If you own a small business, you would have already understood how difficult it is to manage the accounts and bookkeeping department. And, if you are with a non-accounts background, it could get very stressful to handle the job.
The mistakes and time taken to manage your business as well as your accounts may even interfere with your daily tasks. But hiring a full-time bookkeeper may not be feasible if you have a low budget. So, then how do you manage your business and also keep your books up-to-date?
The answer is simple- find a virtual bookkeeping company to do the job. A virtual bookkeeping assistant is an independent contractor working from a remote location.
They are professionals who are well-versed with accounting software and are also cost-effective. Outsourcing your bookkeeping services has more benefits than you actually think.
1. If you have an Online Business
If you already run an online business, why to hire a full time bookkeeping assistant? Just keep everything online! This will only increase your paperwork while your entire business is online. Paperwork comes with a lot of hassles and could hinder your everyday work. But, when you hire an online bookkeeping service, you make use of 100% technology. You can interact online, do video conferences and let go off the unnecessary paperwork.
2. You May Not be Very Good with Numbers
If you come from a creative background, the chances are that you may not be keen with analytics and number crunching. But, when you hire a virtual bookkeeper, they will take care of it for you. They can keep your accounts up-to-date, pay your staff, maintain KPI’s and much more.
3. Pay as Per your Requirements
Unlike an in-house bookkeeper, a virtual service will only charge for a specific job. They will give you the best work at a much lesser cost. A full-time bookkeeper may be doing the same job but charging you much higher. This is a very simple step to managing your expenses, especially if you are a small business owner.
A virtual bookkeeper will come in handy when you need a particular task done or can even be hired on a contract basis. This way, you can put your monies to grow your business. You will also save on your overhead cost as you don’t have to pay a Virtual assistant their full salary and other company perks.
You will also save on the office desk, electricity, employee benefits and other company equipment. This may seem like a very small thing, but it makes a huge difference to your savings.
4. You Can Invest More Time in you
When you hire a virtual bookkeeping assistant, you save your time on managing that particular employee. You can easily focus on expanding the business and be stress-free. A virtual service won’t ask for holidays or vacation when there is tons of work to be done. They will be working for you whenever required and keep your accounts up-to-date. This will let you maintain that work-life balance and give you more time with your family.
5. You Make Better Financial Decisions
When you hire a virtual assistant, he will not only help you with accounts but also help you with your finances. If you are not good with budgeting and keeping a regular cash flow, a virtual assistant could come in handy. They could also help you with pricing, saving and other financial decisions. Their advice is professional and could help you make better decisions in the future.
6. Be Updated on Payments
You can give your bookkeeping VA the access to your invoices, creditors and suppliers. This will help them to manage your books smoothly. They will be on their feet to manage your business and also advice you on credit management, so there is an increase in cash flow. Most businesses suffer because they can’t maintain the cash flow. But, with a bookkeeping VA, you can sit back and relax while they do the job for you.
7. Monitor your KPI’s
When you hire a bookkeeping Virtual Assistant, he will help you with your company’s financial standing. They will make your updated reports and submit them on time. They will help you with your cash flow statement, income statement and cash distribution statement. So, a bookkeeping VA is like your personal assistant when it comes to managing the finances of your company.
8. Your Business is Fully Managed by a Bookkeeping Virtual Assistant
When you have an in-house bookkeeper, he is solely responsible for your business apart from you. You have to micro-manage the department which is time and energy-consuming. You can save your energy by hiring a virtual assistant from a virtual bookkeeping service, and they will also provide you with a project manager to look after your business.