WHAT IS VIRTUAL BOOKKEEPING &

ACCOUNTING AND HOW IT WORKS

Virtual as a word means “not physically existent.

Bookkeeper or accountant is someone that provides bookkeeping or

accounting services to various clients.

In short, he is someone that provides bookkeeping or accounting service

remotely instead of physically working at the client’s office.

Virtual bookkeeping can be beneficial to the business in terms of flexibility

and cost.

Virtual bookkeepers are well qualified and professional in their field and
make use of software, cloud, and other latest technologies to update
financial transactions in the system, review and update statements and
reconcile accounts.

Virtual bookkeepers and accountants help small business owners with the
following:
• Accounts Payable
• Accounts Receivable
• Bank Reconciliations
• Sales Tax Filings and Payments
• Cash flow management
• Bookkeeping reporting
• Clean-up and catch-up
• Inventory management
• Cost analysis
• Financial Reports
• Audit/checking

How does a virtual bookkeeper and accountant work?

A virtual bookkeeper or accountant works just like an in-house bookkeeper,

except that the virtual bookkeeper or accountant does everything from a
distance.

A virtual bookkeeper will work from a separate office without visiting your
office premises.

They are always available through email or telephone, which makes

communicating with one extremely convenient and easy.

To enable virtual bookkeeping, the business grants the bookkeeper remote

access to its server, software and financial documents.

The bookkeeper signs onto the company’s secure network from his home
computer and accesses the documents just as he would if logged onto an
on-site company computer and installs the company’s bookkeeping
software onto his computer.

Depending on the arrangement, either the worker or the client may

purchase and register the software, but both must use the same program
and version to ensure proper transfer and communication of the files.
If the bookkeeper is employed by the company, she will be paid according
to the employer’s payroll policies and cycle.

If the bookkeeper is working as an independent contractor, she will invoice

the business for the services performed and the client will remit payment in
accordance with its contractor payment policy.

Benefits of hiring virtual bookkeeping/accounting services:

• They provide quality and accurate data.
• You have more time to focus on core business operations.
• They work at reasonable prices.
• Reduce additional operational cost of infrastructure & recruiting
employees.
• Provide you with the financial analysis report of your business

Is there a strong market for virtual bookkeeping/accounting?

Yes.

There is a number of sources available with the virtual bookkeeping and

accounting services in the market.

They all have different fundamentals for their bookkeeping/accounting

services.

Figure out how to get bookkeeping customers rapidly by first distinguishing

your intended interest group, at that point actualizing showcasing thoughts
to achieve your potential customers, trailed by joining a couple organizing
gatherings and completing off by offering extra administrations like finance
or assessment prep to your current customers.

You can regularly begin with these means for around $1,000.

Here are four ways to get bookkeeping/accounting clients:

• Identify your target audience and niche

• Start marketing your bookkeeping/accounting business
• Start networking
• Get more from already exist bookkeeping/accounting clients

What is virtual bookkeeping and how it works?

Maraming nagtatanong sa akin, ano daw ang online bookkeeping or virtual

bookkeeping? pwede na ba ito sa panahon ngayon na nasa bahay ka
lang? ano ba daw ginagawa ko sa online?

Sabi ko madami po akong ginawa since nagstart ako sa online world.

SInce 2014, ito po mga skills ko ginamit to earn online and doing this part-
time ( dahil I have day job):

● General VA.
● Facebook ads marketing
● Copywriting
● Sales Page creator
● Funnel Builder.
● Transcriptionist
● Web designer.
● Shopify creator
● Product researcher
● Social Media marketing
● Content creator
●

Name it all,lahat na-try ko

Why? I want to learn how online world works.

Why invest those skills? I have to learn and ins and outs of online world
para to build confidence.
Ika nga, commit to learning.

Pero nakalimutan ko pala na may skill na pala ako na ginagawa ko na sa

work ko....accounting at bookkeeping.

Then, I browsed through the internet and found out na meron palang
"virtual bookkeeping."

Bookkeepers and accountants are hired online and they work remotely.

Even CFO services, you can offer that services online.

And that is how I started and still doing this up to now.
Now, I will touch a bit of Virtual Bookkeeping para review na rin.
Virtual Bookkeeper is someone.....

