Virtual bookkeeping

Why Business Owners Should Switch to Virtual Bookkeeping

Virtual Bookkeeping Framingham

Virtual Bookkeeping Framingham | It was inevitable to adopt virtual business conduct earlier this year when we all faced the Covid 19 hardships. Businesses of all sizes and all industries switched to remote working and virtual operations partially at some stage.

Bookkeeping and accounting are some of the core business tasks that businesses have been performing virtually for quite a while now.

As a business owner, you should analyze the cost-benefits of any important business decision not just outsourcing the bookkeeping function.

I have been offering my professional bookkeeping services in Framingham, Massachusetts for many years now. Business owners often ask me about the business benefits of shifting to virtual bookkeeping and accounting services.

Here are my top reasons why business owners should switch to virtual bookkeeping services.

What If The Coronavirus Second Wave Hits Us?

If you think coronavirus is over, give it a second thought. Even with Covid 19 vaccine optimism, it will take us a while to get rid of the deadly disease.

But what if there is a similar second wave of the coronavirus? What if we face a similar health and safety hazard in the future? Will we just wait and react to the situation again?

The costs of tolerating the safety risk and jeopardizing the employees’ health can become unbearable for any business. The health and safety standards that we’re following now will become industry standards sooner than later.

For this reason, more businesses will look for virtual employees and digital work environments that are safer and flexible.

The Cost of Falling Behind the Technology

The trends of remote working and virtual bookkeeping did not start with the current pandemic. The current work-from-home compulsion just boosted the pace and reminded us of the technological shift.

Small businesses in particular would bear the brunt of lagging behind this technological shift. As a result, more businesses are adapting to the virtual bookkeeping Framingham and finance function outsourcing.

Accounting and bookkeeping software development is now backed by artificial intelligence and machine learning. The newer versions of the bookkeeping and accounting software come embedded in advanced business analytics features.

Value Addition for Your Business with a Specialist

In short, the notion of bookkeeping services is limited to the record-keeping functions only. Practically, specialist bookkeeping adds much more value to a business than that.

In other words, compliant and consistent bookkeeping financial record forms the basis of the solid finance function for any business.

Furthermore, a professional bookkeeper will always offer your business unbiased and objective opinions. The correctness of the financial data does not limit to tax reductions and tax avoidance only.

Auditors (and computers) at the IRS are much smarter than that.

Compliance with Taxation Rules

A few months ago, you might have applied for the paycheck protection program (PPP) or the EIDL under the SBA offered schemes. Businesses will incur certain tax implications for these grants.

The loan forgiveness and tax deductions come with certain conditions. This is just one recent example where your business may need a specialist to do the job.

In addition, oayroll taxes, Employee retirement contributions, taxes withheld, and yearly tax compliance are a few tasks that you can outsource to a virtual assistant these days.

It will save your business time and money. You wouldn’t want to end up facing an IRS audit and tax penalty though, would you?

Cost Saving and Work Flexibility

Perhaps these are the most touted benefits of hiring a virtual bookkeeping specialist these days. The claims stand tall with facts though. A full-time bookkeeper costs your business anything between $ 50,000 (on average) annually.

You can hire a virtual bookkeeper on an hourly basis, rather than on an ongoing basis to save you more.

With online access to the business accounting and financial records, virtual bookkeepers can perform their tasks flexibly round the clock.

These are just a few of the broader categories of benefits that your business may harness with a virtual bookkeeper. Moreover, depending on your business industry and size, virtual bookkeeping Framingham services may yield other business advantages to you.

  • Professional Bookkeepers bring industry knowledge and specialization with them
  • You can focus on your business strategy and core activities
  • Prevent your business from financial fraud and theft risks
  • Hire the professional within the state of beyond the geographical boundaries
  • Develop understanding and efficient workflow with a specialist
  • Ultimately reduce business costs and join the industry trends

Learn More

If you have not already, switch to virtual bookkeeping today! Ash CPA offers virtual bookkeeping and accounting to meet the needs of all businesses. Call (617) 462- 6651 or request a consultation online.

