Bookkeeping is considered one of the most vital parts of any business. However, it is incredibly time-consuming. It requires you to deal with tonnes of paperwork and numbers that sometimes don’t make sense, especially if you lack bookkeeping knowledge.
This is where the role of a virtual bookkeeper and virtual accountant comes into the picture!
A virtual assistant bookkeeper can assist you with all your bookkeeping tasks if needed. They can manage your financial records, keep your company on track, and minimize costly mistakes.
In this blog, we look at the most effective ways to hire a virtual bookkeeping assistant and why hiring one from Wishup will make immense sense for your business.
Who is a Virtual Bookkeeping Assistant?
As the name suggests, a virtual bookkeeping assistant is a remote professional who is fully trained in accounting, finance, and bookkeeping software. They can help you manage all your bookkeeping tasks and ensure everything is accurate and up-to-date.
Plus, you can hire them on a contract basis to get the help you need without breaking the bank. Due to the large number of benefits they offer, the demand for virtual bookkeeper services is rising at a rapid pace. Today, more than 58% of businesses use cloud accounting. It allows leveraging virtual bookkeeping services with little to no onboarding. All they need to do is set up their account on the platform, complete a few formalities, and they are good to go!
What does a virtual bookkeeper do?
A virtual bookkeeper performs a large number of tasks that can help businesses be on top of their finances. Here are some major virtual bookkeeping jobs handled by an online bookkeeper:
- Recording financial transactions in accounting software
- Reconciling bank and credit card statements
- Creating invoices and sending them to clients
- Preparing financial statements like Profit & Loss statements, and more
- Verifying entries and cross-checking books of accounts
- Managing accounts payable and receivable
- Handling employee payroll
- Managing and filing taxes on time
What is a virtual bookkeeping service and how it works?
Now that you know what a virtual bookkeeper is and their jobs, let's understand what virtual bookkeeping is.
Simply put, virtual bookkeeping services are the services provided by remote bookkeepers. Virtual bookkeeping services are a great option if you're a business owner and need help managing your finances. They provide an online service that assigns a virtual bookkeeper to handle all your financials. This is where bookkeeping and monthly accounting services for business come in.
So, what is online bookkeeping? Well, it is a process that utilizes cloud-based software to allow bookkeepers to access and work on financial data from any location. All you have to do is grant the VAs access to your accounts to let the virtual bookkeeper perform a variety of tasks, such as bank reconciliation, financial reporting, invoicing, and bill payment.
At the start of the process, a business owner and virtual bookkeeper will typically have an initial consultation to decide the scope of work, expectations, and pricing. Afterward, the bookkeeper will set up the relevant accounting software, collect the financial information, and take charge of financial transactions. As the virtual bookkeeper manages the financial data, they will generate financial reports and statements for the business owner to review whenever they wish.
Who should use Remote Bookkeeping Services?
Virtual bookkeeping is a great option for businesses of all sizes, from solo entrepreneurs to those with a team of 50 to 100 professionals.
It is the perfect fit for companies with limited resources who don't have the budget for an in-house bookkeeper but want to have access to top-notch bookkeeping services. In addition, it can help streamline financial management for any organization, making it easier to manage money effectively.
How should you evaluate online Bookkeepers?
Now that we have discussed the basics of virtual bookkeeping, let's look at some practical tips on how to find an accountant for small business. With the help of these tips, you will be able to narrow down your choices and make the right pick for your business:
1. How do they present themselves online?
To ensure that the virtual bookkeeper takes their job seriously, it is crucial to check their website and social media pages to see if they present a professional image. A polished website and social media pages can indicate a reliable and competent individual.
2. Check what their reviews indicate
Another excellent way to evaluate the expertise and services of an online bookkeeper is by looking at client testimonials and reviews on platforms like LinkedIn. Positive feedback and reviews indicate that the bookkeeper is highly efficient and good at their job.
