Accounting is an important part of an organization; a business has to manage the accounting aspect of it so that there are always accurate financial records. With the new trends coming in, nowadays businesses are adopting virtual accounting & bookkeeping services.
Basically, virtual accounting & bookkeeping services go hand-in-hand.
Virtual accounting is professional accounting services which are done without being physically present on the worksite. They are less expensive as compared to hiring an in-house accountant, and are more flexible for the business.
Bookkeeping services mean the recording of financial transactions to keep them for a record & to prepare statements. Every transaction that is done for business purchases, sales, receipts & payments are thoroughly recorded & archived.
Common financial transactions and tasks that are involved in bookkeeping include:
- Billing for goods sold or services provided to clients.
- Recording receipts from customers.
- Verifying and recording invoices from suppliers.
- Paying suppliers.
- Processing employees’ pay and related governmental reports.
- Monitoring individual accounts receivable.
- Recording depreciation and other adjusting entries.
- Providing financial reports.
How Can You Assess Bookkeeping Services?
There are a number of bases on which you can judge book-keeping services, and see that no bookkeeping problems occur to you.
This is the main point in assessing bookkeeping services, as that cost should be taken in consideration, where the two parties stand mutually. The cost mentioned should fit into the budget of a small business. The main difference between an in-house bookkeeper & virtual bookkeeping services is that the latter helps you save more than 50% off your book-keeping budget.
Easy to implement
The implementation of bookkeeping services should be easy. The cloud accounting software should be easy to access. Bookkeeping is a time consuming and tedious job due to which availing for bookkeeping services are your best bet.
The book-keeping services should consist of recording transactions related to income & expense; all reconciliations related to bank & credit; and preparing of financial reports.
It is easy to provide products or services, but it is difficult to maintain the after-sales services. There always must be a professional & experienced book-keeper who remains ready with the answers to all their clients’ queries whenever and where ever they occur.
A book-keeper should provide payroll services to businesses. Because maintaining payroll is a pro-active process and involves a high degree of regulations. Therefore, maintaining the payroll is advisable under bookkeeping services.
How Can You Assess Virtual Accounting?
Below are the points on which you can assess virtual accounting:
Reconciliation of bank and credit card transactions
There are a large number of transactions which need to be properly processed and recorded. In this scenario, virtual accounting comes in between to reconcile all the data, and present proper financial reports regularly.
Payment of bills
Every month your accountant keeps in order a list of bills, which are due for payment or accounts payable. These bills are organized in a way that the first one which gets paid is due first, and like this, a series goes on. Virtual Accounting can help you in organizing and paying your unpaid bills.
Generation of updated reports
A businessman is always in a need of updated financial reports, to remain streamlined with the process. When you move to virtual accounting services, you have a trust that you will get all of your requirements of financial reports in an instance.
Calculation and submission of sales tax returns
Dealing with sales tax returns can require extra efforts from your accountant, and if your accountant does not have the bandwidth, you have to hire another one. A good virtual accounting service will lessen the burden drastically. As it collects the tax, fills up your forms, and pays your sales tax with your approval.
Virtual accounting Services offers payroll support to businesses. If you opt for this service, it will surely assist you in avoiding large scale investments in sophisticated software and hardware for payroll processing.
Be in contact with your CPA
You have to keep an eye on the performance of your accounting team, and this you can do, by remaining in contact with your CPA. Both of your teams – bookkeeping team & CPA – should go as one team.
Using the best accounting software
You must always see that the virtual accounting services are using quality software, as they have to generate quality and accuracy of financial data. There are much famous accounting software which can be used, but you make sure that your accounting team is operating the best one.
Before handing over your accounting operations to virtual accounting & book-keeping services, make sure you have researched enough. We, at Accounts Confidant understand that as a business owner, you are dealing with lot of difficult tasks on a regular basis like Virtual Accounting Services and Bookkeeping Services, so when it comes to virtual accounting and bookkeeping, in case you have any further queries related to this topic, kindly contact our Accounts Confidant Team of Experts immediately on +1-866-301-2307 to clear your doubts and look for future prospects.