Most small business owners understand how quickly tasks can pile up – especially when it comes to money. Monthly invoices, payments and tax returns can get complicated quickly, especially if you don’t have any experience with accountancy.
Thankfully it is possible to delegate the financial side of your business without hiring a full time accountant.
Here’s everything you need to know about virtual bookkeepers (and how they can help your business).
What Is A Virtual Bookkeeper?
A virtual bookkeeper is an independent freelancer who provides businesses and individuals with accounting services. They have the same qualifications as in-house bookkeepers, but they are often a better option for small business owners as they are more flexible and affordable.
Here are four reasons to consider hiring a virtual bookkeeper.
1. 4 Reasons To Hire A Virtual Bookkeeper: It Is Cost Effective
One of the main benefits of hiring a virtual accountant is that they are cost effective. You don’t have to spend money on office space and supplies for them; instead they will use their own space, and the only thing that you pay them for is the work they do for you.
You also don’t need to pay them a full-time salary with benefits; you can just pay them for each tasks they complete for you (such as a yearly tax return). This is ideal for small business owners with a tight budget, especially if you are just starting out.
2. You Will Have More Free Time
Hiring a virtual accountant will also free up more time for you. Filling out, sending and paying invoices can be very time-consuming, so if you’re doing it yourself you may start to feel overwhelmed and burned out. Delegating all financial work to someone else will free up more time that you can spend focusing on the business.
This is very helpful, as a recent study found that the majority of business frequently work overtime and struggle to find free time. So if you are feeling overworked, a virtual bookkeeper could be the solution!
3. You Will Be Up To Date Financially
A virtual accountant will also ensure that you are always up to date financially. This is because they will take care of all of your monthly invoices and payments, so you don’t need to worry about falling behind. This makes it easier for the overall business to stay organised and on top of things, which is always a good thing!
4. You Will Have Financial Analytics
Finally a virtual bookkeeper can provide you with valuable financial analytics about your business. Analytics are a great way to see what is working and what isn’t; for instance, they will track receipts and sales, so you can see which products make you the most money (and which don’t). This allows you to alter future business spending habits to benefit the business even more.