The world is being digitized at a rapid rate today. Projections by Forbes show a staggering 25% of jobs in North America shifting to the Work-From-Home (WFH) model. WFH model came into significant popularity after the Covid-19 pandemic. Thus, it appears that the future of many desk jobs such as accounting and IT will be shifting to a virtual setting. Businesses must adapt to this trend shift to remain competitive. There is no dearth of businesses in the competitive landscape today. Hence micro-management and consistent process optimization is the only way to achieve any significant competitive advantage.
Bookkeeping is one such function of business that has seen a rapid shift to virtualization. Many businesses are opting to save up on the cost of an in-house accounting team and associated expenses such as office space and amenities. Services like the ones provided by Expertise Accelerated are dedicated to providing US businesses with virtual bookkeeping services. Such services have changed the business landscape immensely. In fact, in a prior publication titled “The Future of Accounting: Demand and Evolving Technology 2022”, experts at EA highlighted the evolution of technology and business processes, and the growing trend of outsourcing mundane operations such as bookkeeping.
What is Virtual Bookkeeping?
Virtual bookkeeping is essentially bookkeeping done virtually. What this means is that instead of setting up an in-house bookkeeping function where an accountant comes in to fill and manage the book of accounts, the bookkeeper manages the responsibility virtually i.e., over the internet. The virtual bookkeeper utilizes sophisticated bookkeeping software such as QuickBooks and automated procedures to provide an error-free efficient service.
EA publication titled “What is Remote Bookkeeping? and How Does It Work?” provides a detailed insight into remote bookkeeping and is a useful resource for any inquisitive entrepreneurs out there. The next question that comes to mind is the relevance of virtual bookkeeping, and why businesses should invest in the WFH model. To elucidate on the subject, let’s take a look at some of the benefits of going virtual with your bookkeeping!
Virtual Bookkeeping is Cost Efficient
Hiring a professional bookkeeper is not easy in the current inflationary spell. With costs rising all across the board, and in consequence of the prevailing labor shortage in the US, there is a dearth of affordable bookkeeping solutions available to US businesses. Most professionals simply cost way over the budget of most small businesses. Not to forget the immense cost of the hiring process itself. This is precisely where Expertise Accelerated’s outsourced bookkeeping services come into play. By leveraging EA’s virtual bookkeeping solutions, businesses avoid having to go without a bookkeeper, and at a fraction of the typical cost of an in-house bookkeeper.
Virtual Bookkeeping is Time Efficient
Time is money, and small businesses require constant attention from entrepreneurs to grow and stay competitive. Bookkeeping, therefore, becomes yet another responsibility that the core team must juggle, and it can negatively impact the entrepreneur as well as the business. Most small businesses have to operate on a very tight budget, and the grim reality is that the current business climate does not support investing in an in-house bookkeeper.
Yet again, virtual bookkeeping is the answer to this conundrum. EA’s gold-standard bookkeeping talent provides entrepreneurs with a much-needed break from bookkeeping responsibilities. By making use of remote bookkeeping solutions, entrepreneurs can free up their schedules and focus on the strategic development of the business.
Virtual Bookkeeping Provides Access to Expertise
One of the most important benefits of virtual bookkeeping is gaining access to expertise. Most entrepreneurs are not expert accountants. They do not have an idea of what to look for when hiring an accountant or what their industry typically demands. For example, a CPG business differs greatly from a real estate business, and there is no one-size-fits-all solution for accounting and bookkeeping.
EA, a virtual bookkeeping service, offers entrepreneurs access to experts in various US industries. Our team of professionals provides great insight into how to manage and proceed with accounting affairs. Finding such expertise would typically be far too expensive for the standard small business but with virtual bookkeeping, it becomes a reality.
Virtual Bookkeeping Scales with the Business
If the recent financially uncertain times have taught the business community anything, it’s the fact that a business must be prepared to adapt and scale to endure economic fluctuations. Virtual bookkeeping is a great boon in this respect, as it inherently scales with the business.
To elaborate, virtual bookkeeping subverts the hiring process entirely and provides a business with a trained pool of professionals to add to the accounting function as needed. If the business experiences a sudden burst of growth, entrepreneurs can quickly adapt and onboard the talent required to deal with the corresponding increase in workload. Similarly, if the business experiences a decrease in workload, there is no need to lay off employees with virtual bookkeeping solutions. You can simply withdraw resources per the needs of the business without requiring tedious middle management.
Virtual Bookkeeping is Secure
Security is one of the most notable fears entrepreneurs tend to have when it comes to investing in virtual bookkeeping. Rightfully so, the financial information of the business is a closely guarded secret and can be a huge liability in the outside hands. This fear, however, is largely unfounded, and virtual bookkeeping services are just as secure, if not more robust than in-house bookkeeping.
For one, virtual bookkeeping services are contractually bound to protect client confidentiality and take extensive measures to ensure that no breach of trust occurs. Secondly, virtual bookkeeping services have a finger on the pulse of cybercrime and cyber security, while consistently updating their security to handle any new threats. Secure servers are typically used to store the data, and access and control of these servers lie in the hands of entrepreneurs.
Virtual Bookkeeping is Convenient
Finally, virtual bookkeeping services are extremely convenient. As all work is done remotely, businesses can access their financial records and communicate with their bookkeeping team from anywhere with an internet connection. This can be particularly useful for businesses with multiple locations or employees who work remotely. Having all the bookkeeping available in one centralized location makes it tremendously accessible. Plus, if there are any changes that have to be done over the weekend or during holidays, entrepreneurs can quickly contact the bookkeeping team and get it sorted from the comfort of their homes.
In a nutshell, virtual bookkeeping appears to be the direction we are heading in for the future. Entrepreneurs must weigh the pros and cons of the WFH model and make a decision if they wish to stay competitive. Virtual bookkeeping is cost and time efficient and offers access to coveted expertise, robust security, and great scalability; on top of being convenient to leverage.
Expertise Accelerated as your Virtual Bookkeeping Partner
Expertise Accelerated is a Connecticut-based outsourcing and staff augmentation specialist, providing US businesses virtual access to some of the finest offshore bookkeeping and accounting talent.
Haroon Jafree (CEO Expertise Accelerated) is a veteran of the US CPG industry, with a decade of experience in trade promotion management and business process optimization. Haroon possesses unique insight into the US business landscape and has served as CFO for a multitude of businesses. Under the leadership of Haroon, EA’s mission is to provide US entrepreneurs the opportunity to leverage Haroon’s talents and augment his handpicked offshore professionals into their businesses.