Updated: Mar 2, 2020
I don’t know if you’ve heard this term before but it’s pretty important because the bookkeeping profession is changing...and fast. This is great news for us bookkeeping professionals and for businesses alike. We are moving from in house bookkeeping to virtually providing services to small to medium size businesses. This can mean HUGE savings in employee costs for businesses. So, what does a 21 st Century Bookkeeper do?
Record and categorize financial transactions.
We record every financial transaction, in an accounting software such as QuickBooks Online, that happens. We make sure to categorize it in accordance with federal tax regulations so that the business can take advantage of tax deductions.
Bank and credit card reconciliation.
Every month your bank and credit cards will be reconciled to the statements to ensure there are no unusual transactions or inefficiencies.
Account receivable and accounts payable management.
We manage your bills and invoicing so that you get paid on time and never miss paying a vendor.
We create and maintain an effective record system.
The virtual bookkeeper is a whiz at embracing and adopting new technology for the most efficient workflows.
Prepare financial statements.
We prepare the three main financial statements (Balance Sheet, Income Statement, and Statement of Cash Flows) so that you get a clear picture of the financial health of your company.
More importantly, the 21 st Bookkeeping Professional is relational. We go above and beyond the bookkeeper of the past by interpreting your business financials and advising you in the form of expense analysis, benchmarking, cost analysis, and forecasting. We provide unbiased advice about the financial health of your business. We are your trusted adviser.