Reasons Small Business Should Switch To Online Bookkeeping
Last Updated December 14, 2022
Cloud computing is a much-needed revolution in the world of bookkeeping and accounts. The way small businesses want to interact and grow, online bookkeeping is the opportunity of the window to make their goals come true.
Whether it’s budgeting, future planning, or tax preparation, traditional bookkeeping has always been a part and parcel of any commercial operation. Also, the perception that full-time bookkeeping is only a thing for large businesses is eroding away.
Nowadays, every business is looking to outsource online bookkeeping services irrespective of its size and considers such. Keeping up with the latest technology has become critical in every walk of life and the financial world is also quickly adapting.
Case in Point: Online bookkeeping has become a standard method for taking care of cash inflows and outflows and tax preparations.
What is Online Bookkeeping?
Online bookkeeping is technically the bookkeeping done but on an online platform. The major difference between traditional and online bookkeeping is that you do not need a physical location or office. Every detail is taken care of online.
Online bookkeeping services use bookkeeping software to ensure they maintain the statements, make the financial reports and keep the clients up to date.
Why Use Remote Bookkeeping for Small Businesses?
Remote bookkeeping is the chance for small businesses to overcome the geographical hurdles when it comes to handling their books. Some of the best remote bookkeepers are not even in the same areas as the business location!
Besides, some of the quality benefits of hiring remote bookkeeping services are as follows;
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Cost-Effective
Remote bookkeeping for small businesses means that you do not need to pay for full-time in-house expenses – hence saving your money in big chunks.
Bookkeepers can be hired to do the work as per your requirement. They are paid for the hours they work for.
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Realistic Time
When you hire remote bookkeeping, then you also save time by doing any extra task. Knowing you have a trustworthy bookkeeping service working at your back, they will cover the important aspects of your business.
Initially, it may take time to find the right bookkeeping services, but it is worth the long-term investment.
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Highly Convenient
Hiring remote bookkeepers gives you the chance to communicate with them whenever the financial need strikes. The data is available for them at their fingertips which gives them the working advantage too.
Plus, these remote bookkeepers are highly professional using accounting and bookkeeping software that provides a flexible work routine.
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Safer Option
Financial information is sensitive. Remote bookkeepers can give you the advantage of working through a safe portal that keeps your data safe and sound.
Instead of saving your information on the desktop, it is safer on cloud storage. Since these bookkeeping services work remotely, they are fully prepared to take care of their client’s business or they would suffer in terms of goodwill and reliability.
Are Online Bookkeepers Easy to Find?
If you can find your favorite pizza place online then you can also find your online bookkeepers. The great news there are review sites like Clutch that have enlisted all the local bookkeeping services. From there you can find out which one of them is offering online bookkeeping.
But is it the only way to find an online bookkeeping service? No.
Whether you choose a freelancer bookkeeper or online bookkeeping like My Count Solutions, you need to ask the right questions;
| What to Ask | How to Choose |
| What is the number of transactions in a month? | Freelancers charge by the hour which can cost more. A client may need to know the transactions per order or in a month. |
| Do they use accrual or cash basis accounting? | Some online bookkeeping services work with both or either option. |
| Do they have an accountant to handle taxes? | Online bookkeeping must provide an accountant to handle taxes. |
| How much can you afford to pay as a client? | Keep the monthly budget in mind. Narrow down the list of online bookkeeping services and choose one that offers an economical rate. |
Counting Figures to Switch to Online Bookkeeping
Many small businesses and startups keep limited to hard copies with their bookkeeping because initially, they don’t have to deal with too many details. However, the details only pile up with time, making it difficult to keep up with financial data. If you are thinking of hiring a bookkeeping expert then you better look for one who is available online.
The pandemic has taught small businesses one thing for sure: To improvise in unprecedented times. The major benefit for small businesses is they can easily opt for online bookkeeping services.
So, in this blog post, we will make a case for online bookkeeping by counting the professional reasons.
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Easy Accessibility and Quick Communication
The appointed bookkeeper will have to keep the track of statements and invoices when all of them are curated in a central database. The necessary information can be accessed via the portal for small business online bookkeeping software. The team members, clients, and the bookkeeper himself can easily access all those files without wasting time on internal correspondence.
