Can Bookkeeping Be Done Remotely | EXCOL, LLC
Ask a Question

Can Bookkeeping Be Done Remotely

  • Date
  • Posted by
    EXCOL
  • Category
Excol Can Bookkeeping Be Done Remotely

Can Bookkeeping be Done Remotely?

Working remotely is the term that cuts across many fields today especially amid the current pandemic that is yet to abate. Businesses, whether small or large, require the services of a bookkeeper. It is a known fact that the marketing and sales department of companies can operate anywhere. The internet and social media make it even more convenient to reach more people than it was in time past. But can bookkeeping be done remotely?  To a large extent, there is largely any service that can be done by using a computer and an internet connection that can’t be done remotely and bookkeeping is no exception and the reason why the term ‘virtual bookkeeping service’ keeps growing on Google search. 

What is Virtual Bookkeeping?

Virtual bookkeeping provides a platform for bookkeepers to offer their services to businesses remotely. It is simply a bookkeeping approach that is virtually done and without being physically present in an office. Instead of being physically present at the customer’s office, a virtual bookkeeper works by telecommuting with a client in a different location. Since the services of a bookkeeper are done by using computers and internet connection, the limitation of geographical location hardly has any significant effect on the job. There is not much difference either between job roles onsite in a customer’s office and working as a virtual bookkeeper remotely in another location.

What a Virtual Bookkeeper Does Similar to an Onsite Bookkeeper

The Bookkeeper’s role is to make daily business records and see the financial health of a business. A remote bookkeeper does these things online. He uses bookkeeping software to remotely;

  • Review financial records
  • Post-financial statements and records,
  • Reconcile accounts
  • Update financial records.
  • Develop and send financial reports
  • Ensure accuracy of records
  • Balancing up debits and credit accounts

He may also receive digital receipts, invoices and work on the company’s financial system.

How a remote bookkeeping system works

The working principle of a virtual bookkeeping system is digitally inclined with an appreciable technical ability to operate a computer and work with software remotely. What the business does is grant bookkeepers access to their server, financial documents, and software. By using a remote desktop client, the bookkeeper can log in to the company’s network from home. He then installs the company’s bookkeeping software on his home computer. This creates a solid communication link between the customer and the bookkeeper and enables the ability to transfer records and daily financial activities to the customer. It is just that simple! 

Gains of Remote Bookkeeping

It is a win-win situation for business owners and the virtual bookkeeper. To the employer, it can save on costs in the following way:

  • It is a flexible arrangement that is easy to manage whether working full-time or remotely
  • It doesn’t require a physical office space and does not need supplies
  • There is no need for insurance cover, employment benefits
  • Small business can choose to hire a virtual bookkeeper on a part-time basis
  • For the bookkeeper, the benefits are also great:
  • It offers a flexible scheduling ability. They can choose to work at their own schedule
  • It cuts down costs on transits between work and home since it is a home-based role
  • It affords the virtual bookkeeper to attend to other areas when required such as child care
  • Virtual bookkeeping allows the bookkeeper to work with as many customers as they accommodate

Challenges to starting virtual bookkeeping

In any business venture, there are always hurdles to overcome. For virtual bookkeeping, there are a few of them. 

Setup

Getting started with remote bookkeeping can be a challenge if the technical skills to do so are lacking. This can involve not having the right hardware installed on the computer. Not all computers come with specific software-compatible hardware. Purchasing a high-end computer is often the solution. For some virtual bookkeepers who are just starting, this may not come easy. For the first-timer who has no hands-on experience with working remotely, a smooth run can be a bit difficult especially with working with remote client software.

Technical Issues

A network problem and connectivity issues can hamper communication between the customer and the virtual bookkeeper. This can also make connecting to the remote server impossible. If it happens, that should be a serious setback for businesses to keep track of records. On the virtual bookkeeper’s side, quick resolution may take some time since in-house engineers are absent.

Producdtivity

The freedom that comes with working at home can be misused. A bookkeeper can decide to be busy with other things instead of working on bookkeeping requirements. Conflicting interest that may result from this does not help productivity.

The solution to this for the employer is to keep track of remote employees during working hours. Remote project management software like TeamViewer is useful for this purpose. Having a workable schedule and keeping to it is important for a virtual bookkeeper to have success with his remote role.

These are issues with virtual bookkeeping. It can affect any of the two parties involved but most of the time, the virtual bookkeeper falls short of these issues.

Can Bookkeeping be Done Remotely?

Remote bookkeeping is computer-based and requires some basic IT skills including a measure of the efficiency with Microsoft Office suites. The ability to use software and related tools is yet another requirement.

Since more businesses are seeking effective ways to run their businesses, bookkeeping arrangement that requires no need for office space and staffing can be beneficial. To the bookkeeper, it is a flexible way to earn a living, whether as a full-time or part-time worker.

Resting on the premises of the above submissions, bookkeeping can be done remotely and effectively at home in the comfort of the bookkeeper’s residence. Businesses can exploit the current internet and cloud infrastructures to manage the system efficiently. However, overcoming the obstacles on the way will be the huddle to cross to make a success of the concept.

Learn More About Remote Bookkeeping

If you have any questions about Remote Bookkeeping you can ask about it and we'll either write an article about it or respond if we can.

    Office Number