● who conducts his/her work online

● professionals provide the same responsibilities as traditional
bookkeepers except that they are hired by a company or client to do
the work remotely.

Sa traditional, may pagkakaiba lang dahil a bookkeeper and a company he

works ay in the same location.
Unlike virtual, nasa Pinas ka, clients mo ay nasa US, UK, Canada or
Australia, minsan nasa Mexico.

Now, how virtual bookkeeping works...

You are here, may laptop ka at internet.
Your clients ay nasa US or UK.

You use skype or zoom or google meet for meeting or discussion.

Minsan facebook or LinkedIn or whatsapp or Slack para din magchat or
call.

Your clients send over their documents over email or use google
drive( access files online) and free naman siya gamitin.

May dropbox, gmail, yahoo, skype, facebook, or box.com...enumerate free

apps online where you can access and talk with your clients.

Or you can access your clients' computer remotely using TeamViewer or

any desk. (google mo ito)

The Challenge here is constant communication.

Kaya lagi mo lang sila iupdate sa work mo para makita nila ang progress.

"Coach, meron bang TIME TRACKER?"

Depende sa clients mo.

I don't use time tracker.
I work in my own terms as long as I submit the reports on time.
Some use Time Doctor as time tracker app.
Sa Upwork, yes may time tracker. Diko alam sa ibang job sites.
I get my clients directly. And referrals. Dito mabilis ang pagdagdag ng
clients ko.
Doing connects, reach out, building rapport, and inviting them on a call.
Now, alam niyo na how virtual bookkeeping works.

This time, we will point out the opportunities or projects available for online
bookkeepers and accountants online:
 ● Maintaining annual budgets
● Updating chart of accounts
● Analyzing financial statements
● Collecting receivables on time
● Recording cash receipts
● Issuing customer invoices
● Monitoring debt level or financial standing
● Maintaining petty cash fund
● Conducting monthly or annual account reconciliation
● Processing payroll
● Maintaining annual budget
● Complying with local, state, and federal government laws about
financial reporting or taxes
● Performing various admin support task

And many other opportunities for projects.

Now, here are the top niches for an online bookkeeper, aside from what I
mentioned above:

1. Clean-up - Probably this is the best among the rest.

Why?
Because this is one of the services I offer to my prospective clients.
You can dictate price, even premium rates.
Premium rates can be based on the number of transactions, year/s to work
it out, plus a number of bank accounts and credit cards to reconcile or
accounts like AR or AP to reconcile, the complexity of the business like
having inventory or sales channels.

Just this January, I closed a worth of $3,900 of the project in one client for
1-month clean-up and $1,300 monthly retainers.
This is not to brag, ok?
This is just to tell you that this is possible.
Plus, the mindset.
Plus, the confidence that you can greatly help the client with his pains and
challenges.
Plus the skill.
I am sure I have shown you the "how's" and will show again in these
coming days of the clean-up process.
All you have to do is develop more of that skill plus that mindset, that there
are many beautiful and premium fishes in the ocean.

2) Consultant- you can be a consultant for a small business by giving him

helpful advice on how to manage his cash flow or make a budget, or
address how to solve his pains.
That is why a discovery call is very important as part of your connection
and reach-out process.

3) Coach- you can be a teacher or a tutor on how to operate inside

QuickBooks Online or Xero for your clients or for someone who wants to
learn it.
4) Making feasibility studies with projection and proposed budget.

I usually charge this $400 for small businesses and start-ups.

You can increase this rate. You can go for $600 depende sa business
structure.
I closed 3 clients on this kind of project.

5) Preparing financial reports for loan applications.

It happened that my client asked me if I can prepare her financial reports
for the loan application.
All I did was I asked her the requirements and then worked it out to deliver
the output.
When I browsed through from Facebook group about this service, I found
out that the charge is at least $2,500.
Now, you will wonder that there is much room of opportunities for
bookkeepers and accountants.
These project opportunities were offered because I was just being there to
help my market.
I just discover these opportunities, while serving my clients and later
discovered what I can offer more because of their needs and pains for their
business.

The secret sauce here is to find the pains and needs of your clients and be
of help to them.

Like I said, “just come from a place of help.”:-)