provider as your outsourcing partner can turn out to be very harmful for your business.

Who should outsource bookkeeping?

Everybody? Not really. For an individual business owner with no employees outsourcing bookkeeping is not advisable. Bookkeeping should be outsourced when the business owner does not have the time or expertise to maintain the records himself.

Why select outsourcing over doing it in-house?

When you outsource services, you can benefit from the specialization of the service provider. Setting up an outsourcing venture requires very less time and resources, which is not the case with doing it in house.

To do bookkeeping in house, you first need to hire the right people, which is a time consuming procedure. Not every businessman knows about bookkeeping – so how does he select the right person from the available candidates?

Hiring someone without proper knowledge can be dangerous for your business. In our career spanning over twenty years, we have seen numerous instances of the chaos that ensues when the books of accounts are made by an incompetent person. In some cases, all the transactions had to be recorded from a scratch.

Another advantage outsourcing has is cost savings. An in-house bookkeeper can cost you $30 an hour. Add overheads, and benefits, and the cost comes out to $35-40. Bookkeeping can be outsourced to AccountsBees for $8-10. No benefits, not overheads.

What is AccountsBees?

AccountsBees is an Indian firm that provides bookkeeping solutions to all types of enterprises. Our focus is on providing quality service with quick turnaround time at competitive rates.

How Does it Work? What is the process?

To know how virtual bookkeeping works, click here

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