Being a virtual bookkeeper is certainly not my cup of tea but can be yours, provided you have excellent skills and knowledge about simple to complex maths equations. You can be a perfect candidate for online bookkeeping jobs if you love keeping numbers organized, have a keen eye for picking mathematical errors, love solving the number games, and like intricate puzzles.
As the work from home concept becomes prevalent, more and more businesses are adopting it. So, over the past few years, there is tremendous demand for online jobs. One such job that is making a roar in the market is online bookkeeping.
However, unlike other online jobs, bookkeeping requires a little more than your desire to make money online. It requires the right attitude, problem-solving approach, self-confidence, and off-course exceptional mathematical skills, to excel in the arena of virtual bookkeeping.
Considering this, I have come up with this article that covers everything about bookkeeping.
After reading this, you will learn what a virtual bookkeeper does, what are the skills required, and where to find the best online bookkeeping jobs.
Let’s start with a few basics.
What Does Online Bookkeeping Job Involve
Online bookkeeping jobs involve more than just maintaining invoices and receipts.
In this role, you are in charge of some of the most crucial tasks involved in the overall accounting system.
Here are some typical tasks you perform:
- Manage accounts payable and accounts receivable.
- Track and update the financial information.
- Post financial records in computer programs.
- Issue customer invoices.
- Keep tabs on the budget to ensure the employer doesn’t overspend.
- Find ways and means to reduce the employer’s expenses.
- Process payroll.
- Distribute financial information internally and externally as required.
- Support existing bookkeeping and accounting departments.
- Comply with local, state, and federal government laws about financial reporting and taxes.
Many times, an employer may even ask a bookkeeper to perform some admin tasks.
However, the fun is, the more services you offer, the higher goes your earnings.
A few years back, bookkeeping involved a lot of paperwork and manual calculations. While you still need to have organizational and mathematical skills, there is lesser manual work or a need to handle hard files.
Now the companies store most of this information in a central database system.
Thanks to technology, now there are specialized software and programs that can automate the process of calculating and sorting that bookkeepers used to do manually.
However, this does not minimize the role of bookkeepers. They are still required to double-check and update the systems to make sure all the information is accurate and up-to-date.
How Is Bookkeeping Different From Accounting?
Many of us consider bookkeeping and accounting as synonymous. However, these are two entirely separate roles in any organization.
The significant difference between the two is that bookkeeping deals with the smaller details of a company’s financial activity while accounting looks at the bigger picture.
Accountants mainly deal with annual taxes, financial records, and other significant activities to ensure everything complies with state and federal laws. They suggest ways to save money and maximize tax breaks.
Bookkeepers, on the other hand, keep track of the day-to-day trading activities of an organization. They maintain records and keep track of purchases, sales, inventory, and more.
Accountants use the information collected by bookkeepers to analyze overall finances like fiscal projections and audits, payroll changes, the company’s spending habits, and earning potential.
Unlike an accountant who holds a finance master’s degree and licenses to practice, bookkeepers don’t have strict educational and certification requirements.
Even then, bookkeepers perform various accounting tasks with no problems, but they often have to submit sensitive documents to licensed accountants for approval.
As bookkeeping has lower barriers to entry, it’s an excellent way to start if you are an aspiring accountant.
Types Of Online Bookkeeping Jobs
Like many professions, bookkeeping offers two options for employment: direct employment with a company or working as a freelancer.
As an employee for a bookkeeping or accounting firm, you can still work from home but don’t have to find the work yourself. The company will assign clients to you, and you focus all your energy on servicing them.
However, your earning potential will drop because there is a middleman. The company will pay themselves first and then you.
If you would like to keep the full amount that the client pays you, freelance is your best option. However, you find the clients yourself.
Here the earning potential is more, as you won’t have to split your paycheck with anyone. Though, this requires a little more individual training, resources, and work experience.
Skills Required For Online Bookkeeping Jobs
As a bookkeeper, you have limited your scope of work and rarely require performing complex tasks, so you don’t need an accounting degree.
However, there are a few skills and personality traits that are essential for being a good bookkeeper:
- Superb mathematical skills are the primary requirement.
- Must be exceedingly well organized in performing day to day tasks.
- An eye for detail is necessary to detect any mistakes in accounts. If you don’t like cross-checking your work, this might not be the job for you.
- Maintaining a strict work schedule and often working beyond regular hours is the key. So, you must be a hard worker.
- Multitasking is essential. You will handle multiple projects at once across clients.
- You must be compassionate and personable.
- Working knowledge of computers, the internet, and accounting software is a must.
If you meet all these requirements, you are good to qualify and work as a virtual bookkeeper.
How Much Can You Earn In Online Bookkeeping Jobs?
