Pros and Cons of Hiring a Virtual Bookkeeper for Your Accounting firm.
Are running a small accounting firm? Do you need a bookkeeper? Do you think you have a time, space, or income to justify a new hire? It might be time for you to look into a virtual bookkeeper: somebody who can work with you remotely to keep track or monitor of your finances day-to-day. With a QuickBooks of accounting and bookkeeping software options, plus video conferencing and document/file sharing technology, it’s easier to get virtual support from someone outside the physical bounds of your workplace. Take a look at the pros and cons of hiring a virtual bookkeeper/accountant for your business.
Virtual Bookkeeper Pros: Save Money and Space Hiring a full-time employee can be expensive and comes with costs beyond their salary – like a tax, medical benefits and the office space and equipment required to get the job done – that really start to add up. Hiring a virtual bookkeeper means that you don’t need to find a physical space for an employee, and since they’re a remote employee, you’re not responsible for providing any type of benefits like Medical insurance, or tax benefit that an employer would be required to furnish. A staffing firm also helps save you money because it can handle all aspects of the staffing process: personal interviews, technical skills evaluations, soft skills reviews and determination of the suitability of a candidate's fit with your work environment.
Add an Expert to Your Team: Sometimes it’s quite hard to find talent near your area. Through the virtual team, you will have an expert team with extensive knowledge in a specific area. You can get the benefit of a learning curve using a virtual employee. Top-tier staffing agencies typically have access to a large network?of candidates and can swiftly pull together a set of resumes for you to choose from, expediting the process. A offshore staffing agency can give advice on what mix of workers you need, including full-time, part-time or temporary staff.
The Latest and Greatest Tools: Any time you take on a new responsibility in-house at your company, there’s also the need to bring on the requisite tools and technology to get the job done. When you hire a remote team/virtual bookkeeper, they're responsible for providing the necessary software and for keeping everything up to date. This means one less set of systems and processes for you to worry about internally. Hiring a virtual bookkeeper through remote staffing you will have an expert with extensive knowledge of software and tools used for bookkeeping. The remote staffing agency will bear all expenses for tool and software required for accounting and bookkeeping.
Pros: Access to a Team: If you hire a traditional bookkeeper, there’s the challenge of finding someone who’s the right fit: you don’t want to overpay for someone too senior, but you also want to find someone who’ll be able to manage the necessary tasks as your business continues to grow. When you hire a virtual bookkeeping remote team, you’ll be supported by individuals who each represent different areas of expertise and levels of experience, meaning that they will identify which of their team members is best suited to the work you need done and assign them to your account. Hiring virtual team through remote staffing avails you the benefit of direct supervision of the onsite staff with an option for you to control, direct, and restrict your remote staff for the task.
Cons of Virtual Bookkeepers: Logistics of Being Offsite While there are advantages to having someone work virtually, there are also logistical drawbacks that come along with having someone outside of your physical office location. Communication isn’t as effortless as if you’re sitting right down from someone, and it’s easier for wires to get crossed in terms of desires and expectations. When you expedite on a virtual bookkeeper, create a concrete schedule and implement month- month check-ins from beginning to stay away from any miscommunication.
Weakened Data Security: When your bookkeeper is from another location, it’s essential to use tools to share sensitive financial information with that individual. While most technology companies take security seriously and have safeguards in place, there’s always the chance that someone can access your financial data as its being shifted beyond the bounds of your company’s internal network. When looking into virtual bookkeeping, be sure to ask what safety measures they take to protect against information breaches.
Lack of Insider Knowledge: While a virtual bookkeeper will be highly experienced with the skills they have, they’re being a part of your company but as they are not working in your office. They’re never going to have the level of understanding about your customers and vendors that someone inside your business would have. To avoid any issues on this obverse, it’s probably best to introduce an approval process whereby you can have the absolute before your bookkeeper sends out documents to your customers or vendors directly.
Is a virtual bookkeeper right for you?: If you’re the owner of a small or mid-sized accounting firm, and required bookkeeping support but might not yet be able to bring someone on in-house, a bookkeeper might be the best solution for you. This is rising in demand, so be sure to do your research and ask considerate questions of your potential remote bookkeeping team, and you’ll be sure to find the one that’s the best fit for your company’s needs.
Entigrity™ is a trusted offshore staffing partner to over 500+ accountants, CPAs and tax firms across the US and Canada. Our flexible and transparent hiring model gives helps firms of all sizes to hire staff for accounting, bookkeeping, tax preparation or any other task for 75% less cost. As a firm 'run by accountants, for the accountants', Entigrity captures the hiring needs of accounting firms most precisely, providing staff that works directly under your control and management, still you are left with least to worry about compliance, payroll taxes, overheads or any other benefits.