The way we do business today is online, so why shouldn’t your bookkeeper be too? A virtual bookkeeper allows you to tap into expert know-how and the best bookkeeping services in Canada, at your convenience. In this post we’ll explore virtual bookkeeping, its benefits, how it works, services offered and how to choose the right one.
What is virtual bookkeeping?
Gone are the days of in-person meetings or storing all your receipts in plastic sleeves and boxes. With a virtual bookkeeper, everything is digital. Thanks to software and the magic of the cloud, you can see your financial data from anywhere, anytime. Your records are stored electronically and you can talk and meet with your virtual bookkeeper online.
3 benefits of virtual bookkeeping
Virtual bookkeeping is revolutionizing the way businesses take care of their finances, and here’s a few reasons why:
Real-time information
Have you ever put your head on the pillow at night and suddenly been overwhelmed with worries about your business finances? With virtual bookkeeping, you can log into your QuickBooks Online dashboard, 24/7, and review invoices, cash flow statements, your P&L and other vital information. You have access to real-time information on your mobile or desktop.
Expertise
The online world is vast, and that’s a good thing here. Virtual platforms mean that you’re not just limited to a local bookkeeper near you. You can work with the best of the best, no matter where they are in Canada.
Communication
One of the great benefits of a virtual bookkeeper is the convenience they offer. You don’t need to schedule in-person meetings or drive to their offices. All your meetings can be held virtually and most bookkeepers make it easy for you to communicate with them via email or live chat. Your documents can be uploaded and stored virtually via email or a client portal.
Services offered by virtual bookkeepers
Virtual bookkeeping isn’t just about tracking your daily transactions. It provides you with a comprehensive approach to the financial needs and challenges that you might have.
Clean Up
Every business, at some point, might encounter discrepancies in their financial records. It could be due to past errors, overlooked transactions, or even software transitions. A virtual bookkeeper, like Ruby Business Solutions can step in and assist you with bookkeeping clean up services that bring your records up to date.
Daily financial management
At its core, virtual bookkeeping handles your day-to-day financial tasks. This includes recording your transactions, managing accounts payable and receivable, and reconciling bank statements.
Financial analysis and reporting
Virtual bookkeepers provide you with regular financial reports, offering insights into a business’s financial health. These reports can include profit and loss statements, balance sheets, and cash flow statements.
Taxes
Virtual bookkeepers can accurately prepare your documentation and records so that your accountant is able to prepare your tax return. They can also assist you in charging, collecting and paying your GST / HST correctly.
Payroll management
For businesses with employees, virtual bookkeepers can help you with payroll services, ensuring timely and accurate salary disbursements, tax deductions, and compliance with labor laws.
All things considered, the beauty of virtual bookkeeping lies in its adaptability. Whether you’re running a small business with simple bookkeeping needs, or have a rapidly growing operation, virtual bookkeeping services can be scaled to meet your needs.
Choosing the best virtual bookkeeping services
Choosing a virtual bookkeeping service isn’t a decision you should take lightly. It’s about trusting someone with your business’s financial heartbeat. What should you look for?
Check certifications
Think of this as the quality stamp. You want your finances to be in good hands. Make sure the provider you’re considering has the right certifications. At Ruby Business Solutions, our team are CPB Canada Members, Dext Partners, Pure Bookkeeping registered and members of the QuickBooks ProAdvisors Platinum program.
Review experience
You’ll want someone who’s been around the block, especially with businesses that look a lot like yours. A virtual bookkeeper who already understands your business and industry can save you time and money. Their past experience can be a goldmine for your present needs.
Read reviews
Testimonials and online reviews give you a sneak peek into how they work, what other people think about them, and the kind of quality they deliver.
It’s not just about the numbers. It’s about trust, reliability, and having someone in your corner who really gets the financial ins and outs of your business.
At Ruby Business Solutions we’ve created this checklist that businesses can print or download here to help you evaluate different virtual bookkeeping services. This will help you make a comprehensive and informed decision when choosing your bookkeeping provider.
Virtual bookkeeping for Canadian businesses
Ruby Business Solutions is a virtual bookkeeping firm in Canada – 100% online. We’re dedicated to providing you with a simplified, organized and streamlined approach to bookkeeping. If you run a business in Canada and are looking for a modern approach to managing your finances, get in touch and let’s discuss a solution for you today.
FAQs
Is virtual bookkeeping safe?
Absolutely. Virtual bookkeepers use reputable platforms like QuickBooks Online which prioritize data security.
How often will I get financial reports?
Typically, businesses receive monthly reports but you can access statements like your profit and loss at any time, via your QuickBooks dashboard.
What tools and software do virtual bookkeepers use?
Virtual bookkeepers use a range of software platforms. Common tools include QuickBooks Online, Dext, Payworks, Plooto, Zoom and other collaboration tools.
