A virtual bookkeeper can provide all of the same accounting services that would normally be provided by an in-house or one site bookkeeper. There is almost no difference in terms of the level and range of services that can be provided by an online accountants, and in fact, there are many advantages to switching to virtual bookkeeping services such as efficiency and cost-effectiveness. A virtual bookkeeper can provide all of the bookkeeping services that a small business might need, and they can do it quicker than most standard bookkeeping services. Some of these virtual bookkeeping services include typical business bookkeeping requirements such as:
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As we all know Bookkeeping involves the recording and storing of financial transactions in an abridged manner.
Common financial transactions and tasks that are involved in bookkeeping include:
- Posting Entries to your Journal from Raw Data (Invoices).
- Single Entry & Double Entry Systems for Bookkeeping.
- Posting Transactions to Primary Books and Relevant Ledgers.
- Preparing Trial Balance.
- Preparing Complete Financial Statements, including Balance Sheet, Income Statement, Cash Flow Statement.
- Billing for goods sold or services provided to clients.
- Recording receipts from customers.
- Verifying and recording invoices from suppliers.
- Paying suppliers.
- Processing employees' pay and the related governmental reports.
- Monitoring individual accounts receivable.
- Rent for the business office.
- Salaries and wages earned by employees.
- Buying equipment for the office.
- Borrowing money from a bank.
- Recording depreciation and other adjusting entries.
- Maintaining Cash Flows and Reconciliations
- Cut-off Procedures.
- Reconciliations.
- Providing financial reports
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