Cloud Bookkeeping Service – Common Myths Debunked

Cloud or virtual bookkeeping services have become a go-to option for businesses of all sizes today to manage their books. This is because of their efficiency, affordability, and reliability. Nevertheless, there are still some myths surrounding a cloud bookkeeping service. In this post, we shall address those myths.

Before we dive into our main topic, we want you to understand what a cloud or virtual bookkeeper is.

What a Virtual or Cloud Bookkeeper Is.

A virtual or cloud bookkeeper is a professional who offers bookkeeping services to businesses or clients over the internet. Moreover, the job of cloud bookkeepers is the same as on-site bookkeepers.   

Nonetheless, cloud bookkeepers have the advantage over on-site bookkeepers in one respect. That is, they can work for clients from anywhere, provided they have a reliable internet connection. In addition, virtual bookkeepers perform the following duties while offering bookkeeping services to businesses virtually or via the cloud:

• Managing Financial Records

• Documenting Transactions

• Handling Accounts Payable and Accounts Receivable 

• Managing Invoices

• Calculating Profits That the Business Earns

The complexity of the work of cloud bookkeepers depends on the clients they serve and the size of their business. 

Cloud (Virtual) Bookkeeping Service – Debunking the Myths

The following are the myths surrounding cloud or virtual bookkeeping services, which we are going to debunk:

Myth No. 1: Virtual Bookkeeping Is Less Secure Than Traditional Bookkeeping

Some people think that virtual bookkeeping services are less secure than traditional ones. However, this is not true. In reality, cloud bookkeeping is just as safe as traditional bookkeeping. This is because virtual bookkeepers follow the same standards in terms of security that traditional bookkeepers do.

As a matter of fact, many cloud bookkeeping service providers use advanced encryption to ensure their clients’ data remains secure. In addition, they take other security measures to ensure the highest level of protection for bookkeeping data on the cloud.    

Myth No. 2: Cloud Bookkeeping Is Expensive 

Another misconception about a cloud bookkeeping service is that it is more expensive than a traditional bookkeeping service. Nevertheless, cloud bookkeeping generally costs businesses less. This is because cloud bookkeepers do not need to pay overhead or additional staff for offering their services. By the same token, they offer bookkeeping services at competitive rates to businesses and their clients. 

In addition, virtual bookkeeping services can be cost-effective, more often than not, contingent on the aforementioned reasons.      

Myth No. 3: Cloud Bookkeeping Platforms Are Unreliable and Challenging 

Cloud bookkeeping platforms are not unreliable and challenging to use. By the same token, many accounting firms these days are using these platforms to offer bookkeeping services to clients. Some people also think that cloud bookkeeping platforms are less accurate than traditional options for bookkeeping.

Nevertheless, the accuracy of data is not an issue with cloud bookkeeping platforms. As long as you enter and maintain the data correctly on the cloud, you won’t face such an issue. Besides, accounting firms using cloud platforms prioritize that in mind while managing books on accounts on the cloud.

In addition, cloud bookkeeping platforms are easy to use, too. This is because they come with helpful tutorials and customer support.  

Myth No. 4: Virtual Bookkeeping Service Is Not for Small Businesses 

Another myth surrounding cloud bookkeeping or virtual bookkeeping service is that is not for small businesses. As a matter of fact, cloud bookkeeping is equally suitable for small and large-sized businesses. This is because of the scalability of virtual bookkeeping services. For the same reason, many cloud bookkeepers today are offering bookkeeping services to small and medium-sized businesses.

Moreover, cloud bookkeeping service providers are as reliable as traditional bookkeepers. This is because they use the same industry-standard software and technology. In addition, cloud bookkeeping service providers or accounting firms have trained staff with many years of experience. By the same token, businesses can count on them to avail themselves of their virtual bookkeeping services.

Prior to diving into our conclusion, we shall want to mention some noticeable benefits of virtual or cloud bookkeeping. 

Noticeable Benefits of Cloud Bookkeeping 

• Cloud bookkeeping eliminates the need for a physical bookkeeper, which eventually helps businesses save time and money.

• It minimizes the overhead costs associated with hiring a full-time bookkeeper.

• Additionally, cloud bookkeeping provides businesses with up-to-date financial information.

• Cloud or virtual bookkeeping services are available to businesses round the clock.  

Conclusion

Cloud bookkeeping has become a go-to option for businesses of all sizes. This is mainly because it is efficient and affordable at the same time. In addition, there are myths surrounding virtual bookkeeping, which we have debunked in this post. We have also recapitulated below the myths we have debunked already:

1. Virtual bookkeeping is less secure than traditional bookkeeping.
2. Cloud bookkeeping is expensive.
3. Cloud bookkeeping platforms are unreliable and challenging. 
4. Virtual bookkeeping service is not for small businesses.

Lastly, there are various benefits that cloud bookkeeping offers businesses like saving their money & time, etc. 

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