Online bookkeeping: How virtual services keep your books in order
4 min read
May 27, 2021 • Block Advisors
Many small business owners start their ventures to pursue a passion and to be their own boss. However, along the road, you might find you have many other tasks other than your core business duties — one example is bookkeeping.
If you don’t have the time or expertise for bookkeeping, a number of things could happen:
- Invoices could pile up, and you don’t pay them on time.
- You have a lack of consistency of where transactions are recorded.
- You miss tax payments.
- You don’t have adequate proof in the case you’re are audited by the IRS.
- You could have cash flow problems.
- You could hurt your business credit.
- You could lose sales and profits.
- You lose the opportunity to make informed business decisions.
Luckily, there’s a convenient solution – online bookkeeping – to help you manage the financial aspects of your small business. We’ll tell you all about online bookkeeping or as some call it – virtual bookkeeping – and how you can implement it for your small business.
What is virtual bookkeeping?
Essentially, the idea with virtual or online bookkeeping is that instead of having a person in-house to take care of your bookkeeping needs, you leverage technology to tap into that expertise.
There are two types of virtual bookkeeping:
1. You can use bookkeeping software for small businesses.
Bookkeeping software for small businesses allows you to record financial transactions for your business. It usually includes functions like:
- Accounts payable and receivable
- Journal or ledger entries
- Expense reports
- Receipt tracking
- Trial balances
- Reconciling credits and debits
Looking for ways to streamline bookkeeping software with your taxes? With our partner Wave you can get convenient bookkeeping that integrates with our tax prep to make filing your business returns as smooth as can be.
2. You can use a virtual bookkeeper – in other words, a person you work with remotely.
In the day in age where most services are available online, bookkeeping is no different. Virtual bookkeepers are outsourced bookkeepers who handle financial tasks associated with your business, including making sure your books and financial records are accurate, up-to-date, and organized.
Many bookkeepers who traditionally work in person can work remotely with you – or a mix of the two. For example, at Block Advisors, you have access to a dedicated account manager who provides accurate financial statements – with monthly touchpoints to make sure you’re in the know. We’re available for your bookkeeping needs via phone, chat, and in person too. You can even access the same up-to-date information your bookkeeping pro does, so you can work simultaneously and discuss data in real-time. We’re here when and where you need us.
Why consider online virtual bookkeeping?
Imagine the extra time you’ll have on your hands to focus on the things you love about your business after deciding to use our online virtual bookkeeping services.
Also, you can rest assured that your books and finances are accurate, up-to-date, and organized. Your business can run more efficiently when you streamline and outsource your bookkeeping tasks.
Going beyond virtual bookkeeping services with Block Advisors
Virtual bookkeeping services are beneficial to small business owners who are looking for a more convenient option for managing their financial records.
In fact, bookkeeping is closely connected to your other business tasks – such as taxes and payroll. Having an end-to-end view of your bookkeeping, payroll, and tax matters can not only streamline your financial to-dos, it can also help boost your bottom line. For example, you can more easily identify expenses that may lead to a tax deduction.
When you work with Block Advisors as your online bookkeeping solution, you also have access to smart and savvy small business certified tax pros.
Let Block Advisors help
Here’s the good news: Block Advisors offers bookkeeping services that will meet your needs. Whether you let a small business tax pro do the work or if you do it yourself online with Wave, as your small business partner, we’re here for you.
Take time back from your day and join our millions of other small business owners who use Block Advisors for online bookkeeping services. See how we can help with your bookkeeping needs and answer your bookkeeping questions.