What is Remote Bookkeeping?
Maintaining proper Books of accounts or bookkeeping is an integral part of the business enterprise, big or small. A few decades ago, accounts were maintained manually by bookkeepers in cash books and ledgers. In modern days, the organized corporate business houses or even medium or small scale business with worthwhile transactions maintain their book of accounts diligently in their computers through skilled accountants and accounting software. Nonetheless, proper bookkeeping and accountancy needs skill and training which may not be the forte of every entrepreneur and hence hiring accountants, full time or part time is very common for small business owners.
Remote Bookkeeping is the record of transactions amongst different entities which includes sales invoices, receipts, payments, etc. It is essential to keep a record of the transactions in its prescribed format, not only for statutory compliances but also for monitoring the financial health and making plans for growth or contingencies. It helps in generating business data reports as well as tangible forecasting which is essential for the success of most business ventures, big or small.
While there is organization with multiple branches which use ERP based customized software for real-time data, most medium and small scale firms use customized accounting software developed as per their business needs. These software programs are located on the computers of the office or employees. There are many micro businesses which cannot afford to hire the in-house accountant and also do not have the necessary training in accounting or time to focus on these aspects.
Remote Bookkeeping is getting popular for most of these small businesses. The service of remote bookkeeping of your business transactions is very helpful and affordable to even businesses of miniscule dimensions. Once you appoint a trusted service, you can expect them to record the business transactions in the proper format and provide you weekly, monthly, quarterly and yearly reports. Most of these remote bookkeeping services handle accounts of scores of businesses and are thus usually a team of trained and experienced bookkeepers. Thus, there is a continuous availability of their service.
These remote bookkeeping service providers can also help you generate reports which can be handy in making crucial decisions for your business. You can arrange for the time schedule most convenient to you i.e. weekends to interact with them. Being experienced, they can also generate accurate VAT or other tax related statutory statements which are very much essential for meeting regulatory compliances in specified time.
Most of these services know how to keep the essential records safe from crashes and keep them in the cloud which can be accessed by you at any point in time or anywhere through the internet. This also saves you from purchasing costly accounting software, updating them and buying the license for additional users as your business expands. These outsourced bookkeepers become your business partners in the long run.
You can view and access your business records from any internet device, be it desktop, laptop, tab or smartphone. Surely, the utility of remote bookkeeping may not be suitable for every business model, but it is indeed very handy for most of them.
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