Tax planning | cpa framingham

What Is Tax Planning and Why It Is Important

Tax Planning

A common notion with tax planning is to minimize the tax liability, in reality, it is a broader aspect of the total financial management. Individuals and businesses alike, need to harmonize tax planning with their financial strategies to reap the best rewards.

In an evolving and ever-changing business market, the role of the CPAs and tax planners has become multi-faceted. For example, tax planning requires a comprehensive financial management approach rather than number crunching and accounting record-keeping.

Off-course that doesn’t mean undermining the importance of financial and accounting records accuracy.

What is Tax Planning?

For individuals and businesses alike, the financial aspect of tax planning remains similar. Compliance with regulatory authorities and minimizing tax liability remains an important objective to achieve.

The rapid evolution of accounting function with embedded technology and matured concepts like virtual accounting services means businesses now expect a broader context of advisory from their tax planners.

The empire of tax planning will build on strong accounting and financial records. Accurate and compliant financial records will lay a strong foundation for the client’s financial strategy.

Moreover, tax compliance regulations don’t change overnight, but the implications often change in different scenarios.

For example, the current pandemic caused recession has compelled regulatory authorities to amend several tax relaxations such as deferral of employee social securities or change in charitable donations.

Here are some key areas that modern tax planners and advisors must address with their clients.

  • Advice on Entity Structure and type with tax implications
  • Corporate or Income tax liabilities
  • Tax credits and deductions
  • Backing tax deductions with accounting records
  • Managing the tax-brackets for the clients effectively
  • Multi-year tax planning with a strategic approach
  • Addressing the impacts of choices with Sources of finances, Employee Retirement plan contributions, and investments

Tax Obligation Management

Tax obligation management primarily concerns the identification and payments of all business taxes. Arranging the funds and managing the tax returns timing also play an important role in tax obligation management.

For businesses, tax obligation management will include:

  • Managing Business (or self-employed) taxes including Income tax, Sales tax, Employment taxes, Excise taxes, local and state taxes.
  • Managing funds for tax payments e.g. on monthly, quarterly, and annual tax obligations
  • Filing the federal income tax returns with accurate income tax forms
  • Tax relief and deductions with compliance

Importance of Tax Planning

You may need to plan for tax liability minimization, filing the right form, and providing accurate details on Schedule C for the cost of business operations. After all, the main purpose of tax planning is to pay whatever you due to the government (but not more than that) and to stay compliant with regulatory requirements.

In addition, you may seek last-minute advice from your tax planner on the year-end tax-saving tips, but if you plan ahead of time, you’ll make the most out of the resources. Every financial and strategic aspect of the business incurs tax implications.

Also, remember, your personal and business tax liability is directly linked. In a sense, your business tax planning will also affect your personal wealth management and retirement plans.

Here are a few key areas of your personal and business financial management, where effective tax planning may make things easier for you.

Business types and Tax Liability

It will primarily include the entity type and the effects of “pass-through taxes” on your annual tax liability. For example, a C corporation, an LLC, or a Partnership to incorporate as the filing entity.

The question isn’t a straightforward one though. It will also depend on how you plan to fund and operate the business.

Business Expenses and Deductions

Your direct business expenses will get reported on Schedule C to determine the business income. Business accounting records back that filing and the resulting income decides your tax bracket.

However, numerous tax deductions legally can reduce your tax liability burden.

For example:

  • Research and Development costs of business
  • Investing in green energy
  • Asset depreciation and Amortization
  • Maximizing the employee retirement contributions
  • Business use of home and other personal assets
  • Net operating Losses carry over

Cost of Financing and Taxes

You can fund business with either Equity or Debt. Interest paid on loans is tax-deductible, but a higher debt ratio means costly bank loans. The balancing of the financing structure directly implicates the tax management for your business.

Retirement Contribution and Savings

You can start an individual retirement plan such as a simple IRA and start investing in other saving plans to start with. Effective tax planning can bring you more benefits with a wiser retirement plan selection.

