Whether you are running a multinational company or an individual firm, a gift shop or a shopping mall, an engineering firm or a medical shop, bookkeeping is an essential function that helps you to keep track of all your money in the business. Bookkeeping is simple terms is the process of maintaining the financials of the company that is the inflow and outflow of the money to recognize the profit and loss made by the company. Accounting is based on bookkeeping process and one mistake in bookkeeping means a loophole in your accounts and financial statements which can cost you a lot in the long run.
Most of the mid-sized and large organizations have their own accounting team of chartered accounts, CPA and other professionals who are specified for the job of accounting but in small firms, it is expensive to hire such professionals to keep track of the accounts and thus, the proprietor must do bookkeeping and accounting on his own. This might be good initially, but the valuable time of business enhancement split into this “repetitive” work which will lessen the value of the business. Thus, in this age of virtual assistants, virtual Bookkeeping and accounting services can be used to maximize the profit of the company.
Features of Virtual accounting services:
- Accurate and updated accounting software
- Tallying Cash and Bank Books
- Leave all the invoicing work on your VA
- Don’t worry about your bill dates
- Salaries and wage payments made simple
- Consulting with your CPA and tax management
Benefits to the Company:
- You would only pay for the work they have done. The cost factor is a major benefit as you don’t have to pay for the hours the accountant is not doing any work. The virtual accountants accept payments mostly on an hourly basis.
- You have more time for your operational and business strategies as the bookkeeping functions are well-taken care by the virtual accountant.
- You don’t have to miss any bill payment dates as the virtual accountants are very organized in these matters and all your bills are paid on time.
- Your data and financial information, as well as other information you share, are kept secured and no third party has access to them.
- All your monetary transactions are recorded and thus not a single penny is misplaced in the process of the business.
- The accurate financials will help the management to take the right decision about the company.
- You get professional Bookkeeping services for CPAs at a reasonable cost and other accountants are all certified and trained according to the best practices in the market.
- If your bookkeeping function is well taken care of, you can analyze your business standing in few minutes and thus can work on the flaws to make it better.