Bookkeeping with Quickbooks is simple enough, but it can become a daunting task.
Bookkeeping is one of the main tasks you will have to perform when starting a small business. After your company has grown a little you might consider looking into different apps or solutions to this time-consuming task. One of the best apps you can find is Quickbooks.
Quickbooks is a simple-to-use all-in-one platfrom where you can manage all of your company's finances for a very low price. While bookkeeping with quickbooks is simple, there are two downsides you mus consider before hiring this service.
Reason #1: Organization
While Quickbooks offers lots of tutorials on how to help you get organized when inputting information in their app, the fact is that sometimes we may forget to input certain transactions. It is not really a matter of paying attention, but if you are a business owner then you know that you need to take care of specific things within your different departments. Keeping track of your finances may be a priority, but it is more important to improve the customer's journey through your company or creating advertising campaigns that can help you get more clients.
Reason #2: Time-consuming
Bookkeeping with quickbooks is so simple that people without bookkeeping knowledge can learn to use the platforms by themselves. Unfortunately, learning a new skill takes a lot of time, specially if you are trying to master said skill. As a business owner, you know that time is of essence in certain company aspects, and bookkeeping is one of them. While it may seem like a simple task, bookkeeping is quite time-consuming and can substract a big part of your effective hours if you do not create a schedule.
There really aren't any more downside to this software, but if you are looking into someone who can manage your finances instead of learning to use a new platform we got you covered. Virtual assistants can help you increase your ROI and make your business run much more efficiently. This liberty allows you to free up more time to focus on other essential aspects of your company, like customer service and increasing sales. Loyal customers will also be happy to buy over time, which will keep them engaged with your company and spread the word about it.
Below, you will find different bookkeeping tasks a VA can take care for you. Remember that VAs are experts on fields like bookkeeping, marketing, social media, among others, and having a team of them may be exactly what you need to help your company grow.
Virtual Bookkeeper's Tasks
Daily Transactions
Just as a CTA buttons measures the amount of clicks a marketing campaigns has, a bookkeeper can easily summarise the transactions that have come into the business daily. If you have accounting software and can update through daily automatic bank feeds, this can be helpful for your bookkeeper to use on a daily basis. Bookkeepers have a lot of different responsibilities in a small business, but the central pillar of their job is to organize, record, and display financial transactions.
Cash Flow
One of the essential tasks for a bookkeeper is to keep an eye on how much money the company has every day. They can do this by measuring how much they're bringing in against how much the company is spending on suppliers and other general expenses. If there's not enough, your bookkeeper will take action or provide advice, so you don't go over budget.
Payroll
By coordinating with the HR department, bookkeepers can care for your employees by providing their respective pay. Depending on your state, you might have to go through a few legal procedures for this to happen. Whether they prepare the payroll every month or every 14 days, payroll accounts need to be in check, so your employees receive their salary on time.
Accounts Payable Ledger
As bookkeepers take care of your business, they can also help with payments on behalf of your company. By giving them a little monetary freedom, they can also find good deals regarding suppliers' expenses and even use systems that will allow them to pay your employees regularly.
Updates and Security
Automated accounting operations are standard these days, which means you need to keep accounting software updated to prevent your files from being undermined by hackers. By following the basic cybersecurity principles, bookkeepers can ensure their company's data is well protected. They will never disclose passwords to unauthorized people, update antivirus software when necessary, and change their passwords regularly.
Stock Items
In addition to keeping track of the company's money flow, bookkeepers can also register any inventory movements you have at any given time. These movements include purchases, supplies, and any extra stock in your warehouse. Bookkeepers will record this movement in the ledger with its respective monetary value and calculate your stock's worth. This method can also help you apply discounts to your products during holiday seasons without losing much revenue.
Virtual Bookkeeping with Quickbooks
There are many other tasks a virtual bookkeeper can perform for your company. While most of them have platforms they prefer to use, you can also instruct them to use Quickbooks specifically for your business. Most of them are already trained in these famous app and can start organizing your finances from the moment they are hired.
If you want to know more about our expert virtual bookkeepers and how they can manage your finances via quickbooks, do not hesitate to give us a call. Our bookkeepers are waiting for business owners or entrepreneurs like you to help them reach the maximum potential of their carreers.
Ready for 2023? Hire a virtual bookkeeper!