Is online bookkeeping reliable? As a business owner, this question might have crossed your mind. Before answering this, let’s understand the basics.
Online bookkeeping services are a type of software or service provided by a third party to handle the financial tracking and recording of your business in a proper and quick way.
As an entrepreneur who wants to expand their business in the future, there are many things to consider when it comes to finances.
Therefore, you need a software or service provider who can help you when you don’t have sufficient accounting knowledge, your assets and liabilities are increasing rapidly, or you are facing a cash crunch in your business.
All these analyses are provided by the online bookkeeper in a timely manner because the information is only useful when you get it at the right time.
Is online bookkeeping reliable? In short, Yes,
According to the latest accounting software market research report, the global accounting software market was valued at $11.9 billion in 2020 and is expected to reach $70.2 billion in 2030, growing at a CAGR of 19.6% from 2021 to 2030.
The market size of the global accounting software market is expected to grow at a CAGR of 19.6%.
Types of Online Bookkeeping
1. Virtual bookkeeping services
In a virtual bookkeeping service, you can hire an expert on a contractual basis or on a part-time basis to work on your company accounts on a remote basis.
They can help you with different tasks such as income and expense tracking, client or customer invoicing and accounts receivable management, payroll, tax filing, and planning.
It is the most expensive way because you’ll have to pay a contractor rate or employee wages to keep someone on your team.
It will typically cost anywhere from $25 to $100 or more per hour.
2. Online accounting software
If your finances are simple and easily understandable, you can opt for good online software to do the work.
These programs typically require a monthly or annual subscription along with customization levels.
You can add the details and calculate your invoices, payrolls, online payments, expenses, reconciliation, and financial reports.
The cost can be as low as $100 per year for just invoicing and expense tracking or up to $300+ per year for companies with dozens of clients and multiple users.
3. Outsourced bookkeeping services
If They provide the service of hiring your own bookkeeper and use more advanced features for handling your finances.
Among many reasons to outsource bookkeeping most importantly, you’ll pay a monthly subscription price and get outsourcing bookkeeping support from service providers, get quarterly tax estimates, business and individual income tax returns, payroll, bookkeeping, and filing of tax forms.
Factors to Consider While Choosing an Online Bookkeeping Service
With hundreds of online bookkeeping options available today, it can be difficult to choose from such a wide array of options. Is online bookkeeping reliable?
In order to get the answer, you should first ask yourself some questions as an owner or CFO before choosing any online bookkeeping service.
The number of clients you have in your firm.
The number of invoices you deal with each month and the payment method you usually use.
What kind of business do you run? Is it a product- or service-based enterprise?
The number of contractors and employees in your home country and foreign countries with which you do business.
Annual revenue in the last three years and the growth rate of revenue.
Dealing with international clients or not.
Legal formation of your business and taxation.
Requirement of support during tax filing.
Bookkeeping support you want to have in the future.
Questions to ask an online bookkeeping service provider before choosing.
Once you ask these questions, you need to search for bookkeeping services and remember to avoid these mistakes as you choose bookkeeping firms:
Screening a few companies before selecting.
Cross-checking testimonials.
Ask if there are any hidden fees.
Benefits of Hiring IBN Tech for Your Bookkeeping Needs
Is online bookkeeping reliable? Now, you have an answer! to that question.
But how IBN Tech’s bookkeeping service can benefit your business?
Services we provide:
| Bookkeeping Services | Accounts Payable (Vendor Bills and Payments), Accounts Receivable (Customer Invoices and Collections), Reconciliations (Checking and Credit Cards), Revenue Reconciliation with Bank Deposits, and Electronic Document Management. |
| Controller Services | Cash Flow Preparation and Forecasting, Fixed Asset Management, Yearly Budget Preparation and Periodical Analysis, Costing and MIS Reports preparation, and financial statement preparation. |
| Accounting System and Integration | Financial Statement Preparation, Cash flow and budgeting, Monthly, quarterly and year-end preparation, costing, and financial analysis. |
1. Specialized Experience and Accurate Books
Because today’s businesses require specialists to handle the needs of a complex environment, we have top-tier talent with multinational corporate experience to provide you with the best bookkeeping services.
We have a team of qualified and certified bookkeepers, and extended teams of CPAs, CAs, CFAs, CMAs, CFO assistants, and so on. We offer services on significant bookkeeping software, including the knowledge of IFRS and GAAP.
Our offshore team is driven by US and UK account managers, who are industry experts with a wide array of practical and business-focused skills.
2. Low Cost
According to the Journal of Accountancy, the average salary for hiring a full-time CPA is over $100,000 per year. According to the U.S. Department of Labor Statistics, hiring a full-time bookkeeper is cheaper, but you are still paying over $40,000 per year for their services.
We offer outsourced bookkeeping services through a dedicated or shared resource, with rates starting at $10 per hour or $250 per month depending on your needs.
We help you get a revenue boost in your business by saving on finance and accounting overhead costs by up to 50%.
3. On-time Reporting
In a survey by Sage, about 67% of accountants now believe that cloud technology can make their roles easier.
We provide you with simple, user-friendly AWS-hosted cloud-based web software and mobile applications. This highly secured interface for data sharing makes it easy for you to manage, track and check for on-time data.
It lets you easily communicate with your account manager and we also provide CFO services through virtual assistance. Everything, including your financial resources and information, is just a click away.
4. Consistent Communication
When you rely on a staff accountant, you’ll typically have access to financial data during normal business hours, from Monday to Friday from 9 to 5.
In a survey from KPMG in 2020, 71% of CIOs expect their service delivery model to increase on account of automation activities.
We completely understand client concerns about communication and data protection, so, IBN ensures data security while outsourcing. We have invested in the best technologies to ensure that there is always a seamless flow of communication.
From the beginning of a project to the end result, we assign onshore and offshore engagement managers to ensure success.
5. Software Expertise
We provide services in the US and UK in multiple industries such as automobiles, travel, mortgages, recruitment firms, retail, telecommunications, and much more.
We deliver work with 99.99% accuracy.
We provide timely, hassle-free, and worry-free bookkeeping services with expertise in accounting software such as NetSuite, Quickbooks, Quicken, Sage, etc.
6. Data security
Accountants often handle sensitive client information related to their finances, payroll, and taxes and the occurrence of data breaches is huge.
In a survey by KPMG in 2020, 47% of owners or founders were concerned about security and privacy as one of their top three most important technology investments.
We work closely with our technology partners to offer clients the most secure systems and develop strategies for securing data and information systems.
We have ISO 9001:2015 certification for quality, ISO 27001:2013 certification for information security management, and CERT certification for data security.
Whether the risks involve security, quality, or timeliness of delivery, we try to be fully committed to our clients with 100% client satisfaction.
To conclude, with IBN Tech’s online bookkeeping service , you can easily increase your chance of achieving success with best-in-class services.
