Virtual Bookkeeper

You may be wondering how to start working with a virtual bookkeeper.  Due to the nature of the business and current technology systems, all communication and transfer of information can happen online.

Business finances can be overwhelming if you don’t know where to begin. So here is the usual process I take my clients through.  

SET UP

First, the virtual bookkeeper will gather some basic information about your company, such as name, entity, and accounting needs based on your industry.  

We ask for restricted access to bank accounts since we are a virtual company (the perk is that we don’t take up desk space in your office).

Clean-up could take a little more time, depending on how up-to-date your current accounting system is.

However, as someone with a lot of experience, no matter how disorganized your books are, we can always get you up to date.  After clean-up, the virtual bookkeeper will troubleshoot any issues with the beginning balances

TRANSACTION REVIEW

From there, the bookkeeper begins to review all transactions on your account, including unaccepted bank transactions and unaccepted receipts. If there are any open issues, the bookkeeper will resolve those. In addition, the bookkeeper will handle any client-specific tasks in this step, too.

 

credit card statement

ACCOUNT RECONCILIATION

In this step, the bookkeeper will reconcile all bank and credit card accounts. The bookkeeper will review outstanding transactions and, once again, any client-specific tasks.

FINAL REVIEW

It’s now time for the final review. In this step, the bookkeeper will check that your books are complete and accurate and that there are no unusual or unexpected balances.

The bookkeeper will then review profit and loss and balance sheets on the month-on-month and year-on-year to ensure that changes match expectations.

Then, the bookkeeper will review open accounts receivable and accounts payable balances over 90 days.

WRAP UP

In this step, the remote bookkeeper will close the books. Then the necessary management reports are created and sent to the client.

THE NEXT STEP TO GET CONTROL

The above is the standard process I use with all of my clients. And, if you have any questions along the way, I take the time to answer them by phone, email, or even a video call.  There’s nothing like having control over your business’s finances, along with the peace of mind of knowing it’s all taken care of by an experienced accounting professional.

Are you wondering if it’s time to outsource your business’s accounting? I’ve freed up some time in my schedule. So let’s chat about it!

cheryl-hieatt-accountant

 

 

 

 

“Count on us to Account for You!”