It’s true that managing small business finances can sometimes feel monotonous, while at other times, it can be quite challenging to comprehend.
Luckily, there is an option of hiring a virtual assistant bookkeeping professional to do the particular job.
A skilled and professional VA will assist and guide you properly to keep your finances up to date so that you can focus on other critical assignments and expand your business.
Through this blog, we will make you understand the role of virtual assistants in bookkeeping and why you should think about outsourcing financial tasks to a virtual assistant. So first little bit of background about virtual bookkeeping assistants.
Who Are Virtual Bookkeeping Assistants?
A virtual assistant bookkeeper is a skilled professional who remotely manages a company’s day-to-day finances.
Put simply, a virtual bookkeeper assistant is someone who works for you remotely, either from home or independently, and may be affiliated with an agency.
Typically, an organization hires an accountant only to manage finances and execute bookkeeping tasks-a luxury many small-scale organizations’ can’t afford.
For example, in the US, accounting services cost around $52,650/year, which means that appointing a regular bookkeeping assistant isn’t worth the money for an SMB.
Another option is to use accounting software which makes the bookkeeping process faster; getting used to the tool will require training and take time. Also, most of them can be costly.
The last option is to do it all by yourself, but when you run an organization, it isn’t easy to do it because you hardly get time to look after the finances. So, it is better to hire professionals who will address every issue you might miss out on.
Let’s find out why you should hire a virtual assistant bookkeeping service.
The Role of Virtual Assistants in Bookkeeping
An organization’s growth depends on the inflow and outflow of cash and also on maintaining track of it. Virtual assistants can play a vital role in bookkeeping for small businesses, handling tasks such as invoicing, expense tracking, and financial reporting. Utilizing a virtual assistant for bookkeeping can help save time and increase efficiency for business owners.
Here’s how a bookkeeping VA will be beneficial for your business:
Assisting in Improving Finances
Around 29% of small business holders believe their accountants are dependable and honest. They fully trust their accounting service and make decisions with their VA’s belief in mind.
If you have someone skilled and honest who looks after your money, it is a big relief. But that someone can’t be anyone. You require an honest and professional person who is responsible and has the skills, like a virtual bookkeeping assistant.
Why? Because a virtual bookkeeping assistant will alert you about tax overload and other transactions that should be made.
That’s not all. They will also track bills, bank transactions, credit cards, and invoices and perform other finance-related tasks.
Saves Your Money
By spending a lot of time in handling finances, you will not get time to focus on growing your business, which can cost a lot of money in the long run. And while some accounting software can be budget-friendly, they generally have additional features which are available only if you spend more money.
On the other hand, many Vas (Virtual assistants) charge only based on the number of hours they work and not a fixed salary.
They also have access to bookkeeping tools like Kashoo, Freshbooks, QuickBooks, Wave, etc. it will improve their productivity and results in low-cost operations.
That’s why hiring virtual assistant services can be the most cost-effective solution.
Accounting and finance management are time-consuming tasks. Being a small business holder, you will have to focus on thousands of tasks. Unlike accounting, which can be managed by anyone, many business tasks like product marketing and client meetings require your input.
That’s why you should think about managing your finances with a virtual bookkeeper.
A virtual bookkeeping assistant takes the tedious accounting load off your shoulders and helps you spend time on other crucial tasks of the organization. You will also have more time to improve your work-life and balance properly.
Moreover, virtual bookkeeping assistants are experts in the latest accounting systems that help them work faster.
Finances can only be handled by organized, systematic tracking of inflow and outflow of money. So you require someone to arrange and present the data whenever needed.
A bookkeeping VA will make sure that your financial data is organized by recording and tracking daily cash flow and all necessary details so that you can easily access it whenever you want.
Virtual assistants can help you with many other bookkeeping related tasks:
- Making sure your bills are paid on time.
- Creating reports about how much money you have and how much you’ve earned or spent (like a money report).
- Checking that the money in your bank and credit card accounts matches what you think it should be.
- Making invoices (like special money requests) and lists of transactions.
- Sending out invoices to customers and keeping track of them.
- Sending reminders to customers who need to pay you and calling them if needed.
- Keeping your money information in the computer program you like.
- Putting in records of money you owe and money others owe you.
- Reporting and sending the right amount of tax on what you’ve sold.
- Helping to make reports at the end of the year.
- Helping you understand reports about your money.
- Dealing with accounts where people haven’t paid you back yet
Here you can check out all the biggest benefits of virtual bookkeeping assistant and the Bookkeeping Tasks a Virtual Assistant can do for entrepreneurs
Hiring a virtual bookkeeping assistant is a magnificent option for all sorts of organizations, mostly for small and medium businesses.
You can also outsource bookkeeping services and you don’t have to worry about the trouble or inconveniences of software nor the expenses of appointing a full-time accountant.
Moreover, once you hire a bookkeeping virtual assistant, you can handle and supervise them effortlessly with the tools we discussed above.
Still doubts regarding virtual assistant bookkeeping?
Let us know in the comment section below.