Virtual bookkeeping is becoming more popular among small businesses. This opens up many job opportunities for professionals with CPA certifications and fresh-grad accountants.
This article will explain the basics of a virtual bookkeeper position, as well as common duties and education requirements. You will also learn how to become a virtual bookkeeper and why it is a good idea.
Table of Contents
What is a virtual bookkeeper?
Online or remote bookkeeping is another name for virtual bookkeeping. Virtual bookkeepers are similar to traditional on-site bookkeepers. They manage financial responsibilities such as recording transactions and verifying them, creating and analyzing financial reports, processing accounts payable and receivable, managing tax payments, and managing invoices.
The main difference is that traditional on-site bookkeepers need to physically be present in the office to perform these tasks. A virtual bookkeeper works remotely with cloud-based software.
Below is a chart that illustrates key differences between traditional and virtual bookkeepers’ work.
Why work as a virtual bookkeeper?
Virtual bookkeeping is simple to learn
Virtual bookkeeping may seem like a job for accountants only, but it is open to both experienced and inexperienced.
The majority of bookkeeping jobs involve correctly categorizing items and entering financial information into accounting software. A bookkeeper does not need to have any formal education. You will be an asset if you are detail-oriented, organized, and have previous experience in administrative work.
A bookkeeping course is a good option for beginners. Bookkeeping courses usually last three to five months, depending on how long the course is. Online courses are available, or you can earn a bachelor’s degree in accounting. Depending on the number of subjects you choose, online courses can take several weeks. It can take up to four years for a Bachelor’s degree in Accounting. However, some programs offer three-year accelerated degrees.
You can use it at any time
Most bookkeeping jobs allow you to work on your own schedule. Clients can reach you at any time, and there are no set hours. This allows you more flexibility. You can set your own time and start your day when you like. To avoid being overwhelmed later, virtual bookkeepers must keep track of each client’s financial transactions daily.
Your clients may need you to work longer hours during tax season or other times. This won’t be stressful if you are a good time manager.
You can work wherever
Virtual bookkeepers can be used anywhere. You only need a reliable internet connection and an excellent laptop with accounting software.
Remote jobs are great for parents with young children. You can work from home while taking care of your kids. You can work remotely if you have children who are in school.
You have more flexibility as a virtual bookkeeper. Your work can be taken with you wherever you go, so you don’t have to spend your whole life on it. Working in different environments can help keep you motivated and focused.
You can also work remotely for other reasons, such as:
- Greater flexibility
- A better work-life balance
- Productivity increases
- Motivation increases
- There is less need for office space
It is possible to have a healthy life and work balance
You can have flexible work hours and still maintain your work-life balance by working in virtual bookkeeping. You won’t have to travel far or work long hours, and you don’t have to be there every day. This means you will have more time to spend with your family and friends.
Keep in mind, however, that even though virtual bookkeeping is flexible in terms of your work hours it is still essential to be able to manage your time well.
You can get a job as a virtual bookkeeper
According to the US Bureau of Labor Statistics, the median annual salary for a bookkeeper was $40,240 or $19.35 an hour. The range is between $69,000 and $91,000 depending on the degree of the employee.
Virtual bookkeepers can be hired as independent contractors by bookkeeping agencies that are needed by companies or directly by companies in need. They can also be independent contractors for their clients.
Your salary as a virtual bookkeeper will depend on your job requirements, how many clients you manage, your education, training and certifications, your work experience, and your specialization.
The bottom line
Virtual bookkeeping offers many benefits to accountants who are fresh out of school, CPA certified, or those looking for remote work. You can go further with perseverance and diligence, even if your career starts at the entry-level.