3. Is your virtual bookkeeper familiar with your industry?
Next, ensuring that the virtual bookkeeper you choose has expertise in your industry and has prior experience working with companies in your sector is vital. This will guarantee that they are aware of the financial needs of your business.
4. Discover how they deal with clients
Good and efficient communication is key to successful business relationships. So, before you hire a bookkeeper, try to find out how they communicate and deal with their clients. See if they are quick with their responses and offer you timely updates.
5. Inquire about deliverables with your virtual bookkeeper
Further, talk with your prospective virtual assistant about what financial reports and statements they will provide and how often. This will ensure you have all information necessary to make well-informed business decisions promptly.
6. Inquire about pricing
Finally, it is important to inquire about the pricing structure and what services are included for the amount you will be paying. Ensure you clearly understand what is included in the cost before proceeding to the next steps.
Do’s and Don’t’s of Virtual Bookkeeping
Do’s
- Opt for a virtual bookkeeper who has previous experience working in your industry.
- Set clear expectations, and achievable goals, and communicate regularly with your virtual bookkeeper.
- Keep track of all the necessary financial documents and records and provide them to your bookkeeper whenever necessary.
Don’t’s
- Don't ignore their communication skills. Communication is essential for fostering a successful working relationship.
- Don't reject or hire a bookkeeping virtual assistant solely based on their prices. Instead, analyze their work and their experience, and prioritize quality.
- Don't ignore initial red flags. If you notice any issues or inconsistencies in the work of your bookkeeping assistant, address them promptly.
How does a Virtual Bookkeeper impact your business?
1. Substantial financial savings
Hiring a full-time bookkeeper can be quite expensive for small businesses. Apart from the salary, the other costs associated with hiring an employee, such as taxes, health benefits, office overheads, etc., are very prohibitive.
Hiring a virtual accountant or a bookkeeping assistant can save on all these costs and more.
By hiring a virtual assistant, you can save approx 30 to 50 percent of the costs associated with in-office employees. For example, an in-office, full-time bookkeeper would cost you approximately $3,000 to $4,500 monthly. On the other hand, if you are wondering how much virtual bookkeepers make, well, they earn hiring approximately $500 and $2,500 per month, according to GrowthForce.
While an online bookkeeper performs the same duties as a physical bookkeeper, you won't have to pay the bill for their office space, furnishings, or office supplies. In addition, outsourced accounting services can help you file your tax returns, financial reconciliations, and data entry, which take substantial time and energy.
2. Help focus on your core competencies
You can concentrate solely on your company by delegating your bookkeeping tasks to a virtual bookkeeping expert. A bookkeeper working from home can manage all your small but essential bookkeeping tasks so that you can focus on your business, networking with clients, etc. You can also work on your company's growth strategy during those few hours you save from working on bookkeeping each week.
3. Ensure your finances are up-to-date
Bookkeeping often stays behind as you become more involved in other aspects of your business, which can result in costly delays and errors. A virtual assistant bookkeeper will update your finances and prepare detailed financial and accounting reports to help you better understand and manage your business's finances. Do you need to meet tax regulations and deadlines? Do you have difficulty preparing financial statements for investors or lenders? If yes, then consider investing in CPA bookkeeping services.
4. Professional expertise at your fingertips
Reputed virtual bookkeeper services providing platforms hire top-notch candidates with expertise in handling even the most complicated online bookkeeping jobs. Moreover, most remote bookkeepers work for multiple clients and have accounting exposure to different industries and segments.
At Wishup, we only hire 1% of all applications we receive. Due to this, you are assured that you are working only with the best professional and well-experienced bookkeepers within your budget.
5. Better cash flow management
Keeping track of your income and expenses is essential but can take up much of your time. A virtual bookkeeper can help you compile and maintain an accurate record of all your financial transactions to assess your income, expenses, and profit margins. They can also help you manage your receivables and follow up on overdue payments.
