Advantages of Hiring a Virtual Bookkeeping Assistant - Top Entrepreneurs Podcast

Top Benefits of Hiring a Bookkeeping Virtual Assistant

Introduction

Unsatisfactory bookkeeping and finance services rank highly among the leading causes of business failure. Businesses are doomed from the moment they lose control of their financial operations. Effective virtual bookkeeping services are crucial, especially for firms.

a person sitting at a desk — Source: Unsplash

It’s been claimed that a building with a solid foundation will only last a short time. Similarly, bookkeeping services are the basic foundation for accounting and tax-related activities—accurate and efficient bookkeeping is essential.

You can take charge of your finances using virtual bookkeeping services if you don’t want to hire a dedicated bookkeeper and add to the workload already placed on your accounting department. You can quickly and perfectly arrange the financial basis of your company with virtual bookkeeping.

What Are the Advantages of Virtual Bookkeeping Services for My Company?

Clients who find it challenging to manage their bookkeeping services while operating their company frequently contact us with questions. Even though maintaining accounting records requires high accuracy and efficiency, bookkeeping is still a fundamental accounting function. One mistake in one entry can result in ten more mistakes, so a bookkeeper needs to be wise and knowledgeable to record every entry accurately.

As a result, most firms need more time and skills for bookkeeping services. Virtual bookkeeping services are, therefore, the ideal choice for companies looking to maintain flawless accounting records without wasting time or money.

Economic Solution

Companies are always searching for ways to save costs, and one of their most excellent options may be to use virtual accounting services. One internal bookkeeper’s annual salary is $43,890-$54,092. In addition to your base compensation, you must give your internal bookkeeper a bonus, additional work hours, and other benefits. Infrastructure facilities must also be invested in to accommodate a new employee in the company. Ultimately, the cost of hiring an internal bookkeeper was very high.

Conversely, you only have to pay for the services provided when outsourcing bookkeeping services remotely. For instance, you need to pay a one-time fee for the services you’ve used if you engage a virtual bookkeeper. Furthermore, virtual bookkeepers from cost-effective nations can save up to 70% on hiring costs. Hiring a virtual bookkeeper will save you a lot of money.

Enhancing Business Efficiency

Everything falls on the shoulders of the accountants in a business, from completing tax returns to drafting accounting records. How can your accountant stay current on the newest accounting trends or reduce risks when they are buried deep within the many accounting books? Asking a few people to handle all bookkeeping and accounting duties is unreasonable.

Therefore, when you assign a bookkeeping job to virtual assistants, you may free up some time for your in-house account to concentrate on other financial parts of the firm. Accountants can effectively promote your firm when they have the time to analyze different investment choices and conduct market research.

Addressing Bookkeeping Fraud

If a bookkeeper has direct access to your accounting records, you cannot completely rule out the possibility that personal bias may be present. Let’s say your bookkeeper puts an entry in the books and modifies the monthly expense report to reflect the amount he spends on personal expenses or makes a mistake. In such a case, you will never be able to uncover this type of fraud or loss.

Hiring virtual accounting services is the best option if you don’t want to lose money due to other bookkeeper practices, as remote bookkeepers aren’t directly involved in the internal workings of your business. Second, before sending books to their clients, virtual bookkeeping companies double-check them. With virtual bookkeeping, fraud is eliminated!

Proficient Technical Support

One of the most technologically advanced and inventive sectors is accounting. The accounting sector has embraced all the newest technology, including blockchain and artificial intelligence. The use of the newest software can greatly improve the quality of bookkeeping services.

However, firms need help purchasing the newest bookkeeping software or updating it regularly. Conversely, virtual bookkeeping outsourcing firms are well-funded enough to buy accounting software and give their employees comprehensive training. As a result, you can obtain the newest technical assistance without paying more when you work with a virtual bookkeeper.

Flexible Schedule

Your in-house bookkeeper will only work during regular business hours, and you must pay them more for overtime. However, virtual bookkeeping services are different; they will work overtime if your virtual business commits to doing the job by a specific date. You will complete your assignment on time regardless of how many extra hours you put in.

You can even manage your staff around the clock if you engage a virtual bookkeeper from a different country and time zone. For example, there is a time difference of about 12 hours between many countries and the USA.

Experienced Professionals

Organizations typically delegate bookkeeping tasks to their junior accountants to save money. This is a grave mistake because, although it may seem basic, bookkeeping is more complex. As we’ve just covered, accounting can only be error-free if bookkeeping is perfect. Thus, skilled specialists are needed to produce business accounting books. However, it is costly to hire people with experience; what is the alternative?

Yes, a virtual bookkeeping company can hire the most talented bookkeepers from all around the world. Virtual accounting firms can afford to employ skilled specialists because they handle multiple clients simultaneously. Hiring a virtual accounting business allows you to acquire skilled bookkeeper services within your budget.

Conclusion

A solid financial foundation is essential for business growth; virtual bookkeeping is unquestionably the best way. Outsourcing Virtual bookkeeping services offers many advantages, including schedule flexibility and expert services. Thus, for a brighter future, choose virtual bookkeeping without giving it much thought.