Also, you can contribute towards your retirement plan as an employee of your own business. Some retirement plans offer more contributions than simple IRAs or Roth.

For example, with an FSA plan, both you and your business employees can contribute but it comes with a maximum contribution limit.

The HRA for your employees (including yourself) will require only employer contribution without any limit. Let’s talk about it with some other options for your long-term savings and retirement plans.

Learn More

Contact Ash CPA to learn more about tax planning. Every business is different and will need a customized approach. Call (617) 462- 6651 or request a consultation online.

Business accoutants

Business Accountants: Tips On How To Streamline Your Business Around COVID-19

Business Accountants

Business Accountants | The unprecedented crisis surrounding the COVID-19 pandemic has really taken a toll on many businesses. Lockdowns and concerns related to public spaces has decreased profits and forced businesses to take a look at their expenses and ways that they can streamline their business to remain profitable.

Let’s look at a few ways that you can streamline your business during the time of COVID-19 so that you can survive and thrive when things get back to normal.

Create Habits

When undergoing streamlining processes, timing is of the essence. So make sure that you and your staff are in the habit of maintaining accounts on a consistent and regular basis. During stressful times like the ongoing COVID-19 pandemic, you may find that updating your financial data gets put on the back burner.

Consistent management is critical for proper streamlined bookkeeping. By establishing time periods dedicated to examining your accounts, you will be able to keep on top of any issues that develop. When you neglect this, missed invoices, miscalculations, and incorrect entries can rapidly accumulate. Fixing these problems can occupy much of your time later on, leading to extreme stress in locating the source of problems that may have occurred months earlier.

Hiring Business Accountants

The one thing your business has in common with every other business is that you must know your numbers. Time spent doing it yourself is often a waste of valuable resources Your books tend to only gather dust and remain unused until tax filing time. Or you may already have business accountants who provide tax preparation and bookkeeping, but only provides financial reports periodically. It does not have to be this way.

Automate Bookkeeping

You need a business accountant who is independent. Also, one that uses modern technology. Every resource needed by your bookkeeper should be available online. Provide your accountant with access that is “view-only” to statements, payroll reports, check copies and other relevant information. This ensures that they can regularly stay informed with your entries without needing you constantly for information.

Remain Informed About Industry Trends

Specialized business accountants can keep you abreast of industry trends that have an impact on your profitability. This helps you avoid paying more annual taxes than you need to. A good accountant should also be aware of changing tax laws. this helps to keep you compliant and avoid unnecessary audits.

The Bottom Line

Even if you are doing your own accounting, it can still help to have a consultation with a business accountant. They can provide advice on handling your daily bookkeeping operations to streamline it, or suggest accounting software that will make your job more efficient. They can also assist you in complying with all regulations associated with your business.

Learn more by scheduling a complimentary consultation with Ash CPA. Call (617) 462-6651. New clients are welcome!

Local bookkeepers

Local Bookkeepers: Get Familiar With Common Bookkeeping Terms

Local Bookkeepers

Local Bookkeepers | It is important to have a firm grasp of common bookkeeping terms and accounting phrases and terms before starting work as a local bookkeeper. In short, local bookkeepers rely upon certain terms and phrases that they use on a daily basis in tracking and recording financial transactions, whether it be income statements, balance sheets, and accounts payable and receivable. The following are terms that you will need to get familiar with as you use them on a daily basis.

Balance Sheet Terms

Below are a number of items that you will want to be familiar with when dealing with balance sheets:

Balance Sheet

This is the main financial statement presenting a current picture of your business financial position at a certain date and time. It is known as a balance sheet because the assets owned by your company need to equal all of the claims against the assets.

Assets

An asset is everything that your business owns so that it can successfully operate, like buildings, land, cash, tools, vehicles, furniture and equipment.

Liabilities

The term liabilities refers to all debt owned by your business, like loans, bonds and unpaid bills.

