Advantages and Disadvantages of Online Bookkeeping Services

February 16, 2018

Are online bookkeeping services worth it?

Every business, no matter how small, needs to hire a bookkeeper. There are myriad reasons why bookkeeping services are a must. But should you go about hiring a bookkeeper near you or look for online bookkeeping services?

Hiring a virtual bookkeeper is not just a new trend anymore. Many businesses around the world prefer a professional who can work remotely. After all, we live in the 21st century and modern technologies come with many advantages.

But what are the pros and cons of choosing online bookkeeping services? Is it worth considering a virtual bookkeeper or not?

Read on to learn more about the advantages and disadvantages of online bookkeeping services.

Virtual Bookkeeping Services

Advantages of online bookkeeping services

1. Virtual bookkeeping services cost less – Online bookkeeping services typically cost much less than bringing in a full time employee. Since you won’t have to provide health insurance, office space or other employee benefits, you’d be saving money. You’ll have the advantage of hiring an expert bookkeeper for a much lower fee.

2. Online bookkeeping services are location convenient – Virtual bookkeeping services are exactly what they sound like: you’ll only require an internet connection to be able to communicate with the bookkeeper you hired and make sure they keep accurate track of your finances on a regular basis.

3. A virtual bookkeeper knows the ins and outs of the latest bookkeeping tools – Paying less in fees for bookkeeping services or being able to travel and be location independent aren’t the only advantages of hiring a virtual bookkeeper. A professional who helps businesses for a living has access to the latest tools in the bookkeeping industry. It’s their job to keep accurate track of every single aspect of your finances, so you’ll have the advantage of working with a professional who knows the ins and outs of the latest bookkeeping tools.

Disadvantages of online bookkeeping services

1. Online bookkeeping services depend on an internet connection – Although being location independent is clearly a huge advantage, if your internet connection should suddenly stop working, there’s nothing you or your virtual bookkeeper can do about it. Even though your Wi-Fi will be fixed eventually, the impossibility of communicating in case of an emergency is a clearly a disadvantage for you, as well as for the bookkeeper working remotely.

2. Your sensitive information might be at risk – Sharing sensitive information over the internet always comes with risks. You never know when your information can suddenly be hacked or if nasty viruses might compromise the integrity of the data you share. Antiviruses and a strong firewall protection can help. But you should also consider the possibility that an encryption software might not be 100% safe.

3. Virtual bookkeepers are not your employees – Having a full time employee means you can train and teach them all about your company, your customers and vendors. Hiring an online bookkeeper, on the other hand, means you’ll have an “outsider” keeping track of your finances. Although online bookkeeping services come with many advantages, a virtual bookkeeper may not have the same level of understanding about your business.

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