Top Reasons Your Business Needs a Virtual Bookkeeper

Feb 1, 2022 | Bookkeeping

Technology has transformed bookkeeping into one of the building blocks of small business growth. Software advancements have empowered many small business owners to do a lot of bookkeeping functions themselves, from invoices to cash management. 

However, if you spend a large portion of your day or week doing the books, it’s time your business needs a virtual bookkeeper. But what do you do when hiring a full-time bookkeeper isn’t financially feasible?

A virtual bookkeeper can offer you all the benefits of a regular bookkeeper with the added advantage of cost savings and business flexibility. Let’s go over a few reasons why your business needs a virtual bookkeeper.

Top Reasons Your Business Needs a Virtual Bookkeeper

1. Maintain Accurate Financials

Entrepreneurs who hire bookkeeping help often realize they weren’t doing as well on their own as they initially thought. As a result, many financial transactions can fall through the cracks, giving an inaccurate view of the business. With cloud-based accounting software, a virtual bookkeeper can improve accuracy and help maintain organized books. This way, you’ll gain better visibility into your cash flow and business performance. 

Maintaining organized books is also essential for:

  • Planning for growth 
  • Understanding profitability
  • Getting loans and demonstrating transparency to stakeholders
  • Making informed, data-driven decisions

When your business needs a virtual bookkeeper, this means having a dedicated professional managing your day-to-day financials. As a result, you won’t have to scramble to organize your financial statements or find receipts come tax season. 

2. Greater Flexibility and Cost Savings

Hiring an in-house bookkeeper may not be financially feasible for several reasons. These include salary, payroll deductions, benefits, insurance, and overhead costs like IT equipment. With a virtual bookkeeper, you don’t have to worry about any of these, as you only pay for the required services. 

Other than the workstation, there isn’t much separating an in-house bookkeeper and a virtual setup. A virtual bookkeeper can carry out the same tasks at a more affordable price. Plus, virtual bookkeeping services offer a broader range of expertise, helping you adapt your accounting functions as your business transactions grow in complexity.

3. 24/7 Access to Your Financial Data

Virtual bookkeeping services rely on the power of technology to make their jobs easy. Your bookkeeper can manage and review your accounts practically anywhere, and so can you. As a result, technology is revolutionizing the accounting industry, from expense tracking apps seamlessly integrating into accounting software to cloud data storage.

Virtual bookkeeping enables you to securely access your bank statements, receipts, and invoices anytime, anywhere. As such, you can easily monitor your KPIs.

Whatever your type of business, it’s essential to know your company’s financial standing. With virtual bookkeeping, you don’t have to wait for end month reports to analyze your company’s financial health. Instead, you can do so anytime, anywhere.

4. Free up Time for Core Business Functions

As an entrepreneur, your time is better spent on the money-making side of the business rather than the money management side. Since it’s unlikely you started your company because you wanted to become a bookkeeper, outsourcing your bookkeeping functions may be the best option for you. 

When You Realize Your Business Needs a Virtual Bookkeeper

Accepting when your business needs a virtual bookkeeper is the first step. A virtual bookkeeper means less time spent working and worrying about your books and more time growing your business. 

So, are you ready to hire a virtual bookkeeper? Schedule a consultation and discover how we can help you transform your business.

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