Startup Guide: Why Get A Bookkeeping Assistant To Handle Bookkeeping Services?
Startups and small and medium-sized businesses (SMEs) need to manage their money well to make more money and avoid going into the red. Keeping good books is a good way to make sure of this. But because they have so many other jobs and responsibilities, the best person to do bookkeeping is a bookkeeping assistant.
With the help of a bookkeeping assistant, you can make sure that your records of business transactions are correct and up-to-date. All of this information is easy to find and can be used for financial reporting and evaluation.
What Is Bookkeeping?
Bookkeeping is the process of writing down and organizing a business’s daily financial transactions. In traditional bookkeeping, a bookkeeper writes down business transactions in accounting books. A virtual bookkeeper, on the other hand, keeps business records up to date digitally. Collaboration tools have made it possible for virtual assistants to help small businesses with their books from afar.
A person who helps with bookkeeping does the following:
- Data entry
- Accounts payable jobs
- Payroll services for small businesses
- Corporate payroll services
Duties And Responsibilities Of A Bookkeeping Assistant
Your virtual bookkeeper is important because they can keep your business ledgers in good shape and keep track of everything that goes on in your business. Here are some other things that your virtual bookkeeper can do for your business:
1. Business Transaction Entries
Having an assistant in charge of journal entries makes sure that financial reports are accurate. Also, they do a good job of keeping track of accounts receivable so that your accounts are closely watched and can be sent to the collection department.
2. Financial Records
You can know exactly where you stand financially if your financial reports are correct. Plus, if you have enough money to make your business plans come true. If you have a reliable virtual bookkeeper who helps you keep your books up to date, you will know how your business is doing financially and be able to tell if your plans are helping or hurting your business.
3. Financial Statements
Financial statements tell you whether or not your business is making money. When you hire your own bookkeeper, you don’t have to worry about making the year-end financial statements or any bank reconciliation statements.
4. Invoicing And Prompt Payments
Bills and invoices must be paid on time to avoid surcharges and other fees that aren’t necessary. This also makes sure that any subscriptions you use stay active. At the same time, receivables are important because they give your startup or small to medium-sized business the money it needs. By hiring a virtual bookkeeper, you don’t have to worry about sending emails or making phone calls to customers who haven’t paid their bills yet.
Your VA can also take care of credit control if your startup or small to medium-sized business is a store, bank, or manufacturer. This is usually handled by the company’s risk management committee, but your VA can also help them keep an eye on it to make sure bad loans don’t cause too many losses.
5. Tax Preparation And Management
By hiring a bookkeeping assistant, you can take care of these things, like making sure they get paid quarterly or yearly.
6. Payroll Management
Your virtual bookkeeper can handle payroll, which includes their salaries, bonuses, incentives, deductions, and net pay.
Why Hire a Bookkeeping Assistant From VA FLIX?
You can expect your virtual bookkeeper to be a remote worker from VA FLIX who has been checked out and is qualified to do bookkeeping work. We’ve also carefully screened the candidates to give you the best ones, who we think will meet your needs the best.
Last but not least, we want the portal to make it easy for you to manage your team of virtual assistants. So, you can ask your bookkeeping assistant to help you manage your accounting books in the following situations:
Your Taxes Are Complex
- Taxes are hard to do because there are many clients and ways to make money, deductions, and other factors, and forms to fill out. When you don’t know what deductions to put in which income stream and you’re getting stressed out about it, you can get a virtual bookkeeper to help you out. They will make sure you are up-to-date on all of your payroll, tax declarations, deductions, and filings.
Too Much Time Spent On Accounts
- For accounting, every business transaction needs to be carefully and accurately recorded. If doing bookkeeping takes up too much of your time and keeps you from doing other things, it might be a good idea to hire a bookkeeping assistant. Hiring someone to do your bookkeeping will keep your customers happy and help your business grow.
Your Business Is Growing
- SME and startup owners may want to do things themselves at first because they think they can’t afford to pay a virtual bookkeeper. But when your business is growing and expanding, it’s a good idea to hire one. Hire a virtual bookkeeping assistant to update your records once a month and a certified public accountant (CPA) to handle your taxes. You can scale up or down in the future, depending on what you need.
All in all, VA FLIX aims to make it easy for you and your virtual assistants to work together and do things. This includes the hiring process. Check out our hiring guide if you want to hire a VA FLIX bookkeeping assistant. Get started with your bookkeeping services by calling us today!