Equity

This term describes all money invested in your business by the owners. If you have a sole proprietorship, or your company is owned by a small group of people, the equity of the owners is known as a Capital account. For larger businesses, the equity of the owners is in stock shares.

Income Statement Terms

The following are a few terms associated with income statements that you should be familiar with:

Income Statement

This document provides a summary of your financial activity over a certain span of time. It begins with Revenue earned, minus Expenses and Costs of Goods Sold, ending with your bottom line, which is your Net Profit or Loss.

Revenue

Revenue is all of the money that you have gathered when selling your businesses goods and services.

Costs of Goods Sold

This term refers to all expenditures to buy or make the services and products that you are planning to sell to your customers.

Expenses

This term describes all money spent to operate your company that does not involve the sale of goods or services.

Other bookkeeping terms include:

Accounts Payable

In short, accounts Payable refers to all outstanding bills from contractors, vendors, consultants and any other individuals or companies from whom you purchase goods or services.

Accounts Receivable

Used for tracking all customer sales due to store credit.

Depreciation

Used for tracking the use and aging of assets whose value tends to go down with time.

Interest

Interest is the money that your business must pay when borrowing money from a banking institution.

Inventory

Inventory refers to the account tracking all of your products that are being sold to your customers.

Payroll

The way that your business compensates its employees. Payroll management is a critical bookkeeping function, involving reporting many items to the government, such as information related to unemployment taxes or Workmen’s Compensation.

Local Bookkeepers | Learn More

Schedule a call with Ash CPA to learn more about bookkeeping and how it can improve your revenue and profits. Call (617) 462- 6651 or book an appointment online.

 

experienced accountant framingham

Why an Experienced Accountant Is Best

Experienced Accountant Framingham

Managing your business finances can be hard if you are unfamiliar with debits, credits and transaction records, but there is no need to go it alone. An experienced accountant can offer you financial guidance to operate your business in an effective manner.

Although hiring an experienced accountant for a small business is technically optional, it can save you a lot of hassles when it comes to the review of your financial records, as well as for filing your taxes. An experienced business accountant can offer your company the advice that just may be the difference between succeeding and failing. As your business grows, you can rely upon their expertise to help you with your decision making.

What tasks do business accountants perform?

Your business accountant will be examining the finances of your company and preparing your financial reports. They are there to ensure that your data is correct and that you are able to pay your taxes correctly and on time. Some business accountants even offer bookkeeping services.

Some tasks performed by business accountants include:

  • Identifying all tax deductions that you are entitled to.
  • Ensuring that your cash flow remains at acceptable levels.
  • Creates financial reports necessary for investment and getting loans.
  • Preparing your tax returns accurately and quickly.
  • Pointing out potential growth areas for the analysis of pricing, inventory management, and cash flow patterns.

The First Step

To select an experienced accountant, you should begin by determining what you want them to do for you. Some business accountants can provide bookkeeping, while others are focused more on general business tasks. If you need both bookkeeping and accountant tasks performed, you may be better off looking for an accounting firm that offers both services.

If you keep your own books, you may want to hire an accountant to periodically evaluate the health of your company and produce statements. 

Selecting Your Accountant

When looking for a business accountant, you should seek one who has a solid understanding of tax law, business management and accounting software. When you interview your perspective accountant, take note of their communication skills. You want one who does not speak in a lot of technical jargon so that you can understand what they are communicating to you.

Making the Most of Your Relationship

Now that you have hired your business accountant, detail the agreement terms in an engagement letter. This document contains statements, returns, and applicable charges. This will assure you that both you and your accountant share the same set of expectations.

It is always a good idea to visit or converse with your business accountant on a monthly basis. Review problems with them and go over your financial statements so that you understand where your money is going. In addition to mere number-crunching, your experienced accountant should have the ability to provide suggestions on cutting costs and provide valuable feedback for any questions or ideas that you may have.

