Virtual Services for Business

Virtual Services for Ontario Business

Small business owners are turning their backs on paper and looking to online solutions to manage their bookkeeping processes; helping them save money and be more successful.

Your business is growing, and that is great! The downside to that is that with more business there is more paperwork, and the faster you grow the harder it is to stay organized. Hiring new employees, networking events, writing quotes, monthly expense reports, payroll remittances, and the list goes on to the point that you are feeling a little overwhelmed. 

Most offices have a combination of paper and online systems to manage their bookkeeping, but more entrepreneurs are moving towards 100% digital solutions because it is saving them money. Yes, sometimes new online software takes a bit of time to set up, but once it is done, the benefits are soon realized.

What are the benefits of virtual bookkeeping?

Key benefits include having access to information from anywhere at anytime, manual tasks are now automated which saves time, and less physical space is need for storing documents now that paper is turned into a digital file. This all translates into cost savings for the small business owner. 

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Access to Information

With the fast pace of business, the need to access information to make important decisions at any time, from anywhere, is important for success.  Scanning receipts and other important documents and then storing them online lets you access these files remotely from a secure login no matter where you are, and what device you are using (i.e. mobile phone, home laptop, office computer).

Digital files can be set up using folders and filing systems that are named and ordered the same as the paper system to minimize disruption to business with this transition. 

It is great to totally shut down when on vacation, but that is not always possible for many solopreneurs.  Having access to emails, bookkeeping software, digital files, payroll accounts, and online banking can give business owners the access they need to check in, or do some last minute work while taking a much needed vacation with the family.

Is Virtual Right For You?

Take a read through some tips and ideas that may help you decide.

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Reduced Office Space

With real estate costs going up, many small businesses are looking for smaller office space or collaborative work space to save money.   Scanning receipts and important documents onto a secure file server means that there is no longer a need for filing cabinets and reduced space for paper storage. This means more office space can be dedicated to task related activities that help generate revenue.  Cost savings can now be considered including leasing a smaller office space, or sub-leasing part of your office space to another entrepreneur.

Managing Talent

To stay competitive, employers need to get ‘the right people on the bus’ and that means sometimes going outside the immediate geographic area. Once you find the right people, online payroll solutions help track hours, streamline payment schedules, and help with meeting the high demands of tax remittances.  Knowing that you can do this 24/7 makes reaching deadlines onetime, which makes for happier employees and fewer late fee penalties. 

Resolve this year to spend less time on bookkeeping tasks, streamline your processes through online tools to improve productivity and achieve success. Spend more time doing revenue generating activities, save money, and when possible, add in some well-needed vacation time.

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Give us a call today to see how we can maximize business bookkeeping efficiencies and minimize personal and business tax risk.

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