The accounting profession offers a great deal of potential for advancement in this era of remote work or work-from-home schemes.
The positions of "accountant" and "bookkeeper" are some of the most often listed remote jobs across many job boards.
A remote accounting job may be right for you if you have an accounting degree or are a licensed Certified Public Accountant (CPA) in the Philippines.
And if you're tired of toiling for more than eight (8) hours in a tiny cubicle in a highrise office building five days a week, a remote bookkeeper job could be for you.
Listed below is a guide to landing a remote bookkeeper job:
How does remote bookkeeping work?
The most common arrangement is for a virtual bookkeeper to be granted access to a company's financial data via online accounting software, such as QuickBooks or Xero.
With the help of online accounting software and the mobile applications that come with it, company owners can scan or take a photo of receipts and invoices and submit them to safe and shareable online folders in seconds.
A remote bookkeeper takes these scanned documents and the transactions that online software generates from bank accounts and credit cards and utilizes them to create daily entries, monthly reconciliations, and reports for the business.
Information is communicated between the virtual bookkeeper and customers via the tools like Slack, as well as safe and reliable file sharing services to transmit needed files.
Remote bookkeepers may also do a variety of additional responsibilities, such as paying your staff and settling regular payments and invoices.
What are the benefits of remote bookkeeping?
There are several advantages to working from home as a remote bookkeeper. Here are a few of the most often cited reasons:
- You can work from anywhere over the globe as long as you have a reliable internet connection
- Flexible working hours allow for a more active lifestyle as opposed to the sedimentary office lifestyle
- Wide range of clients, from small brick-and-mortar businesses to fast-paced eCommerce entities
- It pays more if you earn in US dollars as you will benefit from the exchange rate with the Philippine Peso
What are the benefits of remote bookkeeping to companies?
Many businesses use online bookkeeping and accounting services for a variety of reasons, including the following:
Efficiency in terms of time
When companies hire a reputable virtual bookkeeper, the most significant advantage is that companies are allowing someone else to take care of their accounting obligations.
They allow harnessing the expertise and competence of a seasoned bookkeeper instead of pouring in resources to deal with the tasks internally.
Instead of learning new accounting software or spending time doing all the bookkeeping, companies may concentrate on growing their company without being distracted by bookkeeping issues.
Cost-cutting measures
Hiring a remote bookkeeper is often far less expensive than hiring an on-site bookkeeper.
Since remote bookkeepers are independent contractors, businesses are spared from considering additional costs, such as benefits and social services.
Moreover, the remote work setup saves the business overhead from bigger office space.
Companies will also save precious time, which can be used to grow the company.
One of the most compelling arguments in favor of hiring a virtual bookkeeper is that you more or less get high-level service for a fraction of the cost you'd typically spend for an in-house team.
Improved management of the company
Businesses can remain on top of their finances without spending so much time on them. Having a virtual bookkeeper gives you more time to oversee the operational side of the business while having someone prepare the needed reports for fiscal review.
Companies may keep track of all of their money and use that knowledge to figure out how to boost or decrease their budget as needed in the future.
What are the typical accounting jobs?
Here are some typical work-from-home accounting positions you could come across on our job boards.
Accountant
The primary responsibility of an accountant is to review financial documents for accuracy and completeness and provide financial recommendations. Accountants who work from home may contact customers by phone or email.
Certified Public Accountant
A certified public accountant (CPA) prepares and reviews financial statements and tax returns. They can assist during financial audits and implement accounting procedures. CPAs are professionals who have passed tests and are licensed in the Philippines.
Bookkeeper
Bookkeepers maintain financial records either manually or with the use of accounting software such as QuickBooks.
Reports will be produced weekly, quarterly, or yearly, depending on the reporting frequency. Neither accounting nor taxes are the responsibilities of a bookkeeper.
The Accounting Manager is in charge of all accounting functions, including accounts receivable, general ledger, payroll, cash forecasting, etc. When it comes to budgeting, they may also consult with other departments.
