Business Growth Insights

Hiring a Virtual Bookkeeper? Here are 5 Things Business Owners Should Consider.

A virtual bookkeeper is smiling at the camera.

The digital age has made it more feasible than ever for businesses to tap into the power of virtual solutions for their backroom business needs, and bookkeeping is no exception. Hiring a virtual bookkeeper can offer numerous benefits, including cost savings, flexibility, and access to expert talent at a fraction of the cost. However, before you take the plunge and entrust your financial records to a virtual bookkeeper, there are several important factors to consider. Explore five crucial things to keep in mind before hiring a virtual bookkeeper.

Business Situation

While the advantages of hiring a remote bookkeeper are plentiful, you still should look at your business’s current circumstances to evaluate if virtual help is the right choice and in what way it can support your business. Analyze your needs, budget, and goals to get clearer on this.

  • For Smaller Businesses: Virtual bookkeepers can provide a specialized skillset without the costs and time associated with a full-time employee. This can make it easier to scale up or down as your business evolves.
  • For Larger Enterprises: Outsourced bookkeeping offers a way to augment your existing in-house team during peak periods or provide dedicated resources for projects or tasks such as year-end financials and reports. This can help enhance efficiency.

Data Security and Privacy

When you're considering hiring a virtual bookkeeper, one important factor to weigh is data security and privacy. You'll be sharing sensitive financial information, and you must ensure it remains confidential and protected with a trusted partner.

  • Encryption and Secure Platforms: Ensure that the virtual bookkeeper uses secure, encrypted platforms for data transfer and storage. This will protect your financial data from unauthorized access.
  • Data Access Control: Determine who will have access to your financial information. Make sure your virtual bookkeeper has strong access control measures in place to limit who can view or modify the data.
  • Non-Disclosure Agreements: It's a good idea to have a non-disclosure agreement (NDA) in place that legally binds the virtual bookkeeper to keep your financial information confidential.
  • Reputation and Reviews: Look for virtual bookkeepers with a strong reputation for data security and privacy. Read reviews, seek recommendations, and ask for references.

Experience and Qualifications

Every business has unique financial requirements and challenges, so working with a virtual bookkeeper who is more experienced or has industry-specific knowledge can enhance your working relationship. Consider your industry and the types of bookkeeping tasks you want to outsource to know which key skills you need. A few things to look at include:

  • Industry Specialization: Ask potential virtual bookkeepers if they have experience working with businesses in your industry. Industry-specific knowledge can be invaluable in understanding your financial nuances.
  • Certification: Credentials can provide you with added confidence that your virtual bookkeeper is well-qualified to manage your financial records and help your business thrive.
  • Software Familiarity: In addition to general bookkeeping skills, make sure your virtual bookkeeper is familiar with the accounting software you use, such as QuickBooks, Xero, or FreshBooks.
  • Trusted Platforms: Working with an established platform with experience in providing professional and experienced resources can help ensure you’re getting a trusted virtual bookkeeper with the work skills and know-how to do the job well.  

Communication and Collaboration

Effective communication is critical when working with a virtual bookkeeper. You need to be able to reach out, ask questions, and share information easily. Here are some points to consider:

  • Time Zones: Determine if there is a significant time zone difference between you and your virtual bookkeeper. If so, can they accommodate your schedule? Is there a suitable overlap for meetings and updates?
  • Communication Tools: Establish the communication tools you will use, such as email, messaging apps, or video conferencing. Ensure that both parties are comfortable with using and have access to these tools.
  • Response Time: Discuss expected response times for inquiries and the virtual bookkeeper's availability. Prompt responses are essential to maintain financial accuracy.
  • Reporting and Updates: Determine how often you will receive financial reports and updates. Regular, transparent communication is vital for staying informed about your financial situation.

Pricing Structure

One of the primary motivations for hiring a virtual bookkeeper is often cost savings. But it’s important to understand the pricing structure to ensure you're getting the best value for your money. Consider the following aspects:

  • Hourly vs. Flat Fee: Some virtual bookkeepers charge an hourly rate, while others work on a flat-fee basis. Determine which pricing model aligns better with your budget and financial needs.
  • Scope of Services: Clearly define the services included in the price, such as monthly reconciliations, financial reporting, or tax preparation. Ensure there are no hidden fees or additional charges.
  • Scalability: Discuss how the pricing will change if your business grows or if you require more services. Ensure that the virtual bookkeeper can adapt to your evolving needs without a significant cost increase.

Outsource Bookkeeping with ResultsResourcing

Hiring a virtual bookkeeper can offer substantial advantages to your business. However, considering your needs and business circumstances is essential to addressing key aspects to help you maximize the benefits of outsourced bookkeeping while minimizing potential risks.

From online bookkeeping companies to freelance platforms, there are plenty of ways to find a virtual bookkeeper. However, working with a trusted outsourcing partner can help you find the right fit, faster.

ResultsResourcing’s bookkeeping freelancers and virtual assistants bring the skills, experience, adaptability, and US-based work styles necessary to easily integrate into your business and provide expert-level bookkeeping services. Not only that but with our Success Guarantee and extensive pre-vetting process, you can feel confident that you’re getting a dependable resource.

With ResultsResourcing, you have two ways to find outsourced bookkeeping support:

  • On-Demand Talent Solutions: Get matched fast, typically in 24-48 hours, with a virtual assistant competent in bookkeeping and general administration duties. With On-Demand VA, you’ll get a pre-vetted resource who can be onboarded quickly to get things off your plate and help you get time back.
  • Recruiter Solution: Combine experienced recruiters with innovative technology to get dedicated, experienced and custom-matched talent. With Recruiter Solution, recruiters source, vet, interview and deliver a talent pool of 3 freelance bookkeepers for you to choose from.  You can gain higher-level resource with the specific skills required for your job, all without the time and stress of finding them yourself

If handling your business’s books is getting tricky or overwhelming, a virtual bookkeeper might be the answer. Reach out to ResultsResourcing’s team of experts to explore which solution is right for you.

ResultsResourcing blog

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