The online and ease of accessibility also ensures quick invoice communication with associates, clients, and customers.
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Increased Efficiency
Sifting through file cabinets is one of the dreadful tasks for an employee. The owner may need the file right away and you are unable to find it from the rows of files probably disorganized. Online bookkeeping services take responsibility on their shoulders.
When the online bookkeeper maintains a file, they do so under specific names and categories. The members of the portal can access the files. So if you want a file, your online accountant can provide it for you instead. That is why you hire online bookkeepers in the first place. This increases the work efficiency in cash flow and operations.
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No Space Constraints
Physical space is an ongoing issue for many small businesses and startups. Online bookkeeping doesn’t put any space burden on business. All you need is a solid internet connection, a backup generator, and active team players.
Online bookkeeping services use cloud-based storage software. All your financial records are kept in a secure virtual vault that would occupy a lot of desk space otherwise.
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Maintaining Confidentiality
Why should a small business owner trust online bookkeeping services? You have every reason not to trust the service provider.
But can you figure out if it’s a con or a real company? Absolutely. For instance, if you visit My Count Solutions you can not only check the website but also check the authentic reviews and ratings given by the clients. Moreover, authentic online bookkeeping will always have active customer support.
They ensure that confidential documents are handled carefully. Thus, the reason behind the increasing demand for small business online bookkeeping in the first place.
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Agile and Mobile
Mobility is an essential ingredient for a successful business takeoff. Entrepreneurs need to be as mobile and quick as possible with their business dealings to get an edge over competitors. Online bookkeeping is one way to ensure they are able to make cutthroat deals at the right time. With no messy office to deal with and accounts up-to-date.
You don’t need to have a dedicated space and workstation to contact the online bookkeepers. The mutual bookkeeping software will let you access the virtual bookkeeper easily in your hour of need.
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Environmental Friendliness
Did you Know: 50% of the waste from businesses is composed of paper.
Paper accounts for 25% of the Earth’s waste and 33% of other municipal waste. Don’t let your small business be part of these horrible statistics.
Online bookkeeping means a decrease in your paper utility. It is the easiest way to lessen your office’s carbon footprint. If you unconditionally need to print paper, try using the two-sided print feature and constantly make sure that you’re recycling.
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Cost-Effective
Small business online bookkeeping is cost-effective. Any good online bookkeeping service provider will surely ensure to appointment of the best accountants, bookkeepers, or CPAs as per the client’s needs. For instance, My Count Solution offers highly competitively reasonable rates for its clients.
A full-time bookkeeper will cost more. You can hire online bookkeeping services on an hourly basis. This drastically reduces the cost that will incur on bookkeeping.
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Protect documents against disasters
You never know when life will take you by unpleasant surprise. There are a number of tragic situations that can result in the destruction of your papers, including natural calamities like floods and storms as well as unusual occurrences like the fire sprinklers in your business accidentally discharging. The best method to be ready for the worst is to convert your paper documents to electronic format and store them on a cloud-based storage system. You can still access your records from any other computer or mobile device, even if a disaster causes your computer to be destroyed.
- Technological advances
Due to the incorporation of cutting-edge technology by online bookkeeping companies and small businesses, they can have access to improved reporting and analysis. Modern technology supports small business bookkeeping 24/7 * 365.
The small firm can benefit from accounting and finance responsibilities being finished by any deadlines set.
- Cost-Effective
Small business online bookkeeping is cost-effective. Any good online bookkeeping service provider will surely ensure to appoint of the best accountants, bookkeepers, or CPAs as per the client’s needs. For instance, My Count Solution offers highly competitively reasonable rates for its clients.
A full-time bookkeeper will cost more. You can hire online bookkeeping services on an hourly basis. This drastically reduces the cost that will incur on bookkeeping.
Conclusion
My Count Solutions provide online bookkeeping and tax preparation to small businesses and startups at a really reasonable cost. The simplified and easy-to-avail services make switching to online bookkeeping effortless for your business. Moreover, you can discuss with us how your business will benefit by utilizing our online bookkeeping services. You are more than welcome to,
