3 Things to Look for in a Virtual Bookkeeping Vendor

What Is Virtual Bookkeeping?

Virtual bookkeeping is the process of maintaining your financial records. It's a lot like traditional bookkeeping, but what makes it special is that it's totally online. Virtual bookkeeping is both flexible and convenient—no muss, no fuss with an in-person consultant or the usual paper trail—and provides access to expertise you may not otherwise find in your area. 

3 Things to Look for in a Virtual Bookkeeping Partner

So what do you really need from a bookkeeper anyway? Your business needs a partner to take the reins on all the time-consuming financial record-keeping so you can aim for success. To find the right bookkeeping partner, you need to look for a few key skills and attributes:

1. Dedicated and Experienced Accounting Team

Diving into virtual bookkeeping is about more than plucking a random Joe off the internet. While you might strike gold with a solo freelancer, your odds of success will be much higher with a well-established firm. This model provides your company with ready access to a team of pro bookkeepers and accountants, each with unique strengths who come together to support your needs. 

When you're shopping around for a virtual bookkeeping partner, take the time to ask key questions:

• How much experience do you have in your industry?

• How many clients does your firm have?

• Can you provide references or testimonials? 

Members of your team will usually specialize in one or a few industries. Selecting the right fit is important because their experience will influence whether their apps and software are relevant and compatible.

2. Certified in Accounting Software Tools

Firms that are certified know every tip and trick to use accounting software platforms such as QuickBooks, FreshBooks, and Xero to their fullest. Your online bookkeeping partner will use accounting software to assist with several core business functions, including:

• Invoicing

• Online payments

• Payroll

• Expense tracking

• Reconciliation

• Time tracking

• Inventory management

• Estimates and proposals

• Financial reports

Ignite Spot is proudly certified in QuickBooks to track and analyze the flow of money through your business. QuickBooks integrates with other key systems, from time tracking to payroll. You'll definitely want to find out which platform(s) your partner uses before signing on the dotted line because it could be tough to switch all of your records over and adjust to new processes if they don't use the same technology.

3. Ability to Automate Financial Tasks 

Can the firm streamline your everyday finances? Automation comes in handy to save hours upon hours spent on manual record-keeping, calculations, and even internal operations. In addition to comprehensive online bookkeeping software, virtual bookkeepers use a variety of specialized tools to automate key activities.

Take us, for instance. Ignite Spot trusts several tools to automate your company for greater efficiency:

• Bill.com creates connections between businesses and their suppliers and clients, making it easier to manage cash inflows and outflows.

• QuickBooks Time differs from its parent solution in that it's designed to track employee time; sync time tracking with payroll, invoicing, and scheduling; and increase profitability.

• Gusto helps to manage hiring and onboarding, payroll, and employee benefits so employees get what they need and you keep up financially.  

Bookkeeping isn't every business's strong suit, and it shouldn't have to be yours. When you have the right partner by your side, you can reclaim your time and mental real estate to focus on what matters: your everyday operations. Sounds pretty good, right? 

Try Virtual Bookkeeping with Ignite Spot

Need a bookkeeping solution that is both flexible and efficient? Virtual bookkeeping opens a world of opportunities for the level of service your business can access. An external team can provide deep expertise backed by best practices for your industry and deploy robust tools to streamline your finances and operations. 

We would love to help you reach your bookkeeping goals. Ignite Spot has been a trusted virtual bookkeeping expert for 14 years. Download our e-book to learn whether a virtual and outsourced structure could work for you, and get in touch to discuss your bookkeeping needs.