BREAKING NEWS: Bookkeeping is far more than simple data entry. And a Virtual Bookkeeper can benefit small businesses.
Sure, in the earliest stages of starting a business, a solopreneur can carefully tread the waters of managing their own finances, but there will hopefully come a time when your business has grown beyond the bounds of your grassroots bookkeeping capabilities.
And somewhat inevitably, you’ll hem-and-haw at the prospect of paying someone to do something that, until this point, you felt comfortable handling yourself. You could hire an in-house accountant or bookkeeper, right? But hiring a full-time employee is expensive with payroll taxes, benefits, health insurance and more. Here’s what employee burden costs look like.
So if hiring an in-house bookkeeper is too expensive and your time is too valuable for you to be able to afford your own hourly rate as a makeshift bookkeeper, what can you do?
ANSWER: Hire a virtual bookkeeper.
By outsourcing your bookkeeping, you save money by not paying full-time or part-time employees and only paying for what you need – nothing more, nothing less.
How A Virtual Bookkeeper Benefits Small Businesses
While we’ve waxed poetic about how insanely awesome virtual bookkeepers can be – see this, this and even this – here’s what you can expect – beyond the obvious benefits of saving time and money – from your very own awesome remote bookkeeper.
Objective Advice. With an unbiased third-party, you get expert opinions and advice on the financial health of your business, empowering you to make informed business decisions.
Experience. Outsourcing your bookkeeping provides you with educated professionals who have worked with many different industries giving them an advantage on how best to serve you.
Scalability. Whether you’re looking to grow your business or cut down on spending, virtual bookkeeping can help you reach those goals by scaling to meet your needs, without having to hire or train additional staff.
Cash Flow Management. Your bookkeeper can closely monitor the following, making your operating activities easier and more efficient.
Bank Feeds. Your virtual bookkeeper can manage your bank feed transactions, such as matching deposits for accounts receivable or outgoing transactions as payments against vendor bills.
Accounts Receivable. From creating and sending invoices, to providing statements, to assisting in collections, to documenting those payments, your bookkeeper will manage all the moving parts.
Accounts Payable. A virtual bookkeeper can handle all of your vendor bills, and schedule and manage the payments accordingly.
Payroll. Your bookkeeper can manage your payroll, assist in processing paychecks and/or liability payments and returns, and enter payroll data into your accounting system.
Flexibility. Your remote bookkeeper is available at your convenience – mornings, evenings or even weekends – to work around your schedule. All the bookkeeping you could ever need or want – and nothing you don’t!
Tax-Preparedness. A virtual bookkeeper can make sure your financials are accurate so that you can keep your CPA, the IRS and banking institutions happy.
Still unsure if a virtual bookkeeper is right for your business? Ask yourself the following questions:
Do I need accurate financials?
Wouldn’t it be nice to sleep soundly without waking up in a cold sweat wondering if I’m ready for tax season?
Does doing literally anything else sound better than doing my own bookkeeping?
If you answered ‘yes’ to any – or all, if you’re being honest – of those questions, it may be time to treat yourself. Talk to the BELAY team today and never lose sleep again.