Bookkeeping is central to business operations regardless of how big or small an organization is. While a small business owner may have some idea of managing and tracking cash flow, the truth is many are not trained to do that, although some could be. The fact of the matter is bookkeeping is painstaking work. It requires time and keen attention to detail — something you won’t have if you are untrained and too busy running your business. Any mistakes you make can cost you dearly.
While bookkeeping is part of business, it is a tedious task that can swallow your time and attention — especially as your business grows. Likely with business growth, there will come a time you will want to consider outsourcing your bookkeeping — and a virtual bookkeeper is a great option. Here are four reasons why.
They help you save time and money.
As a small business owner, you might not have the resources to hire a bookkeeper in-house. With a virtual bookkeeper at the helm, you don’t have to pay for sick and overtime pay and social security benefits to reap the same quality output an in-house bookkeeper can provide. A virtual bookkeeper does the same work as a physical bookkeeper yet you don’t have to pay for office space, furniture, and office supplies they will need. Additionally, they can do menial tasks for you such as filing your tax returns on time, financial reconciliations, and data entry — all of which take time from actually running your business.
They monitor your cash flow.
Monitoring what you spend and earn is an important task yet one that can also eat up a lot of your time. A virtual bookkeeper, on the other hand, has time to gather, enter, and organize data to evaluate your profit, capital expenditures, and profit margins. They can also deal with delinquent accounts that have yet to pay you what they owe.
They offer accurate and real-time financial reporting.
When you become more involved in other aspects of your business, bookkeeping tends to be put on the back burner — which in turn can lead to painful mistakes. A virtual bookkeeper ensures that the data entries are always up-to-date. Both you and your virtual bookkeeper can access and change data real-time as they would use cloud technology that will allow you access to your data anywhere you are where there’s an internet connection. Also, with a third party involved in your finance work, you benefit from an unbiased opinion concerning the financial state of your business. With a more objective view of your financials, you can make better-informed decisions that could impact your business.
They give you peace of mind and help you focus on growing your business.
Because they take a lot of load off your shoulders, you can prioritize other crucial tasks in your business such as meeting with potential partners and clients. You can rest assured in the fact that there is someone who is handling your accounting for you.
Because of the variety of benefits that a virtual bookkeeper can offer to your business, it makes sense to try hiring one for your needs. You inevitably need someone trustworthy and competent enough to handle your financials, especially when your business is quickly growing.
If you’re looking for a professional VA to assist you, My BTLR is your best option. Get in touch with us today to see how we can help.