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Benefits of Online Bookkeeping

Online Bookkeeping

Today we are simply wanting to outline the pro's and cons of engaging an online bookkeeping service. So for anyone that is a little unsure of which way to go, by reading this article, you should have enough information to see if you agree or disagree with the conclusion and hopefully fulfull your decision making process.

In this brief article we very quickly cover cost differences, the different aspects of remote bookkeeping services vs face to face bookkeeping services, pro's & cons and which bookkeeping service you may like to consider.

It's important to read the detail until the end so you won't miss any important factors.

IS A REMOTE BOOKKEEPING SERVICE CHEAPER?

The big question, of course! Is remote bookkeeping likely to be a better price? Well, it could go either way but here are the reasons why so you can assess if these factors are likely to impact you.

Do you have complex bookkeeping requirements whereby you really need a bookkeeper embedded into the business and understanding the complex and complicated workflows in a "live" fashion.

If this sounds like you, you may prefer to engage with an onsite bookkeeper so that communications can flow and you can be sure to have a bookkeeper available in those moments when you need to discuss things, raise queries and conclude outcomes. Obviously, this level of support wouldn't be the cheapest option although bookkeeping affordability is not always the be all and end all for overall bookkeeping value within a business.

For most businesses though the intent of a bookkeeper in support is to help with certain tasks that can be boxed into a service window and in a controlled fashion. So, for these scenarios and the large majority of scenarios an online bookkeeper is perfectly suitable (especially in today's "work from home" environment!) and can prove to be the cheaper option. Often the bookkeeper is able to remain flexible with their time placement on the work, their location and of course reduced cost on time spent travelling and travelling expenses. All these things add up to a better potential offer on the cost of those services.

WHY USING AN ONLINE BOOKKEEPER IS BETTER THAN FACE TO FACE

YOUR TIME

Your time is valuable. Having your bookkeeper on site means fielding questions at times that aren't always the best for you, as opposed to answering email queries at the time that suits you best. Having remote communications also means that all the queries are recorded and can be referenced back at any time.

YOUR COST

As previously mentioned, the bookkeeper may be able to build lower costs into their business model if they tend-toward remote services but that's not where it ends with finding cheaper outcomes. Other costs that may impact you here are:

  • Parking space
  • Office space
  • Cleaning fee margins
  • Expectations for software on site
  • Kitchen amenities & stationery
  • Uniforms
  • Additional phone line
  • You may even face legal complications if your agreement with your bookkeeper on site were to be misinterpreted as in fact, a staff member

were to be misinterpreted as in fact, a staff member

While some of the above may not affect your use of an onsite bookkeeper, you may be surprised at the costs that do accrue and the less favourable positioning for your business in the long term.

YOUR BUSINESS EFFICIENCIES

While it can be comforting to have all staff on site at all times, it can also take a significant toll on overall productivity. Allowing your associates, staff, bookkeepers or otherwise to work without interruption can save you a lot of money that for most business owners would be largely unquantifiable. Being mindful can help to keep your costs from becoming less controlled. Stay cheap, reduce overheads systemically.

PROS & CONS OF ONLINE BOOKKEEPERS

Pros and Cons of Online Bookkeeping

So, the pro's of engaging online with your bookkeeper are sufficiently listed already but let's hone-in on any con's that may remain.

The biggest issue with online bookkeeping services or any work from home roles is trust & transparency. So how do you get around that and retain the aforementioned advantages and savings of going online for your bookkeeping?

If you do have issues trusting your bookkeeper or at home worker there are technologies, you can implement to monitor their time spent on your workload. Hubstaff is a great example, it's relatively easy to use and allows you to monitor mouse and keyboard activity levels as well as the system taking screenshots periodically so that you can assign terms to work on your tasks at a certain time and the bookkeeper can login before commencing your work and logout afterward. For this type of arrangement, you would more than likely need to be providing the computer, software and internet connection for the tasks if you are to stay within privacy laws but worth considering your options here if your bookkeeper is full time or part time.

If your bookkeeper is NOT staff and/or is NOT using your equipment and you do have trust issues with them, it may be more to do with their competencies with their outcomes. In which case, it might be wise to reconsider who you've engaged as your bookkeeper. It's an incredibly important role. If your books are not properly cared for you're pretty much guaranteed to lose money in one way or another. Not the ideal environment for your business future success.

AUSTRALIA'S BEST ONLINE BOOKKEEPING COMPANY

You found them already! Bookkeeping Freedom have nothing but 5-star reviews and service clients in every corner of Australia. We DO provide online bookkeeping services Australia wide and have been managing remote bookkeeping services for long enough now, to have ironed out any kinks and can offer quality advice on the best way to manage an online or remote bookkeeping arrangement in Australia. Our headquarters is based in Sydney, NSW and we are fully BAS accredited. We can help you with all your bookkeeping tasks and you can be sure we run a very tight ship and will help you to meet those deadlines without worry.

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