How Virtual Bookkeeping Works
Bookkeeping has come a long way over the years. While the double entry method of accounting had its start in 1494 by Luca Pacioli, long gone are the physical journals and manual math. Technology has change things in amazing ways. Today cloud based accounting software is the gold standard.
Cloud based accounting software allows you to access and update your information anywhere you have access to an internet connection. That means you can be on the other side of the world and easily access your data. What that means for you is that there is no longer a need to have your bookkeeper onsite. This reduces the amount of time they spend handling your accounts and keeps your office safe especially in this time post COVID-19.
Since your data is stored in the cloud it is backed up safely and securely. Imagine what would happen if all your company’s files were stored locally on your computer and it failed, there was a fire or theft? No doubt that would be a huge headache!
While bookkeeping software like Xero or QuickBooks Online is the hub of your accounting system there are other tools that can benefit you such as using Hubdoc for document storage or partnering with Gusto for payroll, insurance and HR needs.