Now that the holidays are through, your company has a few months to prepare for the annual tax forms. If you are not keeping track of your company's expenses and earnings, chances are you are paying a bookkeeping or accounting salary to have your finances in check.
Paying an accountant's or a bookkeeping salary can be a little expensive. Most of these experts tend to charge more because their area of expertise is not common knowledge to the general public. With a virtual bookkeeper, you can save time and money. Both of these things are crucial for the development of any business. Virtual bookkeepers only charge for the amount of time they work and can make you and your company feel safe while working with them.
Below, you will find several reasons why paying a virtual bookkeeping salary is better than a regular bookkeeper. But before learning the benefits of virtual bookkeeping, we recommend this article. It will help you understand the difference between an accountant and a bookkeeper, so you can decide which is better for your business. The article will also guide you through several processes and give you tips about general company bookkeeping.
Recruitment
The first way to save money with a virtual bookkeeper is through recruitment budgets. If you require employees, you can cut costs by using a virtual assistant. Let's say that the talent acquisition team labels 10% of their budget for recruitment and finds that they spend 5% on actual signage and ads. Your recruitment team will then run through the interview process before providing you with a list of potential candidates. These interviews can take a lot of time, so it's essential to plan this upfront. In addition, that 5% is what you could save if you use a VA instead.
There's no need for an extensive hiring process, as getting a virtual bookkeeper is much simpler than you may think. You only need to contact a virtual agency, and they'll search for you. Most agencies provide experts with years of experience who are also willing to help your business succeed. All of this for a similar amount you are investing in the recruitment process.
Effective Hours
When you're in a job, it's natural that you can't keep focused all the time. You do have breaks by law, and they're a great chance to stop and have a little moment for yourself. This is also when you can grab some coffee - or if it's somewhere nearby, talk to your colleagues or make some time for yourself. Managers must take the time to create an environment where employees are happy, but it's also crucial that they get work done.
Virtual bookkeepers are highly customizable and only work the hours you pick. They bring their full attention to a specific task, so it's easier to get precisely what you need. And because they don't have "extra" hours built-in, you'll only pay for what you get.
Equipment
When hiring a new worker, it's crucial to take into consideration the many different expenses that you'll have to cover. These include the cost of office furniture and equipment for them and getting any necessary licenses and software to enable them to do their job.
With a virtual bookkeeper, you won't have to worry about office space, equipment, or software. They already have the tools they need to do their job. And since they work remotely, all of that will fit into your budget with ease. You'll also have to worry less about updating and maintaining the equipment.
Training
After hiring a new employee, it is common for them to spend two weeks in training to help them get acquainted with your company's structure and policies. This means you are paying them for this idle time, and they could be learning valuable skills in the meantime. Not with a virtual assistant.
A virtual bookkeeper is usually paid to do a specific task, and many of them already have expertise in the processes of running the finances of a business. They can take on tasks like tax returns, keep track of daily transactions, handle the account's payable ledger, and keep an eye on your company's cash flow.
You don't have to worry about them picking up any of your company's trade secrets because they'll only be working on a specific task. Moreover, a VA will start from scratch if you need a one-off person on a particular project.
Success Rate
You need to make sure that you're forging a connection with your employees by involving them in the team and allowing them to participate in team outings. Studies show that 45% of new employees will make a mistake within their first month at their new company. Most of these mistakes come from inexperienced workers who fail to do a great job, which will lead you to lose money.
If you're looking to hire a virtual bookkeeper, you'll be able to avoid the following common mistakes. These virtual assistants are experts in their field and are typically able to solve anything that comes their way. Even though there is always a small chance something will go wrong, you increase your success rate when hiring an expert.
Hiring a Virtual Bookkeeper
Your customers deserve the best. But that doesn't mean that you have to spend all of your budget hiring employees for every needed task. Hiring a virtual bookkeeper for your business can help you save part of your company's budget while offering an excellent experience for your clients.
In addition, virtual bookkeepers will keep all of your business finances in check, and you can rest assured that an expert is handling them. If you need more information about our virtual bookkeepers, schedule a free consultation today and let us know what we can do to help you save time and money.