Managing your company’s finances is crucial to its success, but it’s also one of the most time-consuming and frustrating components of running a business. Even worse, you cannot afford to make any mistakes at all. Making a mistake is far more likely when you’re exhausted from your other responsibilities or pressed for time since you want to get the bookkeeping over with as quickly as possible.
That said, having an in-house accounting department is unaffordable for a startup’s limited resources. In any case, you can always employ a virtual assistant to handle the books.
If you’re on the fence about whether or not to hire a virtual assistant for bookkeeping, think about the advantages listed below.
-
Get Services at a Fixed Price Per Hour
Hiring a virtual assistant means you just pay for the time you really use them. A contract can be initiated with any quantity. It’s also possible to put off some tasks until the following week if you’re short on funds one time. Also, if you need extra help, you can inquire as to whether or not your VA would be open to extending the length of their contract.
A virtual assistant’s payment is based solely on the time they spend working for you. There is always a budget for overhead costs like salaries, rent, and benefits.
-
Recognize Your Financial Situation
An experienced virtual accounting assistant (VA) may offer suggestions on how to better organize your finances if you ask for their help. This will improve your financial management and understanding, allowing you to make more informed decisions in less time.
In fact, if you lack fundamental financial expertise, money management could be your company’s undoing. You can count on a virtual accounting assistant to supply you with the resources and guidance you need to keep your firm profitable and your cash flow positive.
-
Keep a Close Eye on Your Sources of Revenue
If your finances are more structured, you’ll be able to see how much money you’re making off of each customer. In this way, you may direct your resources toward the ‘regions’ where they will yield the greatest return.
-
Make Room in Your Schedule
For most entrepreneurs, the biggest perk is having more time to focus on strategic initiatives. Both the time spent and your interest level will increase with these alternatives. Spending time on hobbies you enjoy can serve as a source of inspiration, especially during the most trying phases of running a business.
-
Long-Term Financial Savings
Even while it may appear that an accounting virtual assistant is just another expense for your business, there is a strong probability that you will end up saving money by using one. Having a virtual assistant can free you up to pursue higher-paying opportunities.
In addition, employing a VA doesn’t have to break the bank, particularly if you look abroad for candidates. Even if you hire a highly skilled virtual assistant in the United States, the cost will be significantly lower than if you hired an in-house worker.
What Kind of Work Can Be Assigned to a Virtual Bookkeeper?
-
Expenses and Bills Payment
Besides having a negative impact on your financial standing, remembering to pay a payment on time is a good use of money for your company. A virtual assistant can track when the loan and insurance premium payments are due and when utility payments are due as well. A virtual assistant can also be used to handle payroll tasks, such as making payments to employees and vendors and issuing cost reimbursements.
-
General Ledger and Invoices
To ensure timely payment for services rendered, a virtual assistant can create invoices and send them out to clients. They can send out late payment notices and make phone calls on your behalf.
Your virtual accountant can also keep your general ledger updated for you. This will ensure that you are always operating with the most up-to-date information, eliminating the need for any record-keeping on your part.
-
Taxes
When tax season rolls around, the schedules of many small business owners become suddenly overburdened. Tax time can be stressful, but hiring a virtual accountant to handle quarterly or yearly filings might alleviate some of that burden. Indeed, if you choose a VA with expertise in tax accounting, they may handle all aspects of tax preparation, from sales tax filing and account management to record-keeping and filing.
Conclusion
Hiring a virtual bookkeeping assistant brings a wide range of benefits. It eliminates the need to hire a full-time accountant, reduces overhead costs, and allows businesses to outsource tedious tasks to a qualified professional. Additionally, they are more cost-effective than traditional accounting services and can provide more flexibility for businesses that need help with their finances.
With the help of a virtual bookkeeping assistant, businesses can have access to a professional, reliable and affordable accounting service that can help them make more informed decisions about their finances.
If you are looking for a great provider of virtual bookkeeping assistants, look no further than our services here at VASupportNow. We provide skilled, trained virtual assistants to businesses that want to grow and scale. Call us today, and let us provide your company with the well-trusted bookkeeping VA that it needs.
