The Benefits Of Having A Virtual Bookkeeping Assistant
The main points of owning a business are relatively universal. You want to save money, save time, and make better financial decisions.
Often, business owners fail to outsource non-core functions like bookkeeping because they want to maintain complete control of their business. However, the common misconception is that doing so is more expensive than managing the processes internally. On the contrary, outsourcing your accounting back office to a virtual bookkeeping assistant can improve how your business functions.
All businesses need precision and accuracy when it comes to accounts. As such, a lack of proper money management can hamper business growth and compromise the future of your business. A virtual bookkeeping assistant can save you precious time and money across the financial year. Let’s look at all the ways.
Benefits of Having Virtual Bookkeeping Assistants
1. Virtual Bookkeeping Assistants Maintain Impeccable Financial Records
Virtual bookkeeping exists for one primary purpose: to manage all the tedious financials within your business, from handling sales and purchases invoices to payroll management. In addition, a virtual bookkeeper handles your company’s day-to-day financials, keeping excellent records that come in handy during tax season or when applying for a small business loan.
Bookkeepers take care of your business and help you sustainably manage your company’s financials.
2. Virtual Bookkeeping Assistants Give Timely Financial Advice
While it’s possible to handle most of your accounting functions during the year-end tax season, it’s not advisable. It means you’re going 11 months without strategic financial advice. Virtual bookkeepers have the expertise to save you money and make your business more profitable. In addition, you’ll get valuable accounting expertise and insights, informing you where you’re losing money and which product or service categories to expand or scale back.
All this is to say, you’ll be equipped with actionable financial data you can use to make sound business decisions.
3. Virtual Bookkeeping Assistants Save Time
Performing all bookkeeping tasks in-house can be highly time-consuming for you and your team. As a small business owner, your primary focus should be on what you do best: managing the business functions that bring in the cash. Outsourcing to a virtual bookkeeper means you don’t have to shift focus from what motivated you to go into business in the first place. It also gives you the assurance of knowing your books are taken care of as you work on more pressing matters.
4. Only Pay for the Work You Need
So, why should you opt for a virtual bookkeeping assistant rather than an in-house employee? Cost management is a significant part of managing a business. It means not just keeping costs low but taking the ROI of every venture into consideration. The prices of hiring an in-house employee include salary and bonuses, health insurance, payroll taxes, paid time off, and retirement account matching, to mention a few.
Hiring a virtual bookkeeping assistant is often the more cost-effective solution for small and medium enterprises. Remember, you might only need their services a few times a month. A virtual bookkeeper saves you the money you can utilize on more essential matters to grow, and their services can be customized depending on your business needs.
5. Reduce Audit Headaches
No business owner wants to hear “IRS tax audit” as being audited is stressful even in the best-case scenarios. However, virtual bookkeeping assistants are certified professionals with years of experience under their belt, which means they can ensure your financials are always in order. This way, you can reduce your probability of being audited and have peace of mind knowing your books are up to date and accurate in case of an unexpected audit.
With a virtual bookkeeper, you will know your company’s financial standings at all times and have all the information you need to grow and expand your offerings.
Your Virtual Bookkeeping Assistants: Goode Bookkeeping and Consulting
If your DIY bookkeeping is one of your overwhelming tasks, consider hiring a bookkeeper. For more information about our bookkeeping, back-office, and consulting services, contact us at (860) 659-6543 or visit our contact page.