There are many benefits to utilizing virtual bookkeeping and payroll services. Here are a few of those benefits:
More current books
It leads to your books being more up to date on a regular basis because your bookkeeper will always have access to the statements and receipts, they need for their work. They won’t be as reliant on you to find and send them receipts. (There are still some receipts you will have to photograph on your mobile with an app, but it’s a big reduction.)
Timely and accurate profit and loss statements
Virtual bookkeeping allows you to keep a better handle on your expenses and profitability and to make changes throughout the year to affect them. With most virtual bookkeeping systems, you have access to your books via the web or a mobile app which provides much greater transparency and insight into the business versus traditional bookkeeping. With traditional bookkeeping, you might not see a profit and loss statement until your year-end. With virtual bookkeeping, it is quite easy to provide monthly profit and loss statements at minimal extra cost.
Reduced bookkeeping time and errors
Using a virtual bookkeeping system saves a significant amount of data-entry time and decreases the number of mistakes that come from inaccurately keying in the data. This means you will most likely reduce your bookkeeping costs because it will take less time to do your books each month.
Archiving and compliance
It also provides a very convenient archive of all your paper receipts so that if you ever need to look up a receipt, you can find it in seconds, rather than pulling out boxes from several years ago and trying to wade through piles of paper.
More options & reduced costs
Virtual bookkeeping allows you to find the best bookkeeper in Canada at reasonable rates. You are no longer restricted to working only with bookkeepers who are in your immediate vicinity. This allows you to receive excellent bookkeeping services while reducing the costs associated with having a full-time staff and the overhead costs of requiring space for bookkeeping staff.