So, you’re the owner of a small business, and things are crazy hectic! Bookkeeping, clients, Employees, marketing, projects, supplies, tax compliance, and website activities are all on your to-do list! While some business owners prepare their own records, many others hire professional bookkeepers to do so. Some businesses prefer to use an online bookkeeping services in Australia, while others prefer to use virtual bookkeepers. They did so for a variety of reasons, the most important of which are:
- Because their firm is mostly mobile, they do not have a physical office.
- They are probably running a home-based business and do not want someone coming into their home/family area on a daily basis.
- They work out of a formal office with insufficient space for another employee, a desk, and other equipment, or they work from home.
So, what exactly is a virtual bookkeeper, and how does it operate? We’ll answer these and other questions today.
An online bookkeeping agency works virtually and completes bookkeeping and other activities for his clients using modern technology and the internet. Virtual bookkeeping is not dependent on a physical location. A virtual bookkeeper can provide services to clients all around Australia (and possibly the world) without ever leaving his office.
This is made feasible by the internet, contemporary technologies, and cloud services. For example, MicroChilli has some local clients as well as clients in various Australian states. The team employs a mechanism, which you will find in the next section, to ensure that the virtual connection goes properly. Here’s a quick rundown of how MicroChilli’s online bookkeeping system works.
How Does Virtual Bookkeeping System Work?
- Initial Consultation: A video conference meeting is held during which the client’s bookkeeping assignment is thoroughly discussed and prepared.
- Legal Stuff: A client agreement and a confidentiality agreement are drafted. This is known as an engagement document in some practises.
- Clients can pick between desktop-compatible platforms such as QuickBooks or MYOB and cloud- compatible software such as MYOB Essentials, Saasu, Xero.
- How Clients Sends Documents: We first send a list to our clients to assist them in preparing source documents. We provide a list of all essential data as well as instructions on how to organise it before sending it. Clients send us their bookkeeping records in a variety of ways! Our secure online transfer system, Dropbox, Box, Google Drive, snail mail, facsimile, and/or emailing are examples of these options.
- The Bookkeeping Stage: Once we get the client’s documents, we immediately start to work processing the information into their accounting software.
- The Reporting Stage: After all of the bookkeeping is finished, we prepare the client’s financial reports. These are delivered to the client via email.
- Monthly Meetings: Because communication is the key to a successful virtual bookkeeping partnership, every client is required to attend a monthly meeting.
- Returning Data to Customers: Until the bookkeeping agreement expires, data is posted back to clients or stored in shared folders or online storage facilities.