As a small business owner you are no doubt aware of the importance of bookkeeping services. Hiring a professional bookkeeper allows you to focus on the aspects of your business that are most important to you without sacrificing your business’ financial health. But what is a virtual bookkeeper? And what are the benefits of hiring someone to take care of your books remotely?
What is a Virtual Bookkeeper?
A virtual bookkeeper is a bookkeeper that works remotely. Virtual bookkeeping is sometimes called cloud accounting. Virtual bookkeepers use accounting software that allows them to share an account with the business owner. In this way, they can keep track of your financial transactions, review statements, reconcile accounts, and send you reports without ever stepping foot in your office.
Benefits of Hiring a Virtual Bookkeeper
Small business owners who hire a virtual bookkeeper are more likely to have a good grasp of the financial standing of their business. In addition, a virtual bookkeeper is much more cost-effective than hiring an in-house bookkeeper since they work as contractors rather than employees. You will pay for services rendered and software when you hire a virtual bookkeeper but you won’t have to worry about adding them to your payroll, providing benefits, covering taxes and insurance, and finding the necessary office space.
Furthermore, virtual bookkeepers can work as much or as little as you need them to. The time and services they will dedicate to your business, and the cost of these, can be determined during an initial consultation. These are just a few of the many benefits you can expect when you hire a virtual bookkeeper.
What Services Does a Virtual Bookkeeper Provide?
A virtual bookkeeper can provide a number of services, which can be tailored to the needs of your business. Here at Creative Solutions we offer the following virtual bookkeeping services to our clients in Vermont and beyond:
Basic or Small Business Virtual Bookkeeping Services
- Bank reconciliation with multiple bank accounts and credit cards.
- Matching expenses with vendors and bills to ensure maximum tax benefit.
- Matching income with customers and invoices to ensure accurate records.
- Monthly reporting of profit, and loss and balance sheet statements.
- Year-end reporting and cooperation with your accountant for year-end taxes.
- Work with connected POS apps and/or 3rd party reporting software.
- Class recording for more detailed reports.
- Assistance in generating a budget.
- Reporting to include accounts payable, accounts receivable, and budget vs actual.
- Directly invoicing your customers.
- Recording bills.
- Bill pay through your bank’s secure bill pay system.
- Accounts receivable to help you stay on top of monies you are owed.
- Biweekly payroll.
- Pay stubs emailed to you directly before payday.
- Direct deposit for your employees.
- Monthly, quarterly, and yearly state and federal tax filings and payments.
- Accrual of sick time and vacation time (optional).
- Health care deductions (optional).
- Year-end 1099 services.
- Preparation of 1099 forms for up to 10 independent contractors.
- 1096 filing with the IRS.
Get Help Bookkeeping in Vermont
Creative Solutions is an affordable way to handle bookkeeping in Vermont without hiring a full time, in-house accountant. Using modern computing systems and QuickBooksOnline software, I offer virtual bookkeeping services to small businesses and entrepreneurs as a secure and precise accounting solution.
Contact me today to discuss how I can help your Vermont small business stay financially healthy and become an established fixture in the local community you love.