Online bookkeeping for UK businesses from Virtual Accountants

You must be looking for effective bookkeeping services as a business owner to maintain your accounting books accurately.

Virtual accountants or online bookkeeping could be a better option if you want to ensure that your accounting books are kept up to date.

Hiring virtual bookkeeping services, especially for a small firm, is the most cost-effective expansion method.

This blogpost will help you know about virtual assistant bookkeeping services and how they can assist you!

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Table of contents

Why do you require a virtual accountant for a bookkeeping service?

Traditionally, a company only hires an accountant to manage its finances and conduct bookkeeping responsibilities, a luxury that most small businesses cannot afford.

As a result, having regular bookkeeping assistance isn’t worth the money for a small business.

You can also utilise accounting software as a second alternative. While software speeds up the bookkeeping process, it will need time and training to become used to the tool.

The majority of them can be costly.

Your third alternative is to complete the task entirely on your own. When you run a business, you won’t have much time to manage your finances.

Additionally, a trained accountant can avoid financial errors you wouldn’t have noticed.

That leaves us with only one option: employing a virtual bookkeeper.

They address all of the problems that the other three choices may have.

Virtual bookkeeping tasks

Many virtual assistants can help you with the following bookkeeping tasks:

  • Keeping track of your bills and making sure they’re paid on time
  • Reconciling bank and credit card statements
  • Preparing invoices and general ledgers
  • Keeping financial information in your chosen software tool.
  • Entering payables and receivables
  • Reporting and submitting VAT
  • Assisting with the preparation of year-end reports
  • Assisting in the interpretation of financial statements

What are the advantages of virtual accountants for UK businesses?

  • Professionals with years of experience

Most firms delegate bookkeeping to their junior accountants to save money.

This is a serious blunder since bookkeeping may appear to be a straightforward task, but it is far from simple. Accounting can’t be free of mistakes if bookkeeping isn’t perfect.

As a result, skilled professionals are required to produce business accounting books.

But, because engaging experienced individuals is costly, what is the alternative?

Virtual bookkeeping firms, without a doubt, employ the greatest bookkeepers worldwide.

Virtual accounting firms can afford to hire professional accountants since they serve many clients simultaneously.

They will assign a virtual bookkeeper to help your business thrive and grow if you outsource your bookkeeping task.

  • Adaptable schedule

Your in-house bookkeeper will only work regular business hours, and overtime will cost you more.

This is not true with virtual bookkeeping accountants; if your virtual company agrees to complete work by a specific date, they will do it.

You will receive your work on time regardless of how many additional labour hours they put in. If you engage a virtual bookkeeper from another country with a different time zone, you can run your business 24/7.

  • Exceptional technical support

Accounting is one of the most innovative and technologically advanced industries.

The accounting industry has adopted the latest technology, from artificial intelligence to the blockchain.

Using the most modern bookkeeping software can substantially increase the quality of bookkeeping services.

On the other hand, small businesses cannot afford to invest in or upgrade their bookkeeping software regularly. However, bookkeeping firms have the financial resources to purchase the most up-to-date bookkeeping software and provide extensive training to their workers.

As a result, when you hire a remote accountant, you’ll get the most up-to-date technological assistance without paying more.

  • Financial transparency

The only way to manage finances is to keep track of input and outflow of finances in a systematic and orderly manner. So you require someone to arrange and deliver the data whenever needed.

A virtual accountant will keep your financial data structured by documenting and tracking daily cash flow and other details so you can access it anytime.

You’ll be able to assess your finances and better understand your firm once it’s been structured. It will help you make game-changing business decisions.

  • Better productivity

Getting an individual with experience and talent to do the work is an easy method to boost productivity.

Most bookkeeping virtual assistants have unique skills and are familiar with the secrets of the business for effective accounting and financial management.

Furthermore, only skilled bookkeepers are hired through freelance platforms and agencies.

They are evaluated by tests and then put through rigorous tests. So these virtual accountants are more productive and reliable than the rest.

