The Rise of Remote Bookkeeping: Benefits and Challenges

Bookkeepers were traditionally seen as the unsung heroes of a business, recording day-to-day financial transactions diligently, balancing the books, and helping owners keep a close watch on their bottom line – all without missing a beat.

As of late, however, organisations are finding it increasingly more cost-effective and less time consuming to work with a remote bookkeeper or software-powered remote bookkeeping solution to keep their financial affairs in order.

What are the benefits and challenges that come with remote bookkeeping?

Remote bookkeeping – a term loosely used to describe the management of financial records from a distance, either through a bespoke software solution or actual accountant – offers a number of benefits and challenges, which are worth noting:

+ Cost savings

Right off the bat, businesses can expect better cost effectiveness as remote bookkeepers tend to have vastly lower overhead costs compared to an in-house one, leading to potential savings.

+ Scalability and flexibility

A quality remote bookkeeping service can quickly adapt to an organisation’s ever-changing needs. It offers a great deal of flexibility and scalability, something which traditional in-house bookkeepers and accountants typically do not offer.

+ Access to a much wider talent pool

The ability to work remotely with an expert bookkeeper affords businesses the benefit of having a wider skill set, thus, expanding the bookkeeping talent pool they can tap into when meeting day to day demands.

+ Better accuracy and compliance

Qualified and experienced remote bookkeepers are experts at their job, providing accurate financial records and ensuring that you are in compliance with all local tax laws and regulations.

+ Focus more on your core competencies

When businesses outsource their bookkeeping, they essentially free up more time and resources to dedicate toward their core operations. That’s one less thing to worry about so you can focus better on growing and expanding your business.

+ Improved efficiency

Remote bookkeeping brings into play the latest cloud-based systems and digital tools, not only increasing bookkeeping efficiency but also reducing the likelihood of errors to practically zero.

- Data security

While working remotely with a bookkeeper, it is important to have the appropriate security measures in place. Depending on your own personal business situation, you may or may not be willing to invest in robust security systems to protect sensitive financial data.

- Communication challenges

While it has become easy to communicate with people remotely, explaining things or general communication with your remote bookkeeper may prove to be challenging – unless you have clear communication channels and tools in place.

- Complete reliance on technology

Since remote bookkeeping relies quite heavily on technology and an internet connection, this may prove to be a challenge if there are frequent internet disruptions or technical issues within your business.

Final thoughts

Remote bookkeeping is never a challenge, worry, or any cause for concern when relying on ProBookkeeper – where you focus on growing your business while we take care of your daily financials.

Have ProBookkeeper work as an extension of your team, helping you satisfy clients on time and on budget.