Let’s delve into the world of virtual bookkeeping and understand what it entails before we explore the tools, benefits and tasks that they can handle for you. Unlike in-house bookkeepers who work from a physical office, virtual bookkeeping is a remote financial management service that utilizes cloud-based accounting software. Virtual bookkeepers, also known as online bookkeeping professionals or accounting virtual assistants, assist business owners with various financial management tasks, such as tracking transactions, managing expenses, and generating financial reports, all done remotely.
Research shows that in-house employees are only productive for about 2 hours and 23 minutes out of an 8-hour workday, with the rest of the time spent on unproductive activities like social media, gossip, smoke breaks, eating, and news reading. This highlights the challenge of ensuring optimal productivity without micromanagement. In contrast, virtual bookkeeping offers a solution that allows businesses to leverage the expertise of remote professionals without the need for constant supervision.