When it comes to running a business, it is easy to find yourself overwhelmed with the tasks you have to perform or oversee. Hiring an onsite bookkeeper may not work for your business, especially if it is still in the early stages. Instead, you might consider hiring a virtual bookkeeper. Your accounting tasks will become more as you grow, and your virtual bookkeeper will ensure that your books keep up.
Virtual Bookkeeper
More Free Time
Removing bookkeeping tasks means you have more time on your hands to do other things that need your attention, such as looking for investors or marketing. Hiring a virtual bookkeeper also means that you do not have to train someone who is getting hired by the company to take over the job full-time.
The right expert should already have the skills and knowledge in using tools like Quickbooks and FreshBooks for simplifying your accounting processes.
Cost Savings
With virtual bookkeeping, you only pay for the services that you require; if you do not need certain services, you will not receive an invoice for them. An onsite bookkeeper is also paid more compared to a virtual one. For example, you will pay a full-time bookkeeper between $3,000 and $5,000 monthly, including benefits. On the other hand, a virtual one will be paid between $500 and $2,000. Keeping in mind that the tasks they perform are the same will save your business a lot of money in the long run.
In addition to helping you get a full accounting of your income and expenses, a virtual bookkeeper can also help you with tax compliance. With the time it takes to prepare your taxes, you need a professional who can handle the job for you accurately before important deadlines. That way, you can avoid hefty fees for late filings or payments. A virtual bookkeeper can also organize all your documents and identify any deductions you may qualify for. This helps you save more tax dollars which you can add to your operating budget.
Accurate Reporting
When you give access to your creditor records, suppliers, and invoices to your virtual bookkeeper, they will be able to keep track of these and follow up with the payments. They will be able to provide you with reports and the latest information about accounting books in Australia at unparalleled speed. You can use this information to know which aspects need to be improved and which ones are doing well. Some of the other reports that you will receive will be:
- Collecting payments from clients
- How streamlined your financial department is, especially when it comes to receiving payments
- Managing your inventory
- How well your business is doing especially if you are making losses or profits.
All these points toward a more efficient financial system that will help you grow your business by giving you easy access to some of the most critical data in your business.
Hiring a bookkeeper for your business may just be the right step for you to take when it comes to your business. You get to experience the benefits above and much more to help steer your business in the right direction. If you want to get started, consider reaching out to online bookkeeping providers like GeekBooks, which has helped small businesses in Australia achieve their financial targets!
