April 16, 2024

Thrive Insider

Exclusive stories of successful entrepreneurs

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Is Remote Bookkeeping Smart Post-Pandemic?

The use of remote bookkeeping skyrocketed during the pandemic out of necessity, pushing the use of technology and distance coordination for all types of accounting activities and transaction processing. Now that normal office and social interaction has returned to normal status, a good number of questions have come about the efficacy of remote bookkeeping. However, what many businesses have found was that the approach produced some noticeable improvements, particularly in productivity. That said there were also newer or increased risks that needed to be addressed as well.

Plenty of Resources Available

Unlike some expectations, there are still plenty of resources available for remote bookkeeping. The paradigm opened up a wider market of suppliers able to take on both regular work and spot demand needs as well. Whether fully remote or in a hybrid format, multiple companies continue to be available to help with bookkeeping assignments of all types. And technology has been a key catalyst in making that possible. In fact, well over 9 out of 10 accountants today are fully versed in how to do their work with cloud tools versus just traditional in-house processes only.

How Does Remote Bookkeeping Work Now?

Mark Kilduff of Remote Quality Bookkeeping says successful and assured bookkeeping involves a handful of key elements. First, there needs to be a stable system shared between the client and the provider in regard to handling the data, input, processing, and output in completed and accepted reporting. Ideally, this work product is standardized based on acceptable accounting standards. Most accounting software platforms do this last part automatically.

Second, the skill and reliability of a trained bookkeeper staff is essential. These resources provide the actual work, check for errors, and deliver the work product. While the work can be performed anywhere one has access to the software and the Internet, there should be a lead staff person to guide the team and ensure the quality of the ongoing transactional work as well. A good service will have vetting-ready staff to take on assignments as needed per a client’s schedule. Not all organizations have the same bookkeeping needs with some only needing a bit of assistance while others need far more help.

Third, the system for transfer, processing, and reporting needs to be secure with business records handled as needed and then destroyed when no longer necessary. This involves a dedicated encryption system, user security, and an archive destruction process managed consistently by a provider per contract.

Clear Benefits Continue

Obviously, every business needs dependable accounting, both for management finance and for reporting and tax management. That said, bookkeeping doesn’t need to be in-person, especially now with today’s technology. By following specific criteria that protect the client’s interests, remote bookkeeping can be both powerful, efficient and cost-sensitive, which is particular attractive to small businesses that need both. Small business is hardly the only sector to benefit from making a move to outsourced bookkeping. Franchises too stand to benefit from a single source of truth style accounting system that bookkeepers like Mark Kilduff provide.