Virtual bookkeeping can be carried out and managed pretty easily; but it does depend on the kind of system you have implemented at your work place and the level of comfort you have when delegating financial tasks to your virtual bookkeeper. The first thing that one has to take into consideration while using a bookkeeping program is that like any other accounting software, one has to ensure that the version is the same as that used by the virtual bookkeeper. Most of the bookkeeping programs will allow one to restore a file from a similar or same version. Some people are still using older versions. They do not want to upgrade it simply due to the fact that the existing version works just right for these people.
Some bookkeeping programs allow more users to access the account including the business owner, apart from bookkeepers and accountants. Some of these soft wares need not have to be purchased each year as the file will be backed up every day. One can also gain access to these files from anywhere like your home or office. If you need to travel a lot, you will be able to review the files directly. There is a monthly fee of around 10 to 40 dollars depending on the kind of package one choose. In some cases, firms will give discounts to their valuable clients.
One can also have remote access to their financial details since a virtual bookkeeper can log into his computer and can gain access to the information needed. The only difficulty with adopting this method is that it might hinder the person from using your computer simultaneously. Apart from that, the transactions may consume a little bit more time to get completed in the records. The task of transferring the information to the bookkeepers or bookkeeping firm can be accomplished securely. There are some special methods to handle this aspect, and again it hinges on the type of method you and the bookkeeper adopt.
Towards this end, one should set up a folder for each month. As and when it is required, insert the details regarding credit card receipts, vendor payment bills and cash outlays in the appropriate folder. When you get the bank statement, send the folder to the bookkeeper. The bookkeepers will receive the file and he will record the credit card charges and statements in the small business accounting program so as to reconcile it along with business accounts. Usually, clients pay their vendor bills and will send the stubs to the bookkeeper for purposes of reconciliation. When the reconciliations get completed, the bookkeeping firm will send you monthly financial reports via email.