Small business owners spend about 120 hours a year on financial admin. That’s a total of three full work weeks! So, why hire a virtual bookkeeper? You could take that stress and time off your plate while still taking care of your finances. Let’s look at the basics of virtual bookkeeping and how it can benefit your business.
What Does a Virtual Bookkeeper Do?
Virtual bookkeepers take care of financial records remotely, ensuring that books are organized, accurate, and up-to-date. They help maintain businesses’ financial health with cloud-based software from anywhere, at any time.
Here’s a breakdown of a virtual bookkeeper’s tasks:
- Recording Transactions: A business’s income and expenses need to be documented accurately. Virtual bookkeepers do this by keeping track of and recording all financial transactions, from a $10 bank charge to a $10,000+ expense and more.
- Managing Accounts: Accounts payable and receivable are important in bookkeeping, guaranteeing that payments are made, clients pay on time, and the cash flow remains steady. Virtual bookkeepers handle this by making calls, sending emails, or managing invoices.
- Reconciling Records: This task involves comparing a business’s bank and credit card statements with financial records to ensure everything matches up and to identify any potential issues.
- Generating Reports: Virtual bookkeepers prepare monthly unaudited financial statements like profit and loss, balance sheets, and cash flow. These help businesses gain a clear, up-to-date picture of their financial health.
- Managing Payroll: Virtual bookkeepers ensure that employees are paid the correct amount on time by calculating wages, deducting employee taxes along with benefits, processing payments, ensuring compliance with local tax laws and labor regulations, and keeping a record of everything.
Why Hire a Virtual Bookkeeper
So, why hire a virtual bookkeeper? We’re so glad you asked!
Here are seven reasons why hiring a virtual bookkeeper is a great idea:
1. It’s Cost-Effective
In-house, full-time accountants can be costly. Virtual bookkeepers typically charge less because you won’t be paying for benefits, office space, or other overhead costs associated with full-time employees. You’ll get all your finances in order for a fraction of the price.
2. It Saves Time
When a virtual bookkeeper takes care of recording transactions, preparing invoices, reconciling accounts, and organizing everything, you’ll have more time to focus on what you do best.
3. It’s Accurate
Your virtual bookkeeper will be accurate. Here at AIS Solutions, we have more than two decades’ worth of experience. We know every accounting principle, tax law, and financial regulation. And we’ll make sure your records always reflect the true financial health of your business.
4. It Leads To Better Financial Decisions
Accurate, up-to-date financial reports help you make better-informed decisions as you map out your business’s future. These documents will give you insights into trends, inefficiencies, and areas for improvement. Here’s to making timely decisions on budgeting, investing, cutting costs, and more!
5. It Lets You Scale With Ease
When a business grows, its financial management needs do, too. Virtual bookkeepers can adapt to changes easily while still meeting your business’s needs.
6. It Lessens Your Stress and Increases Your Peace of Mind
Finances can be incredibly stressful, especially when deadlines are looming and you’re unsure about how to comply with the latest tax regulation. When you leave virtual bookkeeping to us, you can focus on what matters most—your business. And we get to focus on what we love and do best, too!
7. It’s Safe
Virtual bookkeepers are trained to implement proper data security measures to safeguard sensitive information like personal financial data and payment details. You won’t have to worry about security. And because we use cloud-based software, you can access your financial records from anywhere, knowing your data is backed up and protected from loss and theft.
If you’re interested in hiring a virtual bookkeeper, we’d be delighted to help you take care of your finances. Just drop us a line!
Welcome to AIS Solutions. We’re a Canadian bookkeeping and cloud accounting firm with expertise in virtual bookkeeping, bookkeeping for e-commerce, SaaS companies, landscapers, and contractors.
We help business owners make good financial decisions by providing accurate real-time numbers.
We also specialize in QuickBooks training.
- If you enjoyed this article, you might also like “How to solve your messy bookkeeping”.
- If you’re a business owner interested in learning more about our bookkeeping services, we’d love to chat with you. Head over here to arrange a time for us to meet.
- If you’re interested in QuickBooks training, head over here.