The salary of virtual bookkeepers depends on several factors like the nature of employment, the number of clients, level of education, any related training and certifications, work experience, specialty, and so on.
If you work as an independent contractor for an online bookkeeping firm, your earnings would be less as compared to working as a freelancer having your own clients.
Bookkeepers, working with an accounting firm or company, earn somewhere between $35,000 and $55,000 annually. However, freelance bookkeepers who have multiple clients usually charge by the hour, and they might make around $50 to $60 an hour.
Zip Recruiter lists the national average salary for freelance bookkeepers as $58,315, whereas the US Bureau of Labor Statistics states the average salary of a bookkeeper is $41,230 annually or $19.82 per hour. However, this can change based on location, experience, certifications, and many other factors.
Bookkeepers usually make less than accountants as the latter requires more education and expensive certifications.
Note: Many bookkeeping firms would require you to sign a non-compete contract, which means you can’t put up the same business or offer your services as a freelancer to other companies or individuals as long as you work for that firm.
Best Resources To Find Online Bookkeeping Jobs
Like any other online job, there are plenty of legit resources available worldwide for aspiring bookkeepers.
Whether you look for freelance positions or seek employment with a bookkeeping company, here are some sites that can help you get your dream online bookkeeping job.
As a Belay bookkeeper, you will reconcile bank statements, processing payroll, prepare 1099 forms, maintain charts of accounts, manage cash flow, and produce weekly, monthly, and annual balance sheets, income statements, and other financial documents.
To hire their bookkeepers, Belay looks for US residents with at least five years of accounting or bookkeeping experience and advanced skills in QuickBooks.
Since this is an at-home bookkeeping position, the company expects you to have a home office setup, computer with webcam, fast internet, and the latest version of QuickBooks.
You must also have to consent to a background and reference check during application.
Bookminders has been providing services around Pittsburgh, Philadelphia, South Jersey, and Baltimore for the last 25 years.
It is the first choice for many part-time and full-time licensed accountants, bookkeepers, and other finance professionals.
To work for the company, you must live within 45 miles of a Bookminders office, as the company may ask you to attend office training sessions, meetings, and other important events.
Candidates must have at least two years of bookkeeping experience. Accounting, finance, or business-related bachelor’s degrees is not a must but preferred.
The company gives you a flexible schedule, a ton of training/career development programs, and incentive-based income with the potential of an increase based on performance.
The company offers part-time virtual bookkeeper jobs through QuickBooks Live Bookkeeping. QuickBooks assist customers through video conferencing, messaging, and client management portal. Intuit provides these tools to QuickBooks.
As an Intuit bookkeeper, your work involves setting up the client books and chart of accounts, reconciliation of bank accounts, running balance sheets, closing their books at year-end, and other general QuickBooks tasks.
To apply, you need to have at least have an active CPA credential, or an active Certified Public Bookkeeper (CPB) credential, or a bachelor’s degree in Accounting/Finance, or 3+ years of experience managing the books for a small business.
You also need an active QuickBooks Online ProAdvisor certification by the time you start employment.
Your work shift can be between 5 AM to 5 PM PST, Monday to Friday, with 20+ hours of availability per week.
Click Accounts is a BPO aimed at providing accounting and bookkeeping services. They help other businesses in various financial activities like processing bill payments, calculating accounts receivables, and reconciling bank accounts.
The company hires bookkeepers and accountants to work virtually for them full time. As a full-time employee, there is an expectation of greatness that comes along.
They claim to be one of the most accurate and timely with their work delivery to their clients. You will have the liberty to work from home, but Click Accounts demands you to be transparent, accurate, and punctual with deadlines.
1-800Accountant is an accounting firm that helps businesses with their taxes, bookkeeping, and accounting needs.
They hire online bookkeepers to help clients maintain accurate ledgers, prepare quarterly and yearly closing reports, reconcile bank and credit card accounts, and other bookkeeping tasks to maintain a business’s financial health.
You must have a minimum of 5 years of experience in bookkeeping, knowledge of accounting software such as QuickBooks, Gusto, Xero.
Supporting Strategies has been providing outsourced back-office support services, including bookkeeping, to businesses worldwide.
They occasionally offer part-time virtual bookkeeper positions to independent contractors who have at least five years of bookkeeping or accounting experience.
You can earn between $30 to $32 per hour, depending on your education, certifications, licenses, and related prior work experience.
FINSYNC is a platform combining software and services that helps businesses get their finances in place, centralize control of cash flow, and get in touch with the right financial professional at the right time.
The company regularly posts openings for virtual bookkeeper jobs for independent contractors.
As a bookkeeper, you will help your clients with tasks like historical cleanup, invoicing, bill payments, maintaining a chart of accounts, and other simple bookkeeping jobs.
