Running a thriving small business isn’t always as easy as it may seem. Keeping your eye on the bottom line is one of the essential things you must do as a business owner. Hiring a bookkeeper can help you keep an eye on costs while you tend to other aspects of your business. But the question is, should you work with virtual bookkeepers or on-site bookkeepers?
Benefits of Virtual Bookkeepers vs. On-Site Bookkeepers
First: Virtual bookkeepers perform their services remotely. Virtual bookkeepers communicate through a portal, with phone calls, email, and virtual meetings. Hiring virtual bookkeepers can be more cost-efficient as they do not require office space; you do not have to supply any equipment or purchase any software for them to use, nor do you have to offer benefits, in most cases. Saving money on overhead costs is the most significant benefit of hiring virtual bookkeepers.
Second: Hiring virtual bookkeepers will save you costs on recruiting, onboarding, training, and employee management. If it’s a virtual bookkeeping agency, they have several virtual bookkeepers, and it’s their job to make sure there is always someone available for your business. When hiring an on-site bookkeeper, you will need to go through a recruitment process to find your company’s right employee. Then there is onboarding and training and management of that employee, for things like vacation, sick and general time management, payroll, reviews, performance management, etc.
Third: You can rest assured you will always have up to date figures at your fingertips. The virtual bookkeepers' main job is your financials. When you have an on-site employee, there is the probability that they will get bogged down in special projects and other things as they are in the office and another set of hands to help.
Fourth: When you are just starting your business and watching your expenses, virtual bookkeepers are very cost-effective. They work an agreed-upon number of hours, which may be all that you need at the time. Compare this to paying a hired on-site bookkeeper employee wages regardless of the amount of work. In the beginning, there may be times when they do not have enough work to keep them busy. Virtual bookkeepers will grow with you as your business grows.
Fifth: Hiring virtual bookkeepers gives the benefit of “outside eyes” or unbiased opinions. They can voice their opinions without being emotionally involved, which could yield more honest advice. On-site bookkeepers, who are employees of your company, will most likely be more reserved with their opinion and maybe afraid to be brutally honest.
As a business owner who is always looking at the bottom line and keeping costs as low as possible, hiring virtual bookkeepers may be the best option for your business. Do your research and compare the pros and cons before making a hiring decision.Find out if a Virtual Bookkeeper is Right for Your Business!