Learn more with a complimentary consultation today. Contact Ash CPA at (617) 462-6651.

virtual bookkeeping meeting

Why Virtual Bookkeeping and Accounting Services Are Needed

Virtual Bookkeeping

If you are thinking about entering into a partnership with a virtual accounting firm, you will likely want to know what benefits you will be receiving for the money. In today’s economy, given new tax laws and healthcare regulations, there are quite a few benefits of using virtual accountants to help with your financial controllership and bookkeeping needs.

When you are busy running your business, you may often feel the weight of numerous demanding tasks that are necessary to keep your company going and remaining profitable. With recent technological advances, virtual or remote accounting and bookkeeping services can help to unburden you of the accounting and financial stresses that are involved with running your business.

Cost-Effectiveness

Remote bookkeepers and accountants typically can provide part-time services that help to meet the needs of your small business, while eliminating the costs associated with having an in-house accountant. You can hire them on a contractual basis so that there is no need to be concerned about salaries, payroll taxes, or other hiring expenses.

Flexibility

By outsourcing your accounting and bookkeeping tasks, you will have someone who is available on a flexible schedule whenever you need them. You may only require accounting and bookkeeping duties on certain days, and these professionals can adapt quickly to your schedule.

Reliable and Secure Data Backup

It is very important to back up your data using secure software, but being able to access your records is also important. Your outsourced accountant or bookkeeper should have access to platforms that are both reliable and accurate.

A Focus on Your Business

For many small business owners, the main benefit of going with virtual bookkeeping and accounting services is that it frees you up to focus on what really matters: running your business. By allowing your accounting and bookkeeping needs to be taken care of, you will be able to keep the peace of mind that is so valuable.

Whenever you need current financial reports, you will have complete access to them so that you are able to manage your business in an organized and efficient manner. By utilizing these accurate financial statements and reports, you will have the ability to make important business decisions regarding the future of your company.

The Bottom Line

Virtual bookkeeping and accounting services can be extremely helpful in numerous ways, but it is important that you research the variety of professionals available in a careful way. Because you cannot simply show up at their office whenever you require something, locating a trustworthy and responsive bookkeeper or accountant is critical. Ask many questions, search the internet, and go over reviews to ensure that you select the right partner for you and your business needs. Contact us to learn more!

local CPA | Ash CPA Framingham

Local CPA | Progressing Through COVID-19

Local CPA

Local CPA | It has been several months since America was introduced to COVID-19. And as Americans continue to push forward, many businesses are still struggling to stay afloat. Setbacks have become almost inevitable for small and large businesses throughout the country. At Ash CPA, we understand the need to stay operational and the challenges that come before it.

Below is a list of ways to progress through the pandemic. This information is general. Therefore, we highly recommend scheduling a consultation for a customized financial plan. Our team has over 20 years of experience helping businesses and their unique challenges. 

Review Your Business Finances

Reviewing your finances is best done with an experienced local CPA. He or she will understand your current financial health by reviewing your monthly financial reports, cash reserves, identifying what expenses can be delayed, the structure of your business, and more. Based on these findings, your local CPA will recommend options to keep your business operational. 

Maximize Your PPP Loan

Have your local CPA review your PPP loan funds. They will recommend the best way to distribute the funds in order to meet the forgiveness criteria while meeting your business needs.

Learn About The Latest Tax Provisions

The CARES Act includes many tax-relief benefits that may reduce your tax obligations. Therefore, consult with your local CPA to see if any provisions benefit your business. 

Generate Business and Defer Payments

Many businesses have reconstructed their business module to adapt to economic change. For instance, consumers are offered more promotional savings than before. Free shipping, consultations, buy-one-get-one promos, reduced interest rates, and more are available to attract consumers. What can you offer to generate business? Free contactless delivery? Free shipping? Discounts?

Likewise, contact your creditors and see if you can defer your payments. Many large companies, especially banks, are offering payment extensions without credit penalties. See if you qualify and review your options.

Reconstruct Your Business Module

Adapting to change can be challenging for anyone including businesses. This pandemic may have you wondering how to best implement safety while still earning revenue. Fortunately, technology allows us to become more efficient while reducing contact. For example, consider online payments, work-from-home opportunities, video conferencing, social media communication, and more. 

