Hiring virtual bookkeepers comes with a few risks but a bunch of benefits and advantages as well.
There are a few crucial back-office tasks that require skills, time, and attention in order for your business to function well. One of which is bookkeeping.
While there are some who hire in-house bookkeepers, others opt to outsource such a task to a 3rd-party provider – and for good reasons as well.
In this blog post, we’ll discuss everything you need to know about virtual bookkeepers, why companies hire them, and how they can benefit your business whether it’s a small enterprise or a large company.
What is Virtual Bookkeeping?
Before we dive into what virtual bookkeepers are and their functions, let’s see what virtual bookkeeping is first.
For starters, virtual bookkeeping involves bookkeeping and accounting tasks done remotely, offsite, or offshore. It allows bookkeepers to work from home or their own office instead of being physically present at your own office.
When you outsource your business’s bookkeeping functions, you’re basically adopting virtual bookkeeping in your back-office operations. Thus, you allow virtual bookkeepers to do the leg work for you.
What is a Virtual Bookkeeper?
They basically function like your typical bookkeeper, except that they work remotely and that they are responsible for their own equipment which saves you from further overhead and utility costs.
Moreover, virtual bookkeepers are able to make use of computerized bookkeeping software to simplify their tasks. This includes posting financial transactions, running payrolls, monitoring cash flow, updating statements, and reconciling accounts.
It can significantly reduce the strain of managing large amounts of financial data which also adds up to back-office efficiency and productivity.
Why Companies Hire Virtual Bookkeepers
Both small and large businesses outsource bookkeeping tasks for several reasons.
Small businesses, hire virtual bookkeepers to address staff shortages without spending extra on overhead costs. Moreover, small business owners do this so they can invest more time in growing the business.
For larger businesses, they hire virtual bookkeepers so they can easily access greater levels of professional expertise without spending extra just to have them work in-house. Moreover, outsourcing bookkeeping tasks saves them the time to hire, train, develop, and manage an in-house bookkeeping team because their 3rd-party provider is already responsible for these processes.
Average Salary of Virtual Bookkeepers vs. In-House Bookkeepers
Hiring in-house bookkeepers can be costly in terms of salary due to their skills and role at your business. Here are some statistics that show the average salary of in-house bookkeepers in different countries.
In the US, an in-house bookkeeper earns an average of $20.86 per hour or $42,534 per year. Meanwhile, in Canada, in-house bookkeepers earn an average of $24.75 per hour or $50,042 per year.
In Australia, in-house bookkeepers earn an average of $40.42 per hour or 69,152 per year. And in the UK, in-house bookkeepers earn an average of £15.89 per hour or £26,121 per year.
If you’re a small business looking to grow your team, these numbers can be very expensive wherever you are in the world. However, there is a more cost-effective solution for you – HIRING VIRTUAL BOOKKEEPERS.
A virtual bookkeeper from Synergist Corporate Solutions comes at a flat rate of $8 per hour – that’s a huge difference.
With a virtual bookkeeper, you don’t have to pay for sick time, overtime, or other benefits. Moreover, it is much cheaper to pay for extra tasks done when you outsource bookkeeping tasks. These tasks can also be easily completed according to your convenience.
Other Benefits of Outsourcing Bookkeeping Tasks
In general, hiring virtual bookkeepers is beneficial for your business. Here’s why.
1. More Time Saved
This is probably the most common reason why businesses outsource – to save more time. Bookkeeping is a tedious back-office task that tends to be time-consuming. Outsourcing bookkeeping tasks to professional virtual bookkeepers saves you more time to focus on business-crucial matters.
2. Less Spending Costs
As said earlier, virtual bookkeepers are responsible for their own equipment. This allows you to save on overhead and equipment costs. Moreover, you don’t have to pay for sick leaves, overtime, holiday leaves, benefits, allowances, and insurance.
When you partner with a managed virtual bookkeeping company, they will be responsible for providing your virtual bookkeepers with these benefits.
3. Access to Niche Talents
More than just time-consuming, it is difficult to find professional bookkeepers whose skills are at par with your standards and requirements. However, partnering with a virtual bookkeeping company like Synergist Corporate Solutions save you the hassle of hiring niche talents.
Your 3rd-party provider will be responsible for hiring, training, and managing your virtual bookkeepers. Furthermore, you can be sure you get the best professionals in the field due to a rigorous hiring process.
4. Improved Operational Efficiency
The end goal of outsourcing is to improve the operational efficiency and productivity of businesses without the extra costs of hiring in-house. This principle also applies when you hire virtual bookkeepers.
By outsourcing bookkeeping tasks, you allow your bookkeeping operations to function smoothly thanks to the latest computerized bookkeeping software.
Moreover, virtual bookkeepers who are well-trained and well-managed can get more work done, thus virtually improving efficiency and productivity for your business.
Tasks You Can Outsource to Virtual Bookkeepers
As mentioned earlier, virtual bookkeepers function the same as in-house bookkeepers. Thus, here are some bookkeeping tasks you can outsource to them.
- Posting Financial Transactions
- Running Payrolls
- Monitoring Cash Flow
- Updating Statements
- Reconciling Accounts
If you’re thinking of hiring a virtual bookkeeper, you can choose to either outsource specific bookkeeping tasks or have the third-party provider manage all of your bookkeeping operations.
Do You Need A Virtual Bookkeeper?
Whether you’re a small business or a large enterprise, if your goal is to improve the efficiency and productivity of your back-office operations and meet the staffing needs of your bookkeeping and accounting team without spending on overhead costs, hiring a virtual bookkeeper is the most cost-effective solution for you.
After hiring a virtual bookkeeper, you can leverage the extra time you get to continually grow your business and even spend it with the things that matter to you, including your family, your me-time, or even your hobbies. This is the ultimate reward of outsourcing those tedious bookkeeping tasks.
Our Virtual Bookkeepers at Synergist Corporate Solutions are well-chosen based on their skills and expertise. They go through a rigorous hiring and training process so we can ensure you get the best professionals in the industry.
Plus, you can be sure that they are well-managed thanks to our supervisors and team leaders who are responsible for creating a productive work environment for them.
Free yourself from tedious bookkeeping tasks. Get in touch with us and we’ll match you with the best virtual bookkeepers that fit your standards.