What can Virtual Bookkeeping Assistant Do for Entrepreneurs?

Initially, when you have started your venture, tasks like invoicing payables and bookkeeping look quite easy.  But as your business starts flourishing, bookkeeping seems to be a hectic task.

At one point bookkeeping becomes nearly impossible to handle all by yourself. It is a challenge for business owners across the globe. According to a recent study, 16% of companies work remotely, and some work in a hybrid model.

This is where the role of Virtual assistant Bookkeeping comes into the picture and it is vital if you analyze it from a business point of view.

A Bookkeeping Virtual Assistant is a remote professional. They offer a cost-effective way to manage all your financial records. They can handle multiple tasks such as reconciling bank statements, preparing financial reports, etc. This means that businesses can concentrate on growing their operations and other priority work.

But the main question remained unanswered, “What can Virtual Bookkeeping Assistant Do for Entrepreneurs?” Read the blog prepared by the experts at Banking of India to find out the best possible answer to that particular question.

Who is a Virtual Bookkeeping Assistant?

Before you get the answer to that question, let’s understand who is virtual bookkeeping assistant. Although in-house bookkeepers work from the office, only some of their time is spent productively. A study of around 2,000 full-time employees revealed that people are productive only 2 hours 23 minutes out of their 8-hour day. The rest time they spend on chit-chats, smoking breaks, social media, and reading the news.

In simple terms, Virtual Bookkeeping is a financial management service that is conducted remotely. This is usually done with the help of accounting software. The role of bookkeeping or virtual bookkeeping is to assist owners with finance management. From taking transactions and expenses to creating financial reports, they can keep finances in check.

Perks of Hiring a Virtual Bookkeeping Assistant

Virtual Bookkeeping offers several benefits to entrepreneurs. Here are some of them that you must consider as a business owner.

Better Finances
Having a virtual bookkeeping assistant can be a great help for entrepreneurs in dealing with their finances. Almost 31% of business owners trust their virtual bookkeeping assistants and accountants. They take their advice for all their financial matters.

Save Money
Hiring a virtual bookkeeping assistant is a great way to money in the long term. They can help entrepreneurs to keep track of expenses and identify areas of cost-cutting.  This ultimately unnecessary costs which results in enhanced profitability.

Enhanced cash flow
Working with a virtual assistant keeps your cash flow quite feasible and smooth. These professionals can manage your payable and payable. They can help with your invoices and all the important bills on time making sure you don’t face a shortage of cash when you need for the business’s future.

Specialized Skills
Virtual Bookkeeping professionals are experts at what they do. They can bring their specialized knowledge to the table making financial hustle for entrepreneurs quite convenient. They can also offer tax-related, help with tax filing and much more.

5 Important Tasks to Delegate to Bookkeeping Virtual Assistant

• Ensuring Your Bills are Paid on Time-  A virtual assistant bookkeeping provider can make paying bills as simple as possible. They are trained and qualified to perform all the accounting operations including paying all the bills and payment collection.
  
  Vendor bills and other payables can turn into a pile if you don’t care and timely payment of the same bills then your business might just slip into the dark. An online bookkeeping professional sets reminders and directly makes payments that do not require intervention.
• Reconciling Bank and Credit Statements: Reconciling your financial records and business bank discounts is quite difficult. You can easily make big mistakes if you don’t have experience in reconciling bank statements.
  
  A virtual assistant bookkeeper can assist you in preventing all the errors and keep your accounts standing. Business owners have well-maintained records from a legal point of view too. Moreover, governments in different countries often lay out some beneficial schemes for entrepreneurs with proper financial records. Even investors show great interest in businesses with well-maintained financial records.
• Preparing Invoices-  There is no business on this planet Earth that doesn’t require invoice preparation services. It is legal proof that the business is dealing in selling products or services. However, business owners get enough time to mention all the technicalities such as quantity, price, date, and other important details.
  
  Not just this, some businesses require bulk invoice preparation. However, preparing bulk invoices is out of the question for entrepreneurs as it can take them all the time. However, a virtual bookkeeping assistant provider can solve this problem by handling all the invoice preparation be it bulk or regular. They use tools that would make your things quite feasible and uncluttered.
• Mailing important documents and invoices to the customers- Business owners should focus on providing the best services to their customers. If you have good and experienced virtual bookkeeping virtual assistants then you can leave everything on them. The professionals send the invoice to customers for timely payment. An experienced virtual assistant can do this task in quick time.
• Following up with the customers by Phone-  Many products and services require businesses to follow up with their customers. This can be for both pre and post-sales. At times, there is price negotiation that happens over calls with customers.
  
  When your clientele is smaller, you can follow up with your customers personally. However, this exercise becomes extremely hectic when the client base increases. A virtual assistant can ensure that your customer relationship is never hindered due to lack of time.

Is Bookkeeping important for small businesses?

No matter the size of your business, bookkeeping is important for everyone. You cannot flourish your business if you don’t have effective and efficient financial records. With this blog business owners can understand the importance of virtual bookkeeping.

Just in case if you are looking for the right partner for your bookkeeping services then CROX Assist can be the right choice for you. Reach out to our sales team today.