Why Virtual Assistance Ensures Accurate Bookkeeping

Rahul Maingi

By Rahul Maingi, Feb 5, 2021

Whether you own a conglomerate or a startup, all business owners need to manage their finances. Unfortunately, this can be time-consuming and tedious, and even a minor mistake can cost a lot.

That’s why businesses require accuracy when it comes to managing their accounts, and virtual assistance can help.

Here, we explain the compelling benefits of hiring a virtual bookkeeping assistant, whether your business is big or small. Keep reading to discover how it can help your business.

What Are the Benefits of Virtual Assistance for Bookkeeping?

With the many benefits of virtual bookkeeping assistance, you can focus on other important aspects of your business. Here, we will examine those benefits.

But, first, let’s find out what a virtual bookkeeper assistant is.

What Is a Virtual Bookkeeper?

Virtual bookkeepers offer their services remotely, typically communicating through monthly review meetings and consultations via video chat. For communications on minor matters, you can call or email. This saves the money you would otherwise invest in an additional workspace and office supplies for an in-house bookkeeper.

Here are some advantages of getting virtual assistance for your bookkeeping needs.

Benefits of Virtual Assistance for Bookkeeping

1. Benefits of Contracts

With in-house employees, you have to go through proper recruitment, payroll and termination processes. When you hire a virtual bookkeeper, you enter into a contract. They might also offer you certain packages of services. This assures a number of benefits; for instance, you can discontinue the contract when you do not need bookkeeping services. Also, you can upgrade or downgrade your package to include or exclude certain services.

2. No Overtime Charges

Typically, in-house bookkeepers work standard business hours and charge for overtime. Virtual bookkeepers guarantee delivery of work by an agreed-upon date, no matter how much time is required.

3. Saving Money

You might think that virtual assistance to manage your company’s bookkeeping is just another big expense, but your business will save money in the long run. This is possible as your virtual assistant will save you the time you can invest in other important and lucrative tasks.

Furthermore, when you hire a full-time bookkeeper, you need to think about employee payroll, benefits, taxes and insurance, along with office supplies and a desk. With a virtual bookkeeping assistant, you only pay for their services and software. This lets you save money in the long term that you can invest back into your business.

4. Leveraging Technology

Virtual bookkeeping assistants help your business leverage technology and ensure you make the most of your financial software by recommending and training you on suitable apps. They also offer instant 24/7 access to your financial data with a secure internet connection. So, you don’t have to be a computer expert as your virtual bookkeeping assistant will be with you every step of the way.

5. Online Statements and Records

With virtual bookkeeping assistance, business owners can track their profits and expenses to make necessary changes. Virtual bookkeepers use accounting programs that include itemization to ensure business owners can track their firm’s cost-efficiency. You can access your books online or using a smartphone app.  Further, monthly, quarterly and annual statements are generated in easily downloadable formats.

6. Unbiased Perspective

You simply can’t rule out the possibility of personal biases playing into their job when you have an in-house bookkeeper who might directly be involved in your company’s internal affairs. With remote bookkeepers, you can rest assured knowing they are not influenced by any other employee in your firm. They treat you as a client and provide unbiased services. Working remotely, the virtual bookkeepers can offer an external perspective to identify the mistakes in the bookkeeping process and recommend corrective measures.

7. Scheduling Flexibility

Typically, in-house bookkeepers work standard business hours and charge for overtime. Virtual bookkeepers guarantee delivery of work by an agreed-upon date, no matter how much time is required.

Moreover, if your virtual bookkeeper is working in a different country in a different time zone, your business can be more productive. For instance, Toronto and New Delhi have a 10.5 hour time difference. So, if your business is located in Canada and your virtual bookkeeping assistant is in India, the owner can assign work in the evening that will be complete by morning. This time flexibility allows your business to run smoothly around the clock.

Whether you own a startup or an established firm, you can’t afford to not have your books in order. By setting up your financial foundation with virtual bookkeeping assistance, your business enjoys numerous benefits, ranging from well-maintained financial records to flexible scheduling.

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