  • Promote your company

If you have a small business with only a single accountant, all the responsibility falls on that person’s shoulders, from financial statements to tax reports.

How can your accountant match the latest accounting trends or manage risks if they are buried deep beneath the many accounting books?

It’s not optimal to expect a single person to perform all accounting and bookkeeping responsibilities.

As a result, transferring bookkeeping to a virtual accountant may allow your in-house accountants to focus on other aspects of the business’s finances.

When your accountant has the time to evaluate various investment options and analyse the market, he can promote your business effectively.

  • Economic solution

Completing financial tasks on your own does not save money.

You won’t have time to focus on building your business if you spend a lot of time managing finances, which might cost a lot of money in the long run.

While some accounting software is affordable, it usually includes crucial features only available if you invest more money.

Virtual accountants are one of the better cost-effective choices for businesses looking to save money. One in-house accountant charges a lot of money every year.

In addition to the base salary, you must also provide a bonus, additional work hours, and other job advantages to your in-house bookkeeper. You’ll also need to invest in the infrastructure to accommodate a new employee.

The cost of employing an in-house bookkeeper has many financial impacts.

On the other hand, when you outsource accounting services remotely, you only pay for the services you receive.

For example, if you hire a virtual bookkeeper, you only have to pay a one-time cost.

Virtual bookkeepers from low-wage countries might save you up to 70% on labour expenditures. In the long run, hiring a virtual accountant may save you a lot of money.

  • Year-end accounting

Finally, the virtual accountant keeps things simple by generating end-of-year reports for your firm.

Your virtual assistant can also reconcile data near the end of the accounting period, verifying that your bank statement matches what the financial software shows and that no duplicate or incorrect entries exist.

Starting and operating your own business, whether you have a large or small organisation, a hundred employees, or a three-person home office, is difficult. Being a boss involves managing several responsibilities.

Virtual accountants can also assist you in handling your taxes and keeping your accounts up to date.

How to hire a virtual accountant?

Virtual Accountants might be self-employed or work for a company. The majority of freelance bookkeepers can be found online. Here are a few ways to locate qualified Virtual Accountants.

  • Freelancer Platforms: Virtual accountants are typically self-employed, so freelancer platforms are your best bet.
  • Agencies: Virtual bookkeeping services are offered by several firms, and you may employ an assistant and a project manager through them.
  • Social media platforms: LinkedIn and other social media platforms can help you connect with self-employed virtual accountants.

Things to consider before hiring a virtual accountant

hiring virtual accountant

Not all virtual accountants are made in the same way; it is up to you to pick the best one for you. Here are some things to think about:

  • Industry-specific experience

Every industry in the world has its own set of bookkeeping requirements. The bookkeeper or agency you use should have experience in your particular niche. They’ll also need to be familiar with the tax legislation of your country.

  • Techsavvy

There are various accounting and bookkeeping software.

Any bookkeeper you hire would need to be well-versed in such technology. It’s even better if they’re up to date on the latest bookkeeping technology!

  • Availability

A virtual accountant can’t work with too many clients at once.

They might not only be accessible for a meeting, but they will also pay little attention to your company’s accounting.

When selecting a virtual accountant, look for someone who can meet your needs while working with your schedule.

You’ll have to provide them with information about your schedule, but making appointments ahead of time is essential.

  • Qualifications

Qualifications do not always imply certifications. On the other hand, any virtual accountant you hire will need to be exceptionally skilled.

They will be required to use the latest technology and analyse complex data.

Hire virtual accountants

Work with UK-based Experts for tax, audit, accounting, payroll, & EIS/ SEIS needs.

Have a question? Call us on
0203 983 8100
Monday to Friday 9am – 4:30pm

Final thoughts

You’ll always need extra help running a business to keep things moving smoothly. Another simple option to delegate a portion of the work is to hire a virtual accountant for your UK business.

Financial work is vital and necessitates complete concentration to be done correctly.

With a virtual accountant, you receive someone with the experience, skill, knowledge, and time to give your accounts the attention they need to be done correctly.