Auditor
An auditor evaluates financial statements' integrity and adherence to generally accepted accounting principles (GAAP). The auditor will gather information from a company, interact with divisions as needed, make recommendations and take relevant measures.
Financial Expert
Investing in stocks and bonds is something that financial experts assist corporations and people with. They analyze and provide recommendations on investment performance. This function is typical in financial institutions like banks, mutual funds, and insurance companies.
Payroll Accountant
Payroll accountants ensure that payroll is processed accurately and on schedule. Workers in this field calculate team member paychecks, handle time cards and leave requests, audit payroll and tax paperwork, and do other duties as assigned.
How much is the expected salary of a remote bookkeeper?
Employers may pay a bookkeeper between ₱150.00 and ₱1,800.00 per hour, which translates to a monthly salary range of ₱24,000.00 to ₱288,000.00, depending on your skills and work experience.
Companies expect that if they spend between ₱168.00 and ₱280.00 per hour, which translates to a monthly salary range of ₱26,880.00 to ₱44,800.00, they will end up with someone with less expertise, possibly someone they can train to gain more bookkeeping experience.
On the other hand, if the wage budget is between ₱280.00 and ₱560.00 per hour, which translates to a monthly salary range of ₱44,800.00 to ₱89,600.00, employers can expect to attract qualified and experienced remote bookkeepers.
In reality, employers can currently employ an accountant in the Philippines at a fee closer to ₱560.00 per hour, which translates to a monthly salary of approximately ₱89,600.00, who has undoubtedly passed the Philippine accounting board test and is a licensed local practitioner.
So setting your rate should be based on your experience, competency, and qualifications. With a CPA license and substantial experience, you can charge more.
Who is the right fit for bookkeeping positions?
Bookkeepers are well-suited for those fantastic with structured and meticulous work and arithmetic and computer programs such as Microsoft Excel, QuickBooks, and other accounting software.
Additionally, both verbal and written, practical communication skills are essential for building relationships with employers or clients.
Prior expertise with payroll, account reconciliation, auditing, record keeping, and other similar tasks would help you stand out among a sea of applicants.
What are the basic skills of a remote bookkeeper?
A remote bookkeeper must possess the following abilities to be successful:
- Strong mathematical skills, as well as a strong foundation in the fundamentals of accounting concepts
- Excellent organizational abilities and the ability to manage deadlines, tasks, and reportorial duties
- Effective communication, both verbally and in writing, is essential for correspondence and building effective work relations
- Strong sense of initiative and urgency concerning deliverables and due dates
What are the essential criteria employers usually set?
When hiring a remote bookkeeper, the following are the essential criteria companies typically look for in a candidate:
- Accounting fundamentals
- Professionalism and organizing abilities
- Bachelor's degree or similar work experience.
- Accounting software expertise in Xero, Quickbooks, Zoho, FreshBooks, Sage, or any accounting package
- Competence in the input of data
- Knowledge of Microsoft Excel or Google Spreadsheets
- The ability to produce error-free work
How flexible is remote bookkeeping?
Working as a remote bookkeeper allows you to be quite flexible. You have the flexibility to select your hours.
Clients only want their job completed by a specific date; how and when you do it is entirely up to you.
You are also free to accept as few or as many customers (within reason, of course) as you choose.
Can you get training in bookkeeping?
It is possible to get certified as a bookkeeper. Several online tutorials and courses teach the minor and significant parts of functioning as a bookkeeper.
Another excellent way to train your skills is to seek out other successful bookkeepers and ask them for their recommendations.
You can ask them the following questions:
- What exactly did they do to prepare?
- What would they do differently if they had the chance?
- Which resources proved to be the most beneficial?
Takeaway
The most productive remote employees are intensely focused and have excellent self-management skills.
You will encounter a variety of distractions and temptations while working from home, none of which are within your control.
Successful remote bookkeepers have a technological working environment that enables them to be productive while avoiding distractions and other factors that hinder productivity.
If you are ready to take your bookkeeping skills to the next level while working in the comfort of your home, register for free, and join our pool of successful remote workers in the Philippines!