The company usually looks for over two years of accounting or bookkeeping experience and proficiency in accounting software, such as FINSYNC’s solutions, QuickBooks, Xero.
8- Robert Half
The company got established in 1948 and since then has now grown to offer financial services to businesses worldwide.
They regularly seek remote bookkeepers and pay between $18 to $24 per hour.
Earlier known as “Balance Your Books,” the site regularly has remote positions available for bookkeepers to perform payroll processing, prepare general ledgers, and more.
AccountingDepartment.com hires only applicants living in the US.
You work full time and earn per hour wages. Besides, you get paid holidays, generous vacation packages, 401 (k) plans, and group medical, dental, life, vision, accident insurance.
10- Empowered Profit
Empowered Profit regularly hires online bookkeepers to perform basic bookkeeping tasks and maintain a good relationship with their clients.
To apply, you must have a working knowledge of QuickBooks Online and at least two years of bookkeeping experience.
11- Two Roads
Two Roads is one company that regularly hires bookkeepers to work remotely.
You will work part-time and must be available Monday to Friday from 9 AM to 5 PM.
12- Fusion CPA
Fusion CPA hires people for various finance- and tax-related positions.
Virtual bookkeeper jobs that are often available. To apply, you must have a working knowledge of Outsourced Controller and Quickbooks.
Integra Global Solutions claims to provide world-class technology and software solutions to help their clients achieve financial goals.
They usually offer full-time positions for online bookkeepers. To apply, you must have at least one year of bookkeeping experience and excellent knowledge of QuickBooks or other accounting software.
Ledgergurus specializes in providing bookkeeping services to e-commerce companies.
The company occasionally posts online bookkeeping jobs but is open to receive resumes all around the year. They generally hire from the database of applicants whenever they have a vacancy.
They pay bookkeepers between $15 and $25 per hour.
15- TAD Accounting
TAD Accounting hires tax experts, CPAs, attorneys, auditors, and bookkeepers. They accept people with various degrees and levels of bookkeeping skills.
The company also helps you find jobs in your locality, or at least in your state. That is great if you look to build on a future bookkeeping business.
16- ABBM Group
ABBM Group only hires highly qualified accounting professionals and CPAs, but also freshers in the field.
This company hires online bookkeepers and also provides superb internship opportunities to college students who wish to make a career as a bookkeeper or in the accounting field.
Bidawiz provides online bookkeepers to individuals and organizations of all sorts.
The company also allows you to quote rates on an hourly or project basis.
It’s pretty easy to join Bidawiz.com if you have the essential bookkeeping skills. You can enlist on this website even as a fresher.
The company matches accountants and bookkeepers to a variety of jobs including, accounts payable, accounts receivable, payroll specialist, staff accountant, cost accountant, and financial analyst.
You can upload your resume, and they will help to find a good fit for you.
19- Bateman & Co.
The company offers part-time and full-time online bookkeeping jobs.
However, the job opportunities on this site are only open to residents of Texas.
20- Click N Work
Click N Work offers various accounting services to its clients, like the creation of company profiles, economic papers, and market reviews. This company usually hires financial consultants, analysts, and bookkeepers to work from home.
They pay between $40 and $150 for every hour worked, depending on the complexity of work. Alternatively, the company also makes payments as a fixed fee or commission-share.
Other Places To Find Online Bookkeeping Jobs
Upwork ranks among the top websites in the world for freelancers. It’s a trusted website for employers to hire freelancers. Along with other freelancing jobs, Upwork also lists several bookkeeping jobs.
It allows you to set your own price for bookkeeping services.
Depending upon your academic qualifications and skills, it’s possible to quote anything from $25 to $50 or even more per hour.
Other similar freelancing websites worth checking:
It is a membership website and has tons of online bookkeeping jobs.
If you are serious about bookkeeping, you will find the $15/month membership fee worthy of spending.
If you are still unsure, FlexJobs offers a 30-day money-back guarantee.
Other job boards worth checking:
Bookkeeping may seem daunting to start, but it is an excellent way for number savvy and detail-oriented people to earn additional income either as a side hustle or as a full-time job.
If you’re interested in being an online bookkeeper, do note that aside from basic accounting and finance-related knowledge, you must know software like QuickBooks, Xero, Sage, and Kashoo.
For bookkeeping, one thing is true. Practice makes you perfect, so before you hunt for online bookkeeping jobs, have proper education, enroll in related training, and master the art of bookkeeping through practice.
That’s it from me. Now, it’s your turn to try these online bookkeeping jobs and share your feedback comments.
If you have questions, please feel free to reach out, I am glad to answer your queries!
Best of luck!