Many small business owners start with the goal of producing the best product or service. Bookkeeping is often an afterthought or a nuisance. They may launch their businesses with little thought put towards who will keep their financial books or file their taxes. Often times they sign on with a SaaS company like Xero, Freshbooks or Quickbooks Online with the intention of managing their daily transactions. While these programs appear easy to use, the small business owner can end up struggling or even failing because they may not have accounting experience to back up their good intentions.
It's estimated that the average small business owner who does his or her own books spends 10 hours a week on the task. This is time that is taken away from the actual business and may not generate new revenue for the company. There comes the role of the virtual bookkeeper, hiring a virtual bookkeeping service can solve all the problems in your company.
A virtual bookkeeper is not a robot hiding in some computer handling all your financial statements. Rather, virtual bookkeepers are real people working offsite providing a service. And that means you don’t have to add to your company’s headcount and payroll by hiring an in-house bookkeeper.
Hiring a virtual bookkeeper provides you with the same level of information and service but without the employment burden costs such as benefits, training costs and more.
Hiring an Virtual bookkeeper can help:
1. It's not your expertise: You wouldn't trust your business to someone who lacked the proper credentials to run it, just like you shouldn't trust yourself to handle bookkeeping when that's not your area of expertise. A professional virtual bookkeeper knows the best ways to take care of your business's money and has the experience to prove it.
2. You'll save money: Sometimes in business it costs money to save money. Hiring a virtual bookkeeper can cost you upfront, but you will end up saving money in the long run. For instance, you are more likely to make mistakes that cost your business time and money when you attempt a DIY approach to bookkeeping.
3. Increase credibility: A bookkeeper will make sure that bills are paid on time and for the right amounts, which makes your business more credible for your customers.
4. Taxes: You might not thank yourself now, but when tax season rolls around you will want to go back in time to give yourself a gigantic hug for saving you a huge amount of tax filing work. A Virtual bookkeeper will be able to keep tax information separate from other information, and your virtual bookkeeping means that everything will be in one digital location that you can easily access when it's time to file.
5. Save time: That old cliche "time is money" really is true when it comes to business, and the time you waste trying to do your own bookkeeping is really money down the drain. Spend your time building your client base, training employees, and doing what you actually want to do- run your business!
6. Only hire for what the services you need: Bookkeepers can help you with a lot of areas of your business including managing your credit cards, payroll, accounts receivable, sales tax, accounts payable, and business bank reconciliations. When you outsource your bookkeeping, you only pay for the services you need. And you can add or drop services as your business grows and changes.
Bookkeeping is one of the most crucial aspects of running a business, but too often small business owners make the mistake of doing it alone. You can save time, increase your credibility, and get back to running your business.
Cloud Bookkeeping, Inc. virtual bookkeeping gives you instant access to your records, and the digital platform cuts down on the cost of a traditional bookkeeper.
For more information regarding our virtual bookkeeping services contact us