Your business module will need a customized approach to implement these changes successfully. Contact your local CPA for the best recommendations.

Reach Out to Your Customers

Even if you are operating, continue to reach out to your customers personally. It’s important to maintain a personal connection with your consumers. It humanizes their experience with your brand which can improve your sales and consumer loyalty. 

Learn More

Schedule a virtual meeting with Ash CPA to discuss your financial health and how to best operate during this pandemic. Call (617) 462-6651 or book online here.

CPA | Virtual Conference

CPA | Adapting to the “New Normal”

CPA Framingham

It’s no question that COVID-19 has shifted the world in many ways. This includes businesses, small and large. Fortunately, today’s technology has allowed many business owners to readjust their norm and stay afloat. At Ash CPA, we’ve compiled a list of tips you can implement to your business. Learn more below and contact us today.

Virtual Communication

In-person communication can be difficult to have considering health risks. That’s why virtual communication is needed. There are many ways to implement this to your business. Your consumers, new and existing employees can go virtual! See how!

Consumer Interaction

Not all business can go completely virtual but any adaptation is great! For instance, offer video conferences and an online chatbox. Many industries can use these options. Whether you offer a service or product, you can limit contact by thinking outside the box. If you sell a product, schedule video conferences to showcase your product. If you offer a service, create high-quality videos of your service in action. 

The chatbox option is great too! You may have more calls on the line than normal. Having a chatbox allows more consumers to inquire about your product or service. As a result, you may want to consider designating a team to respond to online inquiries, while another set is answering phone calls. Definitely consult with a CPA to see how you should manage your funds to successfully implement these new virtual features.

Recruitment, Onboarding, and Training Process

Your business may be in need of new employees. How do you invite candidates and interview them? Consider marketing your business with high-quality video. Show prospective candidates what it’s like to work for your company. Perhaps, provide testimonials from current workers as well. Should you be interested in a candidate, have a virtual interview. 

Once you’ve selected and hired your new employees, do virtual onboarding and training. This part may vary between businesses. Therefore, it’s important to review how much of the onboarding and training can be done virtually. For example, if your new hire will work 100% virtually, then the onboarding and training process can also be 100% virtual. However, if the new hire will work in-person, you can still minimize contact by virtually converting as much of the onboarding and training process as possible.

Work From Home Transition

Your employees may have been working on-site and now need to work from home. Transitioning to this routine may be challenging. For example, your employees may not have an office space at home or find it difficult to be productive. Ways to overcome this is to discuss what hours work best for each employee. Some may prefer the morning shift, while others prefer evenings. Schedule virtual meetings at the beginning of each shift to assure everyone is accounted for and designate the workload. Meet again during the shift, if possible. Lastly, check on your employees and ask them how can the “work-from-home” situation improve? Their ideas may be helpful!

Learn More

Discover more ways your business can push forward during this unprecedented time by scheduling a consultation with Ash CPA. Our firm has over 20 years of experience assisting businesses of all sizes. Call (617) 462-6651 or book online here.

bookkeeping and accounting professional

Grow Your Business with Bookkeeping and Accounting

There are many facets to a business. Most owners want growth or envision their business on a newer, broader level of success. That’s why choosing your team wisely is essential. This includes bookkeeping and accounting specialists. Learn how these professionals benefit the growth of your company!

What is Bookkeeping?

Bookkeeping is the financial record keeping for businesses and individuals. This includes bank statements and credit cards. Some business owners attempt to manage their own bookkeeping. However, bookkeeping is a detail-oriented task that can result in errors if not maintained properly. We recommend hiring a professional bookkeeper to maintain your financial records. Below is a list of common services that bookkeepers provide.

Generate and Explain Financial and Balance Sheets

Learn about your revenue, expenses, profits, and cash flow. Your bookkeeper can also provide helpful tips that benefit your needs.

Manage Accounts Payable and Receivables

Your bookkeeper will manage accounts that need to be paid, including payroll. In addition, they will generate invoices and send them on time. This assures that your cash flow is uninterrupted.

