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The process of documenting every financial transaction made by a business is known as bookkeeping. It’s an essential component of accounting that can’t be ignored or compromised. Accounting and bookkeeping go hand in hand. Accurate completion of the latter cannot be achieved without a strong foundation in the former. Inadequate recordkeeping results in inaccurate financial data. This may have extremely negative effects on how businesses operate as well as compliance with regulatory requirements like tax reporting.
One issue with bookkeeping is that it can take a long time to record every daily transaction. It is expensive to hire a full-time accountant to handle the intricacies of bookkeeping, but doing it yourself consumes a significant amount of time that could be spent expanding your company. One option is to have your general administrative assistant handle the bookkeeping. The issue there is that, having not been hired for bookkeeping explicitly, they might not have had any prior experience with the necessary duties beyond a high school education.
You can obtain accurate financial records and save a significant amount of time and money by hiring a bookkeeping assistant for your company.
A virtual assistant for bookkeeping can do all of the bookkeeper’s administrative duties, freeing you up to focus on other, more strategic areas of your company. A virtual assistant bookkeeper can monitor all of the transactions coming into and leaving your company and identify any problems or irregularities.
However, employing a physical full-time staff member might be an unneeded extra expense, particularly for online businesses, and restrict the pool of candidates available to those looking for work in bookkeeping within a specific region. For this reason, using a virtual bookkeeping assistant may be the best, most economical, and most successful course of action.
Virtual bookkeeping assistants perform all of the duties performed by an in-person bookkeeping professional, but without the added expenses. They don’t require transportation, insurance, office space, or office supplies. They come from a larger pool of candidates, spanning international borders so your company may find the most suitable candidate to meet your demands. They are also typically more adaptable in terms of hours and skill levels.
It takes more than one task to balance accounts. All bookkeepers, regardless of experience level, need to multitask in order to perform their jobs effectively. A virtual assistant (VA) for bookkeeping can help you with the following tasks, to name a few:
Bookkeepers should be able to promptly and efficiently record every penny coming into and going out of your company.
To avoid missing deadlines and paying interest, a bookkeeper can manage your accounts payable and keep track of your due dates.
Your virtual assistant for bookkeeping can manage all of your receivables and generate the appropriate bills to maintain optimal cash flow.
Bookkeeping virtual assistants should do more than just send invoices in a passive manner. They should also monitor the due dates for accounts receivable and follow up with any late payments made by clients.
To make sure your records are accurate, a bookkeeping VA should be able to perform bank reconciliations and other comparable operations.
A bookkeeping assistant can file the required paperwork for your annual taxes and compile your financial reports for sales tax filing.
Bookkeepers can generate balance sheet or profit and loss reports for your company so you can see the cash flow of your enterprise.
Bookkeeping requires a lot of attention to detail and time. To find a competent VA for bookkeeping, you should search for someone who possesses the majority of the following abilities or traits:
VAs in bookkeeping must work with numbers all the time. They may make more mistakes when encoding or may preserve records more slowly if they lack mathematical proficiency.
Any report about the cash flow of the company must be able to be produced accurately and promptly. To ensure prompt and easy access to any information, a virtual assistant specializing in bookkeeping needs to be extremely well-organized. They also have to stay on top of the business's and its customers' payment schedules, and maintaining organization is essential to doing this.
VAs that handle bookkeeping have to be extremely careful because even a single, little typo might result in out-of-balance books.
Bookkeepers have access to confidential financial data about a company. As such, they ought to be reliable enough to maintain the privacy of this information.
A virtual assistant for bookkeeping needs to be proficient in using the right digital tools to monitor the cash flow of firms. It is not sufficient for them to be able to complete bookkeeping duties on paper; they also need to be able to enter their data into the digital repository of the company.
Get all your VA problems answered here at VA On Demand 24/7, we understand that you may have questions about our business VA services. We’ve put together the answers to some of our most frequently asked questions to help you make an informed decision.
While Freelancer can offer some advantages, working with VA On Demand 24/7 offers more:
Streamlined Recruiting : We save you time and effort by handling the entire recruiting process, ensuring you get a pre-screened and qualified VA.
Data Security: Your information is safe. Our IT team maintains strict security measures to protect your data.
Continuous Business: We have measures in place to ensure that your VA services continue without interruption even in the face of unexpected circumstances.
Dedicated Support: You will have a dedicated account manager as your contact to our extensive support staff.
Data privacy and cybersecurity are top priorities at VA On Demand 24/7. Our IT team implements stringent security measures to protect your privacy.
We have a global network of talented VAs. They are in countries where English is spoken well and the Internet is reliable.
We also provide you with our proprietary VA time reporting and screen monitoring software. This system makes it easy to view your VA’s logged hours, leave requests, overtime, and more.
After the Job Description (JD) is approved, the entire hiring and onboarding process for a VA takes about five (5) working days. Please be aware that this deadline only applies in situations where our talent pool has easily available suitable VA applicants.
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