Small business owners know that it can be easy for bookkeeping tasks to pile up and consume their valuable time. Worst-case scenario is that mistakes can happen and you’ll have a hard time recovering hundreds or even thousands of revenue buried in your sheets.
The good news is there are virtual bookkeepers to keep you worry and stress free. Find out the advantages of hiring a bookkeeper and how they can help you make sure that your finances are in good hands.
What is a Bookkeeping VA?
A bookkeeping virtual assistant (VA) is an independent contractor who provides accounting services online or from a remote location.
Virtual bookkeepers are professionals who can take care of your bookkeeping needs using software such as QuickBooks and Peachtree. Saving time and money are few of the reasons to outsource bookkeeping.
Difference of a Bookkeeping VA from an Employee
Using a bookkeeping virtual assistant for your tax filing need is like using a regular in-office employee.
But why outsource your bookkeeping services? The major difference is that you SAVE MONEY and TIME.
24 Tasks the Outsourced Accounting / Bookkeeping VA Can Perform
A reliable online bookkeeping assistant can do:
- Inventory Management
- Cash Flow Projection
- Year End Accounting
- Implementing record keeping and accounting procedures
- Overhaul existing accounting systems
- Balance Sheet Management
- Maintaining Cash Flow
- Excel Accounting Data entry
- Bank and Credit Reconciliation
- Trial Balance Maintenance
- Maintaining Accounts on QuickBooks and Peachtree
- Report Creation
- Spreadsheet Design and Maintenance
- Import, Export and Sorting of Data
- Inclusion of Charts, Graphics, and more
- Financial Management
- Account Servicing
- Accounts Reconciliation
- Daily Petty Cash Management
- Sales and Purchase Order Management
- Revenue and Expenditure Management
- Business Plan Development
10 Benefits of Bookkeeping Services from a Virtual Assistant
- Pay only for the work needed – The virtual bookkeeping assistant can come in handy when you have only a couple of tasks to be done, when you need it done.
- Cost-effective solution – Save money by not having to spend on office space and supplies (computer, furniture, utilities, etc.), employee benefits, and other things that come with full or part-time employees.
- More time for you – Outsourcing accounting services can save you hours crunching numbers on your desk. Think of all the things that you would have time to focus on now! You can have more time with your family, or more time investing in your business.
- Be updated on payments – You can also give your bookkeeper VA access to take care of your invoices on creditors and suppliers. He or she can also check the effective balances of your accounts online to help with the flow of the business.
- Organize income sources – In a growing business, it’s ideal to maintain each of your client’s account as its own profit center so you can measure their individual performance. But organizing each of these accounts can be cumbersome. An efficient VA is well-versed with one or two small business accounting software that can track all transactions.
- Fully managed and monitored – When you hire a virtual bookkeeping assistant from a virtual assistant outsourcing company you are also assigned a project manager to ensure that everything runs smoothly.
- Monitor Your KPI’s – Know your company’s financial standing. There are three key reports that must be submitted to the business owner: cash flow statement, income statement, and cash disbursement schedule
- Certified and trained – Virtual Assistant Talent (VAT) will give you VAs with a strong education (VAT assistants have college degrees) and a competitive work experience and skill set.
- Keep track of the flow of money – One of the top benefits of outsourcing bookkeeping is that you get to keep a clean and orderly record book. Tracking receipts, noting accounts payable and receivables, taking care of quarterly tax returns are just a few of the things a bookkeeper is responsible for.
- Focus on your core function – Bookkeeping is a vital back office task that becomes a casualty if your have more core functions to attend to. At first you will assume this responsibility but as you gain traction, it’s better to go for outsourced bookkeeping services for small business.
If your business does not observe efficient bookkeeping processes, you will be at risk of compromising all the efforts you have done to grow your company.
Managing a business alone is a difficult and understandably time-consuming task. Hiring a virtual bookkeeper can help you make sure your books are being done accurately and timely. CALL US at 1-866-596-9041 to learn more.
We would love to hear if these tips worked for you! If you have questions or any business outsourcing related success stories, please leave a comment below.