Entrepreneurs need to be able to do their bookkeeping well in order for their business to thrive. Business owners should use the same approach to accounting services that they do with administrative services: hiring bookkeeping assistants. Forbes says that accountants don’t have to be part of your staff.
The question now is: What tasks can a virtual accountant perform for your business? Let’s start by exploring the answer.
14 Tasks To assign to A Bookkeeping Virtual Bookkeeper
1. Ensuring Your Bills Are Paid On Time
Virtual assistants for bookkeeping make it easy to pay bills. They have the skills and knowledge to handle all aspects of accounting, including bill payment and collection.
Vendor bills, as well as other payables, can quickly pile up. You must ensure timely payment. Late payments can lead to disinterested vendors and even business abandonment. You don’t have to be present for reminders or make payments. A VA can send you reminders.
2. Preparing Balance Sheets or P&L Accounts
Financial statements are vital for business owners. They include balance sheets, trial balances, and profit/loss reports. These documents are vital to your business’s success. These records can be created and archived by a virtual bookkeeper, which will make them available for inspection and use.
You can get funding by submitting financial records.
3. Reconciling Credit Card and Bank Statements
It is difficult to reconcile your bank accounts and financial records. If you don’t have previous experience reconciling bank statements, there is the possibility of making mistakes. It is essential for good bookkeeping. Virtual bookkeepers can help you avoid errors and keep your accounts in good standing.
It is important for business owners to know that legal records must be kept clean. Many governments offer beneficial programs for entrepreneurs who have good financial records. Investors are keen to see businesses that have good financial records.
4. Preparing Invoices
Invoice preparation services are required by every business. This is proof that the business owner sold their products and services to a customer. After a sale, however, business owners don’t have the time or the patience to explain the details such as the quantity, price, and date.
Some businesses also require bulk invoice preparation. Entrepreneurs shouldn’t have to prepare bulk invoices as it can take up too much of their time. Online bookkeepers can help with invoice preparation, whether it is bulk or regular. To make it easy for business owners, they use a variety of invoice tools.
5. Preparing General Ledgers
General ledgers are a great way to save time and avoid the hassle of going through every receipt to record income. A general ledger is also a record of your expenses, which you might need to review in order to reduce your spending. It saves time, and effort, as well as potential loss of money because you already have all transactions posted to the general ledger.
Ledgers are difficult to prepare because they are very detail-oriented. Virtual bookkeeping assistants, on the other side, have a lot of experience doing this work even though they are less time.
6. Mailing important documents and invoices to customers
The business owners should concentrate on providing excellent customer service and leaving the rest to virtual bookkeepers. For prompt payment, the professionals will send invoices to customers. Virtual assistants can keep track of important documents that you need to send customers.
Imagine if you had to do this clerical work and leave behind complex business strategies or other important business work. It is better to let professionals handle these tasks.
7. Reminders for Mailing Payments
This seems like an unnecessary task. Many customers forget to pay their bills on time. The business could be in serious trouble if its founders keep track of who pays and who doesn’t. A bookkeeping assistant, however, can help you do this, even multiple times, if necessary.
8. Following up with customers by phone
Businesses must follow up with customers for many products and services. This can be part of both the pre-and post-sale process. Sometimes, price negotiation occurs over-call with customers.
You can contact your clients personally if your clientele is small. This can become very time-consuming if you have more clients. Virtual assistants can help ensure that customer relationship are never damaged by lack of time.
9. Keeping Financial Data in Your Chosen Software Program
A yearly financial record must be kept, and it should be well-maintained. It is vital to keep a record of your finances to be able to see the growth of your company at a glance.
A bookkeeper can assist you in maintaining financial data in any software that you choose. They will be able to record it in a format that is easy to understand and analyze.
10. Entering Payables and Receivables
It can be difficult to keep track all the numbers involved in your business ventures. Virtual bookkeeping assistants can classify, compute, and record these data, and present it in an easy-to-use format that will benefit your company and your mind.
It is difficult to enter financial data. Many financial data can be overwhelming for small businesses. This may make it difficult to keep track of and time-consuming.
11. Submission of Sales Tax Reporting and Submission
Reporting sales tax is complicated and requires experience. Many business owners don’t know how to calculate taxes, and they are unaware of the exact amount they have to pay. They view tax calculation, report creation, and submission as a nightmare.
Virtual bookkeeping assistants have been trained in tax preparation. They can keep you informed about the taxes that need to be paid by organizing them quarterly, or annually.
12. Helping to Interpret Financial Statements
Many business founders don’t have a financial background and find it hard to understand financial statements. It becomes more difficult to understand as the data grows.
A qualified bookkeeper can also help you to understand finance terminology, just like other departments.
13. Dealing with Delinquent or Bad Accounts
Because not all clients are fair, businesses should allow for delinquency. Entrepreneurs may find it difficult to deal with bad accounts because of other priorities.
Virtual bookkeeping assistants can help you with these unsavory accounts. It’s a great way to save time, and it gets things done quickly.
14. Ensuring Document Completion before Year-End
Entrepreneurs around the world take a lot of work each year to complete their annual documents. This is a difficult task that can require you to run from one post to the next, even for a single document.
Bookkeeping assistants can help you save time and ensure that all paperwork is in order. You no longer have to worry about financial documents and any possible legal action.
This was the list of tasks that a virtual assistant for bookkeeping can take care of. Finance is not just bookkeeping. There are many other aspects of finance, some more complex than others. Budgeting is the biggest challenge entrepreneurs face. Budgeting is the biggest challenge entrepreneurs face. Hiring staff may be costly, but an online bookkeeping service can save you money. There are still questions.
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