All business owners, regardless of whether they are part of a conglomerate company or a startup, need to manage their financial affairs. This can be tedious and time-consuming, and even one small mistake can lead to a significant loss of revenue.
Virtual assistance is a great option for businesses that require accuracy in managing their accounts.
We explain why you should hire a virtual assistant for bookkeeping, regardless of how big or small your business. Continue reading to learn how it can benefit your business.
What are the benefits of virtual assistance for bookkeeping?
Virtual bookkeeping helps you to focus on the important aspects of your business. These benefits will be discussed in this article.
Let’s first find out what a virtual assistant to a bookkeeper is.
What is a Virtual Bookkeeper?
Virtual bookkeeper provides their services remotely. Typically, they communicate via video chat and monthly review meetings. You can also call or email for minor issues. This allows you to save money on office supplies and workspace for your in-house bookkeeper.
These are the benefits of virtual bookkeeping assistance.
1. Benefits of Contracts
You must follow proper recruitment, payroll, and termination procedures for in-house employees. Sign a contract when you hire a virtual bookkeeper. You might be offered certain service packages. This offers a variety of benefits. For instance, cancel your contract if you no longer require bookkeeping services. You can also upgrade or downgrade your package in order to add or remove certain services.
2. There are no overtime charges
In-house bookkeepers typically work regular business hours and are charged for overtime. Virtual bookkeepers will deliver work on the agreed-upon deadline, regardless of how long it takes.
3. Money Savings
Although you might believe that hiring virtual assistants to handle your company’s bookkeeping will be another expense, your company will actually save money over time. It is possible because your virtual assistant will save time that you can use for other lucrative and important tasks.
You must also consider employee benefits, taxes, and insurance when hiring a full-time bookkeeper. Virtual bookkeeping assistants are free and you pay only for the software and services they provide. This allows you to save money over the long term that you can use to invest in your business.
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4. Leveraging Technology
Virtual bookkeeping assistants can help you leverage technology for your business and train you on the best apps. You can also access your financial data 24/7 via secure internet connections. You don’t need to be an expert in computers as your virtual assistant for bookkeeping will be there to help you every step of way.
5. Online Statements and Records
Business owners can track their expenses and profits online to help them make the necessary adjustments. Virtual bookkeepers make use of accounting software that includes itemization in order to help business owners track their company’s cost efficiency. Access your books online, or via a smartphone app, from any device. You can also download your monthly, quarterly, and annual statements.
6. A Unbiased Perspective
If you have an in-house accountant who is directly involved in the company’s internal affairs, it’s impossible to rule out personal biases. Remote bookkeepers are independent and uninfluenced by other employees in your company. They will treat you like a client and offer impartial services. The virtual bookkeepers work remotely and can provide an outside perspective that will help to spot mistakes and suggest corrective actions.
7. Flexible Scheduling
In-house bookkeepers typically work regular business hours and are charged for overtime. Virtual bookkeepers will deliver work on the agreed-upon deadline, regardless of how long it takes.
Your business will be more productive if your virtual bookkeeper works in another country and in a different time zone. New Delhi and Toronto have a 10.5-hour time difference. If your business is located in Canada, and your virtual bookkeeper assistant is in India (or vice versa), the owner can assign work to the assistant in the evening, which will be completed by the morning. Your business can run smoothly round the clock because you have this flexibility.
No matter if you are a startup owner or an established business, your books must be in order. Your business will reap the benefits of virtual bookkeeping, which can help you set up your financial foundation and allow you to schedule your work around your schedule.
