If you run a growing business, you can only get away with do-it-yourself bookkeeping for so long.
Soon enough, DIY bookkeeping will take longer than you can reasonably afford. You also can’t afford to neglect your books; you might miss out on some tax write-offs or suffer from unpredictable cash flows. On the other hand, a dedicated and experienced bookkeeper can add exponential value to your company.
The best time to hire a bookkeeper may be right now. Here are some of the top virtual bookkeeper benefits.
1. Gain Valuable Insights About Your Business
Among other things, accurate, organized books are essential for:
- Understanding profitability
- Business budgeting
- Planning realistically for growth and future scenarios
- Making informed, data-driven decisions
- Reducing inefficiencies and improving business management
A bookkeeper’s job is to prepare information. They help you manage the day-to-day finance of your business, including billing, invoicing, and creating financial statements. Having a bookkeeper on hand ensures you have all the information you need to make big-ticket decisions. They can help you run a smoother operation and, on a higher level, provide you with precise, organized data.
2. Save Time and Money
Don’t take your own time for granted. Managing everyday accounting concerns can quickly become a huge problem, particularly if you’re an entrepreneur short on time. Instead, your time is better spent managing customer relations and boosting sales. This is one of the top virtual bookkeeper benefits; you can easily manage your QuickBooks accounts, saving you precious time and money across the financial year.
Speaking of money…
3. You Only Pay for the Work You Need
The cost of hiring a virtual bookkeeper is yet another advantage. During growth, companies will often benefit from having more staff on hand. But that doesn’t necessarily mean you can afford to have more staff on payroll, as the expenses could slow your company’s momentum. Bookkeeping is definitely one of those functions you should outsource. For one, it’s more affordable to build your own in-house team than it is to hire a virtual bookkeeper on contract.
Hiring a virtual bookkeeper means you only pay for the specified services as a business owner. For instance, you may only need your virtual bookkeeper during certain parts of the financial year or for catch-up bookkeeping.
4. Virtual Bookkeepers are Flexible
In addition to the lack of payroll expenses, virtual bookkeepers are more open to offering flexible scheduling. Many are available outside your standard business hours and allow you to scale up or down your services as needed. This way, you can meet all your business needs without straining your budget.
Having a professional on call whenever you need them can help you make more informed business decisions regarding your business’s products, vendors, pricing, or other financial aspects.
5. Monitor Your KPIs
Having a clear insight into your company’s financial standing is essential. For this, you’ll need three major reports from your bookkeeper: the cash flow statement, income statement, and cash disbursement schedule. Simply put, these virtual bookkeeper benefits make monitoring your company’s KPIs much easier.
Outsourcing your bookkeeping helps your business as it progresses through its various growth pages. Think of hiring a virtual bookkeeper as a long-term investment: an upfront expense that saves you time and money. Entrusting the financial details of your company to anyone is a big step. Make sure the bookkeeper you choose to work with is not only reliable but also trustworthy.
Ready to Explore All of The Virtual Bookkeeper Benefits?
As a small business owner, there’s a premium on your time. Unfortunately, DIY bookkeeping probably takes up more time than you can afford. So let us handle your books for you so you can get back to the core functions of your business.
Contact Goode Bookkeeping & Consulting
Give us a call to learn how you can keep up on your bookkeeping. You can reach us at (860) 659 6543 or complete our Contact Form to schedule your free consultation.