How Does Hiring a Virtual Bookkeeper Impact Your Business?

The ultimate secret to the success of any business is meticulous record-keeping of its financial transactions and account details. On the other hand, you might discover that maintaining your books takes up a greater portion of your time than actually running your company. A good question to ask yourself is, “Do I need a bookkeeper?” 

Everyone wants to use tools that will help their business be more profitable and competitive. The bookkeeping service is one of the most important tools you have. No one other than a lawyer should handle legal matters, and no one other than a bookkeeper should keep the books.

1. Substantial financial savings

Small businesses can spend a lot of money on a full-time bookkeeper. Aside from the salary, the other costs of hiring an employee are very high. These include taxes, health benefits, office overhead, etc.

All of these costs and more can be saved by hiring a virtual accountant or digital bookkeeping assistant.

By hiring virtual assistants, you can save about 30–50% of the money you would have spent on in-office workers. For example, a full-time bookkeeper who works in your office would cost you between $3,000 and $4,500 per month. On the other hand, if you want to know how much virtual bookkeepers make, GrowthForce says that they make between $500 and $2,500 per month.

Even though an online bookkeeper does the same work as a regular one, you won’t have to pay for their office space, furniture, or office supplies. Outsourced accounting services can also help you file your taxes, reconcile your finances, and enter data, all of which take a lot of time and effort.

2. Help focus on your core competencies

If you hire a virtual bookkeeping expert to handle your accounting needs, you will free up your time to focus entirely on running your business. A bookkeeper who works from home can handle all of your minor but essential bookkeeping tasks, freeing you up to concentrate on running your business, building relationships with customers, and so on. When you are done with the bookkeeping for the week, you will have a few extra hours that you can put toward developing a growth strategy for your company.

3. Ensure your finances are up-to-date

When you become more involved in other aspects of your business, bookkeeping is frequently the first thing to fall by the wayside. This can result in costly delays and errors. A virtual assistant bookkeeper will keep your finances up to date and prepare detailed financial and accounting reports to assist you in improving your understanding of and ability to manage your company’s financial matters.

4. Professional expertise at your fingertips

Reputable companies that provide platforms for virtual bookkeeper services hire candidates of the highest caliber who are experienced in managing even the most challenging aspects of online bookkeeping jobs. In addition, the majority of remote bookkeepers work for multiple clients and have experience providing accounting services to a variety of business sectors and industries.

Only one percent of people who apply for jobs at VAFLIX end up getting hired. Because of this, you can rest easy knowing that you are collaborating only with the most highly qualified and seasoned bookkeepers who are also within your financial means.

5. Improved control of cash flows

It is important to keep track of both your income and your expenses, but doing so can consume a significant amount of your time. You will be able to evaluate your income, expenses, and profit margins with the assistance of a virtual bookkeeper, who will help you compile and maintain an accurate record of all of your financial transactions. They are also able to assist you in managing your receivables and following up on payments.

If you have a trustworthy bookkeeping system, you will have an easier time analyzing your financial situation and determining whether or not your company is profitable enough. In addition, if you have an accurate bookkeeping system, you won’t have to worry about having a negative account balance or paying extra fees.

6. Ability to increase scale

A bookkeeper who works in an office is expected to keep standard business hours. Because of this, it is possible that they will not return your call or email outside of normal business hours.

On the other hand, a virtual bookkeeper is more likely to be adaptable with their schedule and to make time for you in the event of an emergency or other time-sensitive matter. In addition, you are able to scale up their services on an as-needed basis in accordance with the specifics of your project and requirements.

There is no longer a requirement in today’s world for someone to manually enter each and every piece of data. The ideal candidate for the position of bookkeeper will have experience with the professional financial software that is standard across the sector. This will allow them to automatically import and integrate financial data into the appropriate location. Desktop and online software applications such as Quickbooks, Sage, Xero, and NetSuite are examples of the kinds of programs that financial teams typically use to organize and report on financial information.

Because of their extensive technical knowledge, dedicated bookkeepers are able to handle the majority of your company’s functions in a timely and effective manner. This gives you the opportunity to devote more of your time to activities within your company that produce actual value for it. You can send VAFLIX a message if you have any questions about our bookkeepers because we have a large number of qualified candidates.