Using a virtual bookkeeping service to keep on top of finances is becoming an increasingly popular option for businesses, particularly SMEs. This article examines some of the reasons why.
A virtual bookkeeper is essentially someone (or a team of people) who looks after a business’s finances remotely on a pay-as-you-go basis, cutting out the need for employing someone in-house. Enabled by modern technology (email, Skype, file sharing systems and cloud-based accounting software such as Xero and Quickbooks), it’s an economical, flexible and very effective way of working.
So what are the benefits of using a virtual bookkeeper? Here are just a few:
1. It saves you money
This is probably the most persuasive reason for any business to take on a virtual bookkeeper. It will save you money, as you won’t need to budget for sick leave, annual leave or any other employee benefits. You will also save on recruitment costs, and may well be able to cut down on overheads, as they won’t need any office space, computer equipment or supplies.
2. It saves you time
Another very appealing benefit of outsourcing your bookkeeping is that it will save you time, allowing you to concentrate on what’s really important – growing your business. This is particularly relevant for smaller businesses or sole traders, who can often get bogged down with trying to keep on top of finances. A virtual bookkeeper is likely to work much more quickly than someone not used to accounts; it makes more sense to use an expert rather than delegating the work to an admin assistant or PA, for example, who might take longer.
3. It’s a flexible solution
Using a virtual bookkeeper gives you flexibility in several ways. It makes it possible for you to work from anywhere, so you’re not tied to being in the office when they’re working. You can communicate with your bookkeeper via whichever method works best for you and fits in with your schedule (by phone, email, messaging, file sharing, file dropping or meeting up face to face – most likely a combination of these). Virtual bookkeepers can also dedicate as much or as little time to looking after your finances as you need; this flexible availability may be particularly useful to you at different times of the year or as your business grows.
4. Your finances will be in great shape
When you outsource your finances to a virtual bookkeeping service, you can rest assured that, with the right processes in place, your accounts will always be up to date and you’ll always know exactly what money is coming in and going out. It may sound simple, but it’s so important to have this data at your fingertips in order to inform your day-to-day business decisions (and to make sure that all of your customers have paid you).
5. Your finances will be in expert hands
Another benefit of using a professional service like this is that it gives you access to experts who really know what they’re doing. Your bookkeeper will be fully conversant with – and able to advise you on – current financial regulations and tax allowances. They can help you with new tasks such as auto-enrolment for pensions. They also know how to use accounting software and can show you how to get the best from it.
At GO Get Organised Finance, we have a team of virtual bookkeepers and Chartered Accountants ready to help. Our services section gives full details of what we can offer to businesses and organisations of all sizes, so whatever your financial needs, please get in touch.