Whether you are a startup or an established business, wrong bookkeeping practices will drain your money and time. You can now eliminate the bookkeeping troubles by relying on a virtual assistant. In adapting paper-free bookkeeping to even gaining total control over the overall process; these super assistants can prove to be true assets.
This blog has everything you want to know about a virtual bookkeeping assistant. So, read on.
CHALLENGES IN THE BOOKKEEPING PROCESS
According to a report published by Capital Counselor, 66% of businesses would rely on Artificial Intelligence (AI) in the near future to automate tasks and save on expenditure. However, along with relying on technology, the challenges in the accounting sector are increasing.
On any given day, businesses will get into the following bookkeeping issues, if not careful enough.
- Invoices are not generated on time
- No record of transactions –big or small
- Sent invoice track records not maintained
- Financial report glitches
- Bad payroll management
- Fraud is not detected on time
- Cash management discrepancies
- Failure in hiring a talented workforce and bookkeepers
Organizations on depending, Virtual Bookkeepers, Accountants and Tax professionals, can go total carefree on accounting and bookkeeping processes or can reduce the burden of the in-house bookkeeping professionals.
WHO ARE VIRTUAL BOOKKEEPING ASSISTANTS?
Virtual Bookkeeping Assistants are professionals who undertake accounting and financial tasks of various businesses and complete it remotely. The cultural shift of the market, and the need to keep up the pace and win over competitions has resulted in virtual assistant dependency to complete the accounting and bookkeeping tasks faster and with correctness.
THE TASKS THAT CAN BE OUTSOURCED TO A BOOKKEEPER
A Virtual Bookkeeping Assistant can handle all the tasks that are given to an in-house Bookkeeping professional.
Here is a condensed list of Bookkeeping tasks that your business can easily outsource.
- Inventory Management
- Payroll Processing
- Bookkeeping consulting and supervision
- Billing and payment tracking
- Payroll file keeping and management
- Keeping records of purchase invoices, payment cheque, cash receipts, bank receipts, credit card journals, depreciation journals, etc.
- Checking all the records for accuracy
THE BENEFITS OF HIRING A VIRTUAL BOOKKEEPING ASSISTANT
Careless handling of Bookkeeping records will later be a huge burden for businesses.
So for smooth operation, it is advisable to rely on Virtual Bookkeeping Assistants.
Given below are the top advantages of hiring a Virtual Bookkeeping Assistant:
Reduce Expenditure and Save More
As Virtual Bookkeeping Assistants are not under the direct payroll of the company, they are paid on the basis of hours they work. Unlike a regular in-house bookkeeper, they won’t ask for extra benefits such as healthcare benefits or transportation allowances. Overall, a business can save more on getting a Virtual Bookkeeping Assistant to do the tasks.
Also, to get an eminent, knowledgeable and adept bookkeeper is like searching a needle in the haystack. There will be many with a finance degree with ample experience, but those with true skills and talent comes with huge price tags.
An average base salary of a Bookkeeper in the US is $18.99 (Source: indeed.com)
However, a Virtual Bookkeeper charges flexible prices in the year 2020.
Lower the Chances of Glitches
A small or medium firm cannot always appoint an employee to take care of the bookkeeping department alone. He or she will be given accounting, financial and tax related tasks as a whole. In this case, there are chances of causing errors as the in –house employee is multitasking. The big companies too can get the bookkeeping tasks all wrong because of the humongous amount of tasks they handle on a daily basis.
Neglecting day-to-day bookkeeping tasks can even lead to unintentional errors. So, a clean and clear bookkeeping is a constant effort. This is where a Virtual Bookkeeper Assistant can be of great aid. They use cutting edge technology, automation software and conscious labor to produce an error free result.
Unbiased Consultation and Opinion Access
Anybody can find out the best practices of bookkeeping by searching it online. However, it is important to gain fresh insights from the experts and unbiased opinions of experienced bookkeepers. A reliable virtual bookkeeper not only completes the tasks they are assigned to, but also offer fresh perspectives on bookkeeping best practices.
Moreover, unlike an in-house professional, a Virtual Bookkeeping Assistant would be associated with many businesses and will have right knowledge on modern techniques and skills to improve financial positions.
Get More Business Focus
As a business owner or as someone holding a top managerial position, you will never even have enough time to perform revenue-generating tasks, and then how would you perform bookkeeping tasks on a regular basis? The smart idea would be to concentrate more on core business functionalities and outsource all the bookkeeping tasks to a reliable virtual assistant.
The advantage of entrusting bookkeeping tasks with an agency like Ossisto is that along with getting the services of Bookkeeping Assistants, one can get done other essential business services at a reliable price. Yes, at a packaged price, an enormous number of tasks can be completed, while busy professionals gain the freedom to focus more on the core activities.
Bring Creativity in the Process
Bookkeeping, as we all know essentially requires a professional to be good with mathematics and computer skills along with discipline, commitment, and an eye for detail. But what would an extraordinary bookkeeper skill be? A person who can bring creativity into the Bookkeeping process is a true genius.
Whether it is creating an Excel Sheet, saving data, or making a presentation; there is always space for creative thinking in all junctures. Most often, laymen find accounting and financial documents truly boring; but creative geniuses will have a solution to it. A Virtual Bookkeeping Assistant in an organization like Ossisto is selected based both on his and her creative and analytical abilities.
Strike the Right Work-Life Balance
Today, an accountant and a bookkeeper should have a collaborative relationship to have a smooth process in place. This demands bookkeepers do more than what they usually do. Traditionally, accounting functions are overseen by a bookkeeper. Today, a single person is expected to do the tasks of an accountant, bookkeeper, and a tax professional.
This is indeed affecting the work-life balance of a bookkeeper. This is one of the reasons why most professionals have chosen to give their services virtually. Account managers and in-house bookkeeping professionals can also find the right work-life balance by outsourcing extra repetitive and monotonous tasks to a Virtual Assistant.
THE SUM TOTAL
The year 2020 saw the highest demand for Virtual Bookkeepers because of the Coronavirus Pandemic and its aftermath. Today, for common bookkeeping tasks to specialized business accounting functions; Virtual Bookkeeping Services are available.
Small businesses should leverage this opportunity to get done the Bookkeeping tasks within the intended budget. Big businesses can save a lot during these hard times by outsourcing the accounting and bookkeeping tasks to a reliable agency and using the saved-up amount to cover other expenses.
So, do you want to know more about this topic and see how Ossisto can help you out with your Bookkeeping processes?