One that appears to be real is not so; it may be is "virtual." The concept of a Virtual Assistant is very common in present-day business management. The basic logic supporting this concept is outsourcing office-related work such as letter drafting, typing, communicating, coordinating, etc. Less staffing cost is also the rationale behind the virtual assistant.
Technically, virtual bookkeeping is the part of the financial task of recording the "Debit" and "Credit" transactions (double entry) of an organization by a person without being physically present in the workplace for carrying out these tasks. Also known as online bookkeeping or remote bookkeeping, virtual bookkeeping works remotely by using cloud-based software.
With IT's advancement, online sales and purchases have become almost a traditional feature because of the facilities and ease of usability. But, was it ever thought that education, including technical education, could ever be required to be imparted online. Yes, it has become a reality now because of the constraints imposed on people's physical mobility by the global pandemic, Corona. A part of the reasons for virtual bookkeeping may be attributed to this too.
You can hire the services of a remote bookkeeper on a contractual or freelancing basis. He/she may be a part-time or full-time employee of your organization.
Reasons for Hiring
Book-keeping is a profession by itself. Besides having the basic qualification on commerce and accounting, a bookkeeper needs to have a minimum understanding of the following periodical financial statements
Monthly, quarterly, or annual Profit and loss account for commercial organizations
Receipt and expenditure statements for Non-Government Organizations (NGO)
Balance Sheet as on a particular date, exhibiting the assets and liabilities
Fixed assets schedules
Cash-flow statements
Conforming to Income tax requirement.
Statement of changes in equity
It is not always possible to get a duly qualified and experienced bookkeeper or accountant to discharge all the above duties in your locality. In most cases, remuneration demanded is comparatively higher. You can even get online services on an hourly basis.
Difference of Tasks
Online Bookkeepers!
Keeping records of receipt and payments and data-entry through accounting software ( QuickBooks Desktop)
Receipt Management; invoicing and billing customers
Expenses Management
Reconciliation of Payroll
Reconciliation of bank accounts
Making you available for planning and budget
Adjusting the projected cash-flow and working capital assessment
Allowing accurate loan applications and other finance-related matters
Tracking of receipts and payments
Originally Published By https://bookkeeperlive.com/