Maintain Bank Account Reconciliation

Itemize each transaction for tax purposes and prevent fraudulent activity. Proper reconciliation is helpful during tax time. Also, should be audited by the state or IRS, this information is key.

What is Accounting?

Accounting defers from bookkeeping but is just as essential. In short, accounting evaluates your bookkeeping records to understand your financial health. The accountant can determine ways to improve your finances based on your monthly generated reports. More often than not, business owners are interested in partnering with investors or adding a second location. These decisions require the insight of an accountant. They will be able to inform you of how any business decision may impact your finances. In addition, they can guide you on the best way to achieve your goals.

Accounting also includes the following services:

Financial Consultation

Receive financial guidance based on current market trends.

Business Incorporation

Properly incorporate your business to save on taxes. In other words, not every business should be an LLC. There are many incorporations and you should know which ones are best for your needs.

Tax Audit Representation

Have professional representation during a tax audit. Your representative is on your side and will work hard to defend your case.

Tax Planning

Plan for your taxes to legally reduce your tax liability.

Tax Preparation and Filing

Professionally prepare and file your taxes to avoid errors and red flags.

Learn More Today

Bookkeepers and accountants are important for all businesses, small and large. Learn more with a complimentary consultation today. Ash CPA has over 20 years of experience guiding businesses. Call (617) 462-6651 or book online here. Our team would be delighted to assist you and create a financial plan that meets your short and long term goals. 

 

virtual bookkeeper working

Benefits of Virtual Bookkeeping for Businesses 

The coronavirus outbreak has changed the way Americans operate. Many normal tasks have been converted to a contactless process to flatten the curve. Virtual bookkeeping is one of them. Although virtual bookkeeping is not new, many Americans are now switching to this service. Learn more about virtual bookkeeping below, and contact us today.

What is Virtual Bookkeeping?

In short, virtual bookkeeping is just like traditional services. The main difference is that your bookkeeper is able to work remotely. This offers protection for you and your bookkeeper while maintaining your bookkeeping as expected. Additionally, cloud-based software is utilized to communicate, view receipts, generate and deliver reports. Services include the following.

Financial and Balance Sheets

Know about your current revenue, expenses, profits, and cash flow.

Manage Bill Pay

Expenses are unavoidable. With virtual bookkeeping, you’ll stay on top of your bills.

Reconcile Your Bank Accounts and Credit Cards

Identify unusual transactions and maintain financial records for tax purposes.

Manage Your Invoices and Payroll

Keep business operations moving smoothly with your virtual bookkeeper. He or she will generate and deliver invoices timely. Likewise, your employees are paid on time.

Why Should I Choose Virtual Bookkeeping?

Aside from protecting your health, another reason to go virtual is convenience. We have all experienced the lockdown and curfew mandates. Your bookkeeping is not interrupted. You won’t have to worry about delayed maintenance. In addition, you are not tied to your work desk. For example, you can upload receipts from anywhere. As long as you have access to the cloud, you and your bookkeeper can function as normal.

In addition, accounting is uninterrupted. Your accountant will be able to access your financial reports. This offers continued financial guidance, especially during unprecedented times. At the end of the day, virtual services help protect you and your business. 

Is Cloud-Based Software Easy to Use?

Generally, yes! Brands like QuickBooks have made bookkeeping easy for you and your bookkeeper. Depending on your services, you may only need to upload your receipts and help categorize unknown items as needed. Likewise, most brands offer integrated services to make this task even easier.

Start Virtual Bookkeeping Today

Ash CPA offers exceptional virtual bookkeeping services for businesses and individuals. Learn how your virtual services benefit your short and long term financial goals. Ash CPA has been helping businesses and individuals succeed for over 20 years. In fact, services include accounting, financial guidance, tax audit representation, tax preparation and filing, and more! 

Become part of the success with a complimentary virtual consultation. Call (617) 462-6651 or book online here. We look forward to meeting you.