What is Virtual Accounts Management?

Remote Bookkeeping is exactly that – an arrangement that allows a bookkeeper to work remotely as opposed to being in a client’s office. With the exception of a physical presence in your business, the services really do not differ from traditional on-site bookkeeping services.

This kind of arrangement can also be referred to as Virtual Bookkeeping, Cloud Bookkeeping or Offsite Services – the terminology varies, but the concept remains the same – we normally do not set foot within your Business premises for the purposes of managing your financial data.

The fact that we operate remote practices does not diminish our skills or abilities as professional bookkeepers – we’ve simply found a more efficient way to do it and are evolving with industry change and advancements in technology. If anything, remote bookkeeping is more beneficial for all parties involved.

Traditionally, your Bookkeeper would come into your office or workplace, sit at a spot that’s been cleared for them for the day and begin wading through the paperwork that has been piling up in their in-tray, reconciling your bank accounts, perhaps preparing payroll or getting ready run your BAS.  They then would need to ensure that backups of your data were completed in the event of desktop PC system failure and a list of queries left for their next visit.

This is what we call ‘Onsite Services’ and is generally billed by the hour. The result  being a set of books that is only as up to date as the last time your bookkeeper was in and monthly bookkeeping bills that fluctuate wildly in accordance with the BAS Season and how many hours they’ve spent in the office with you and how much travel time they’ve spent getting to and from your business premises.

So – how does the work get done remotely?

Exactly the way it would do if we were onsite – except we use cloud systems to access your data and streamline our processing, providing a much faster, more efficient and real time service than that which would be available using traditional methods (and we’re not cluttering up a corner of your office)

Cloud accounting software such as Xero allows us to access our clients files from any of our devices that has an internet connection.  We use apps to collect your source documents, store relevant data and lodge your Compliance work.  We don’t use physical filing cabinets and don’t print off reports or documents for analysis unless requested to do so – saving paper and printer toner in a bid to do our part in helping the environment.

We leverage the power of the internet and technology.  Cloud systems allow us to structure our workday around family and lifestyle commitments and also enables us to work autonomously to meet your deadlines – I personally love to hit my inbox at about 6am as it enables me to take a few hours off in the middle of the day to engage in some exercise and refresh my mind before the afternoon session.

Systems such as Skype & Zoom allow us to hold ‘virtual’ face to face meetings with our clients in real time; the benefit of which being neither party needs to travel for the meeting and all data is available on the PC’s we’re using for sharing of information if needed.

Benefits?

A remote bookkeeper may be appealing to a business because of the flexibility and cost savings associated with the arrangement.  We do not require an office or stationary or a parking bay, nor are we entitled to any employee benefits as we’re contractors, and maintain our own liability insurances and registrations. We are more flexible in the times we can assist with queries and processing of your accounts and can provide as much or as little support as the business needs.

A business is also able to source and engage a bookkeeper that suits their business and is a good fit for their team, as opposed to running with someone who is available geographically – this opens up opportunities in engaging a practice with a pool of talent that otherwise would not have been accessible by traditional means – providing more value and support for the business.

Most remote bookkeeping firms offer monthly fixed fees for the benefit of their Clients, enabling the businesses to better manage their cashflow knowing how much they’ve committed each month to the service – this also reduces the issue of inflated accounts coming due the same time as a BAS payment and gives the client complete transparency with relation to what is being provided and for what price.

You can read more about how Meticulously Managed looks after it’s clients Here

So before you dismiss a firm purely because they provide remote bookkeeping services, take the time to consider if they would perhaps be of benefit to your business.  If you would like to have a chat with one of our team about how the arrangement could work for you, please don’t hesitate to Get in Touch!