If you search for the top reasons for business failure, poor financial and bookkeeping services will come right on the front. When businesses lose control over their financial operations, it is the first knock of their doom. Especially for small businesses, effective accounting and bookkeeping services are highly important for them.
It is said that – if a building doesn’t have a strong foundation, it can’t survive for very long. Similarly, bookkeeping services are the basic foundation of accounting and tax-related operations – having correct and effective bookkeeping is a must.
However, if you don’t want to increase your accounting department’s burden by hiring a dedicated bookkeeper, you can use virtual bookkeeping services and gain control over your finances. With virtual bookkeeping, you can sort your business’s financial foundation in a perfect manner without any hassle.
How Can Virtual Bookkeeping Services Benefit My Business?
At CapActix, we often receive queries from clients who are struggling to manage their bookkeeping services while running their business. Bookkeeping might be a basic accounting operation, but the level of precision and efficiency required to maintain accounting books is simply huge. One bookkeeper has to be cunning and intelligent enough to record all the entries flawlessly because one wrong entry can lead to another ten wrong steps.
Thus, the bookkeeping services require time and experience, which most businesses don’t have. That’s why virtual bookkeeping services are the best solution for businesses that want to maintain perfect accounting books without sacrificing time and resources. Additionally, virtual bookkeeping can offer multiple benefits to your business, such as –
Businesses are always looking for cost-cutting solutions, and virtual bookkeeping services can be one of the best options for them. One in-house bookkeeper charges anywhere between $43,890-$54,092 yearly. Apart from the basic salary, you have to also pay a bonus, extra work hour and other employment benefits to your in-house bookkeeper. Additionally, you have to invest in infrastructure facilities to accommodate a new employee in the firm. Overall, hiring an in-house bookkeeper put a huge dent in your finances.
On the contrary, when you outsource accounting services remotely, you only have to pay for the services rendered. For example, if you hire a virtual bookkeeper, you only have to pay a lump sum payment for the services that you have used. Furthermore, if you hire virtual bookkeepers from low wage rate countries like India, you can save up to 70% of your hiring cost. Overall, you can save a lot by hiring a virtual bookkeeper.
Promote your Business
If you have a small firm with one accountant, from preparing accounting books to filing tax reports – everything falls on one person’s shoulders. Now, when your accountant is buried deep under the different accounting books, how can he or she follow up on the latest accounting trends or mitigate risks. It is unfair to ask one person to perform all the accounting and bookkeeping functions.
Thus, when you delegate bookkeeping work to a virtual company, you can free up some time for your in-house account so that he can focus on other financial aspects of the business. When your accountants have time to evaluate various investment options and run market analysis, he can promote your business effectively.
Unbiased and Fraud-less Bookkeeping Services
When a bookkeeper has a direct interest in your accounting books, you can’t rule out the chance of personal bias involvement. Suppose, if your bookkeeper adjusts the monthly expense report for the amount spent by him for his personal use and make an entry in the books, it will become impossible for you to ever detect such kind of frauds.
If you don’t want to suffer a loss due to one dishonest bookkeeper, you should hire virtual bookkeeping services because remote bookkeepers have no direct interest in your company’s internal affairs. Secondly, virtual bookkeeping companies cross-check books numerous times before sending them to their clients. There’s zero chance of fraud in virtual bookkeeping!
Proficient Technical Support
Accounting is one of the most innovative and technology-oriented industries. From artificial intelligence to blockchain – all the latest technologies have been adopted by the accounting industry. With the help of the latest bookkeeping software, the level of bookkeeping services can be elevated a lot.
However, it isn’t feasible for small businesses to invest in the latest bookkeeping software or frequently upgrade them. On the contrary, virtual bookkeeping companies have adequate funds to invest in the latest bookkeeping software and provide extensive training to their staff. Thus, when you hire a virtual bookkeeper, you will get the latest technical support without spending extra.
Your in-house bookkeeper is going to work on standard working hours only, and for overtime, you have to pay them more. But, it’s not the case with virtual bookkeeping services; if your virtual company agrees to complete work on a certain date, they will do so. It doesn’t matter to you how many extra work hours they put in – you will get your work done on time.
Additionally, if you hire a virtual bookkeeper from another country with a different time zone, you can run your team 24*7. For instance, India and the USA have approximately a 12 hours time difference. That means if you assign work to your India based virtual bookkeeping company in the evening, by the morning, your work will be completed. This 12 hours time log can give time flexibility to run your business all around the clock.
Usually, businesses assign bookkeeping work to their junior accountants to save costs. Now, it is a big blunder because bookkeeping might be a simple task but not at all an easy task. As we have already discussed that if bookkeeping isn’t flawless, accounting can’t be errorless. Thus, to prepare business accounting books, experienced professionals are required. But, hiring experienced professionals is expensive, so what’s the solution?
Virtual bookkeeping services – yes, virtual bookkeeping companies hire the best-talented bookkeeper from around the globe. Virtual accounting companies serve numerous clients at one time; thus, they can bear the cost of experienced professionals. In a way, you can get experienced bookkeeper services under your budget by hiring a virtual bookkeeping company.
Let’s Set Strong Business Foundation
If you want to grow your business, you have to set a strong financial foundation, and undoubtedly, virtual bookkeeping is the way for it. From time flexibility to professional services, you can gain numerous benefits from virtual bookkeeping services. So, don’t think much and opt for virtual bookkeeping for your better future.