Virtual Assistants for Bookkeeping: Why Outsource and How to Derive ROI
Many entrepreneurs are stuck in time with handling bookkeeping task that shaves hours off your work day or week.
Creating and updating balance sheets, invoices, keeping a track of accounts payable and accounts received, tracking expenses, employee reimbursements, paying quarterly taxes, processing payroll – the list is exhaustive. Small businesses often lack the resources and time to process a humongous task as bookkeeping, failing at which can result in legal as well as reputational damages. What’s worse – if you don’t have qualified bookkeeping resources to do the job, you could land in more trouble than save money by doing it yourself or have inexperienced help.
A disturbing statistic reveals small business tend to view bookkeeping as a painful and expensive exercise and 74% of the 30 million small businesses in the US fail to employ full-time or part-time accounting help. Agreed, having a full-time or part-time resource may not seem like a good idea when you don’t have enough work to fill up 40 or 20 hours per week, but attentive bookkeeping is a critical imperative for business success.
Why outsourcing accounting for small businesses or in another word hiring a bookkeeping virtual assistant makes perfect sense?
Here are 5 reasons why maintaining your books right must be a priority for businesses:
#1 Tax savings: Bad books lead to heavy costs on tax returns while efficient bookkeeping ensures no payments are missed and provide better records to improve your tax return.
#2 Audit readiness and protection: Keeping separate books for personal and professional expenses and filing both with care improves your company’s audit readiness and chances of passing one without any liabilities.
#3 Loan eligibility: Effective bookkeeping is one of the easiest ways to improve your credit ratings that can affect your loan eligibility and banks’ readiness to offer you one without any hassles.
#4 Faster and informed decision-making: Your ability to accurately forecast business trends and determine ROI from those depends upon the current visibility you have into expenses and P&L ratios. Accurate records and bookkeeping should therefore clearly feature on your list of priorities as a business owner.
#5 Freedom from stress: Having disorganized books can give you more sleepless nights than you think. While most business owners realize the importance of bookkeeping, the constant pressure to find a reliable outsourcing partner can take away valuable time and mind space.
How 7 Virtual Assistant Services trained bookkeeping virtual assistant make bookkeeping a breeze?
Our trained and certified virtual bookkeepers have well-rounded experience of working with a varied clientele across industries. Some of the unique differentiators we bring to the infographic table include:
#1 Extensive bookkeeping virtual assistant and accounting expertise: We specialize in:
#2 Solid technology competence: Our bookkeeping virtual assistant are trained in using a variety of accounting and bookkeeping software such as QuickBooks, Xero, Myob, Quicken, Peachtree, and Freshbooks.
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