Benefits of Remote Bookkeeping Services

Ever since the COVID-19 pandemic highlighted the resilience and adaptability of remote work models, the conventional notion of office-centric operations is steadily becoming less appealing to business leaders looking for accelerated yet sustainable growth.

With employees remaining productive and connected even when working from different locations, more and more companies are considering a more permanent integration of remote work options into their operational strategies, embracing the potential for increased flexibility, cost savings, and a broader talent pool. 

Businesses everywhere are going remote with their HR operations, payroll processes, and, yes, their bookkeeping, too.

Read More: Everything You Need to Know About HR Outsourcing

Remote Bookkeeping: How Does It Work?

Finance company NerdWallet broadly defines bookkeeping as the recording of financial transactions for a business performed as frequently as daily, weekly, or monthly. As a vital component of the accounting process, accurate bookkeeping is crucial to filing tax returns and making informed business decisions.

Thanks to modern technology, businesses can now choose between two bookkeeping options: traditional (in-person) and remote (online).

Remote bookkeeping works along the same principles as its traditional counterpart. The only difference is instead of a specialist managing your company’s financial accounts on-site, they can do so online. Remote accounting professionals can even do bookkeeping from home.

In some situations, the remote bookkeeper is a company employee. In others, they’re a member of a trusted third-party firm to which the company outsources bookkeeping services. Either way, they typically perform the same responsibilities a traditional bookkeeper does:

• Bank Reconciliation
• Income and Expense Categorization
• Financial Statement Preparation
• Financial Reporting
• Accounts Payable and Receivable Management
• Budgeting and Forecasting
• Financial Analysis
• Tax Preparation Support
• Financial Consultations
• Payroll Processing

Read More: Should I Outsource Payroll? Yes—And Here’s Why

The Perks of Having a Remote Bookkeeper

The digital revolution, powered by cloud technology, has been game-changing for bookkeepers around the globe. Not only are they free from mountains of paperwork, but they’re also free from working long hours in office cubicles. They can do their jobs better and faster from the comfort of their homes.

According to a Wolters Kluwer survey, most post-pandemic tax returns were prepared without in-office contact with taxpayers. Auditing projects also showed a significant decrease in in-person interaction with clients.

But bookkeepers aren’t the only ones benefiting from the technological advancements in accounting; companies are enjoying the perks, too! Here are some of the advantages businesses enjoy from having remote bookkeepers:

Significant Cost Savings

Cost efficiency is one of the top reasons remote bookkeeping services are becoming more popular by the minute. By outsourcing bookkeeping tasks to established third-party firms, companies can avoid the expenses associated with hiring in-house bookkeepers, providing office space, and investing in infrastructure.

If your business operates in California, you’re looking at $50,000 for an experienced bookkeeper’s annual salary, which doesn’t include their benefits and bonuses yet. However, if you hire a remote bookkeeper, you only need to pay a flat monthly rate for your desired services. Some firms, like Nexus HR, offer flexibility by accepting per-hour and per-transaction payment arrangements.

With significantly lower operating costs, you can strategically allocate your resources to more business-building initiatives.

High-Quality Service

Established bookkeeping firms have stringent hiring processes and typically employ only highly experienced, highly trained specialists. Outsourcing your bookkeeping to them gives you access to an entire team’s skills and expertise. 

For example, Nexus HR’s team of bookkeepers comprises certified QuickBooks ProAdvisors. They use their knowledge in the field and proficiency in various accounting software systems to provide expert financial advice, perform accurate bookkeeping, assist with regulation compliance, and improve overall financial management.

Read More: Navigating Payroll Taxes: What Employers Need to Know

Scalability and Flexibility

Every business needs processes and teams that adapt to changing needs without the constraints of physical office space or the need to hire and train additional staff. Remote bookkeeping services allow you to do this.

Whether you experience sudden growth or require additional support during peak periods, remote bookkeeping allows you to adjust the service level you receive without needing physical expansion or hiring more in-house staff. This scalability is particularly beneficial for startups and growing enterprises.

By leveraging digital tools and cloud-based platforms, established bookkeeping companies can access financial data, carry out accounting tasks, and collaborate with you from anywhere. With access to a remarkable degree of flexibility, you have the resources to reliably streamline operations, achieve financial clarity, and make data-driven decisions.

Data Security

Because of the sensitive nature of your company’s financial information, enhanced data security is a critical aspect of remote bookkeeping services. Client data, financial transactions, accounts, and business details are often transferred and stored electronically. This reliance on digital platforms and cloud-based solutions underscores the importance of robust cybersecurity measures.

When looking for a remote bookkeeper, always verify that the tools they use:

• Implement advanced encryption
• Secure data storage
• Are compliant with industry and legal privacy regulations

Tried-and-tested bookkeeping firms, like Nexus HR, always take a proactive approach to data security. By doing so, they protect the integrity and confidentiality of your financial information and safeguard your company against potential legal and financial repercussions associated with data breaches.

Efficiency and Timeliness

Because they leverage the latest technological innovations, remote bookkeeping firms can access the following tools that increase efficiency in handling financial tasks:

• Automation allows your remote bookkeeper to streamline routine financial tasks, decrease the likelihood of manual errors, and increase overall accuracy. This efficiency ensures that your financial data is processed quickly and accurately and your records are reliable and up-to-date.

• Real-time access to your financial information allows your remote bookkeeper to implement instantaneous updates to financial records, giving you a thorough and current insight into your business’s financial standing. This access is crucial for strategic planning, budgeting, and timely, informed decisions concerning changing market conditions.

• Schedule flexibility allows your remote bookkeeper to work on financial tasks without delays relating to physical location and office hours. This contributes to increased efficiency and responsiveness, essential qualities that business leaders look for in a fast-paced environment.

Read More: The Benefits of Outsourced Bookkeeping for Small Businesses

Achieve More by Doing Less with Nexus HR Bookkeeping

With all the benefits remote bookkeeping brings, every forward-thinking company leader knows (1) it’s here to stay and (2) it’s the most practical way to go.

However, not all bookkeeping services are created equal, and a one-size-fits-all solution is a myth. When it comes to hiring a remote bookkeeper, you need to ensure their price range, expertise, technology, flexibility, security, and efficiency meet your business’s unique needs.

Nexus HR’s professional bookkeeping services go beyond performing tasks. Our seasoned remote accounting specialists meticulously study your present fiscal footing and use their time-tested expertise to elevate your financial strategy. 

We don’t just manage your books; we’re fully committed to managing them right. If you’re looking for scalable, secure, and efficient remote bookkeeping services that meet your business goals and budget, Nexus HR is at your service.