Virtual Bookkeeping Services in Edmonton: What to Expect
Learn what to expect from virtual bookkeeping services in Edmonton, including monthly bookkeeping, QuickBooks Online, financial reports, and pricing.
Andrew Kim
10/15/20265 min read
Virtual Bookkeeping Services in Edmonton: What to Expect
Running a small business involves more than serving customers and generating revenue. You also need to keep track of expenses, reconcile bank accounts, and understand how your business is performing financially.
For many business owners, keeping up with bookkeeping can become difficult as the business grows. Virtual bookkeeping offers a convenient way to get professional bookkeeping support without having to meet with someone in person.
If you are considering virtual bookkeeping services in Edmonton, here is what you can expect and how to determine whether this approach is right for your business.
What Are Virtual Bookkeeping Services?
Virtual bookkeeping is the process of managing a business's financial records remotely using online accounting software and digital documents.
Instead of dropping off paperwork at an office or meeting with a bookkeeper regularly, you work with a bookkeeper online. Bank transactions, receipts, invoices, and financial reports can be managed electronically.
For Edmonton business owners, this means you can work with a local bookkeeping service while communicating by email, phone, or video call.
Virtual bookkeeping can be a good fit for consultants, freelancers, professional service providers, and other small businesses that do not require an in-person bookkeeper.
What Does a Virtual Bookkeeper Do?
Although the work is completed remotely, the core responsibilities are similar to those of a traditional bookkeeper.
Depending on your business's needs and the services included in your agreement, virtual bookkeeping may include the following.
1. Categorizing Income and Expenses
Your business transactions need to be recorded in the correct accounts. A virtual bookkeeper reviews transactions and categorizes them according to their business purpose.
Accurate categorization helps ensure your financial records reflect how your business earns and spends money.
2. Bank and Credit Card Reconciliation
Reconciliation involves comparing the transactions recorded in your accounting software with your bank and credit card statements.
This process helps identify missing transactions, duplicate entries, recording errors, and discrepancies that need to be investigated.
Regular reconciliations help keep your financial records accurate and up to date.
3. Maintaining QuickBooks Online Records
Many virtual bookkeepers use cloud-based accounting software such as QuickBooks Online to manage client records.
Depending on the agreed scope of work, this may involve reviewing transactions, maintaining account balances, organizing financial information, and addressing bookkeeping discrepancies.
Using cloud-based software also makes it easier for business owners and their bookkeepers to access the same financial information.
4. Preparing Monthly Financial Reports
A virtual bookkeeper can prepare financial reports that help you understand your business's performance.
Common reports include:
Income statement: Shows revenue, expenses, and profit or loss over a period.
Balance sheet: Shows your business's assets, liabilities, and equity at a specific point in time.
Cash flow information: Helps you understand the movement of money into and out of your business.
These reports can help you make more informed business decisions and identify potential financial concerns.
5. Keeping Records Organized for Tax Time
Well-maintained bookkeeping records make it easier to provide your accountant or tax preparer with the financial information needed to prepare your tax return.
Your bookkeeper may also help organize supporting documents and reconcile relevant tax accounts. However, income tax preparation and tax advice are separate services that should be confirmed with your provider.
How Does Virtual Bookkeeping Work?
One of the main advantages of virtual bookkeeping is that you can receive ongoing support without having to deliver physical paperwork.
A typical arrangement may follow these steps.
Step 1: Initial discussion
You discuss your business, transaction volume, accounting software, and current bookkeeping situation. If your records are behind, you may need a separate catch-up or clean-up engagement before regular monthly bookkeeping begins.
Step 2: Access to your financial records
You provide the necessary access to your accounting software and financial documents. Secure access methods and appropriate permissions help protect your information.
Step 3: Ongoing bookkeeping
Your bookkeeper completes the agreed tasks, such as categorizing transactions, reconciling accounts, and reviewing discrepancies.
Step 4: Financial reporting
You receive financial reports and any agreed updates about outstanding questions or issues that require your attention.
Step 5: Regular communication
You and your bookkeeper communicate as needed to clarify transactions, obtain missing documents, and discuss questions about your records.
The exact process depends on your business and the services included in your monthly agreement.
How Much Do Virtual Bookkeeping Services Cost in Edmonton?
The cost of virtual bookkeeping varies depending on the complexity of your business and the amount of work required.
Factors that can influence pricing include:
The number of monthly transactions
The number of bank and credit card accounts
Whether your records are current or require catch-up work
The condition of your existing accounting records
Whether you need monthly financial reports or additional services
Some businesses need only a few hours of bookkeeping each month, while others require more extensive support.
When comparing bookkeeping services in Edmonton, look beyond the monthly price. Ask what is included, how frequently accounts are reconciled, which reports you will receive, and whether additional work is billed separately.
A clear agreement helps you understand what you are paying for and avoid unexpected costs.
Is Virtual Bookkeeping Right for Your Small Business?
Virtual bookkeeping may be a good fit if you:
Operate a small business without an in-house bookkeeper.
Prefer to manage business documents digitally.
Want regular financial records without doing all the bookkeeping yourself.
Need reliable financial information to support business decisions.
Want your records organized for your accountant at tax time.
It may require a different arrangement if your business has complex inventory, extensive payroll requirements, specialized accounting needs, or a large volume of transactions. In those situations, discuss your requirements with a prospective bookkeeper before committing.
What Should You Look for in a Virtual Bookkeeper?
Before choosing a bookkeeping service, consider the following factors.
Experience with your accounting software. If you use QuickBooks Online, look for someone familiar with the software and its reporting and reconciliation features.
Clear service packages. Make sure you understand which tasks are included in the monthly fee and which services cost extra.
Consistent communication. Your bookkeeper should have a clear process for asking questions and notifying you about missing information or discrepancies.
Data security. Ask how financial documents are shared, how account access is managed, and how your information is protected.
Relevant training and experience. Consider the bookkeeper's education, practical experience, and professional training when evaluating whether they are a good fit.
A good working relationship. You should feel comfortable asking questions and discussing your business's financial records.
Virtual Bookkeeping Services for Edmonton Businesses
Virtual bookkeeping allows small business owners to receive ongoing bookkeeping support while managing their business from almost anywhere.
For businesses in Edmonton, St. Albert, Sherwood Park, Spruce Grove, Stony Plain, Leduc, Beaumont, and surrounding communities, remote bookkeeping can provide a practical alternative to traditional in-person arrangements.
The key is finding a service that matches your business's needs, maintains accurate records, and communicates clearly.
Get Help With Your Small Business Bookkeeping
At YEG Bookkeeping, we help small businesses keep their financial records organized using QuickBooks Online. Our services include transaction categorization, bank and credit card reconciliations, monthly financial reporting, and catch-up bookkeeping.
Whether you need ongoing monthly support or help getting your existing records back on track, we can discuss your situation and determine what services may be appropriate for your business.
Visit YEG Bookkeeping to learn more about our services or get in touch to discuss your bookkeeping needs.