You can easily examine your finances and determine whether your business is making enough money if you have a reliable bookkeeping system. In addition, a proper bookkeeping system prevents you from having a negative account balance and accruing fees.
6. Flexibility to scale up
An in-office bookkeeper usually works during regular hours. Therefore, they might not return your call or email outside business hours.
A virtual bookkeeper, on the other hand, is more likely to be flexible with their schedule and make time for you in emergencies or urgent matters. Moreover, based on your project and specific requirements, you can scale up their services as and when required.
Wishup for hassle-free hiring
Alt text: Hire Wishup bookkeeping assistant
Every bookkeeping virtual assistant Wishup hires are tested under stringent conditions to ensure they are the best in their field. As a result, only the top 1% of all applicants make the cut and are hired after a thorough background screening. When you go through a traditional hiring process, it can take up to 36 days to fill a position.
Here are some of the reasons why you should choose us:
1. Accelerated hiring process
Are you aware of how long it takes to hire an employee, from when the position is posted until the employee starts? According to a LinkedIn Survey, hiring a new employee can take up to four months, making it very time-consuming.
Additionally, since bookkeeping plays a crucial role in business operations, your organization simply cannot afford to go that long without a bookkeeper. Wishup offers bookkeeping assistants you can onboard within 24 hours, saving you substantial time and money.
2. No external training is required
All our virtual bookkeeping assistants undergo a thorough industry-based training process that helps them understand the finer nuances of bookkeeping. In addition, we train them to be proficient in over 70 commonly used tools before they start working for you. As a result, the onboarding process can be completed much faster, and they are ready to start managing their responsibilities from day one.
3. Guaranteed security
The confidentiality of our client's financial information is a top priority at Wishup. That is why we ensure that only the customer can access any transactions, passwords, or financial information we use. In addition, the bookkeeping assistant uses only the safest cloud-based accounting programs like Xero, FreshBooks, and QuickBooks.
Our virtual bookkeeping assistants also sign a Non-Disclosure Agreement that ensures there is no breach of confidentiality by them.
4. Wishup offers an incredible no-questions-asked refund policy
Wishup is one of the best platforms to get started if you want to find bookkeepers.
With our no-questions-asked refund policy, you can work with our VAs without worrying about anything. Furthermore, if you are ever unsatisfied with our services, you can request a refund without any hassle. This policy speaks to the company's confidence in our virtual bookkeeping assistants and their ability to provide high-quality service.
5. Instantly replace your VA (if unhappy)
We also have a no questions asked replacement/refund policy in place. While we take all care to match you with the right bookkeeper, if you are ever unhappy with them, we will replace them instantly with our no-questions-asked replacement/refund policy.
We also assign you a new virtual bookkeeper within a few hours to ensure business continuity.
6. Try out your VA with a 7-Day Free Trial
With Wishup, you can take advantage of our 7-day free trial to test our virtual bookkeeping assistant before signing up for a long-term contract. This trial period allows you to evaluate the virtual bookkeeper's abilities and communication style to ensure they fit your company's needs correctly.
What small business accounting services do our bookkeeping assistants offer?
1. Expense reports
Our experienced bookkeeping virtual assistant manages, tracks, and updates all your expense reports.
2. Data Entry
They enter, track, and accurately categorize your company's financial transactions.
3. Managing Payroll
Bookkeeping work from home assistants maintain accurate payroll records for your employees and help you process paychecks quickly.
4. Filing taxes
They keep track of all the tax calculations that apply to your business and even help you file your taxes on time.
5. On-time payments
Never again be late with a payment! They assist you by making your payments on time, every time.
4. Invoicing
Our virtual bookkeeping assistants will handle all of your invoicing requirements.
5. Preparing financial statements
A virtual assistant bookkeeper can assist you with creating trial balances, profit & loss statements, and balance sheets. Bank reconciliation involves matching your business's financial statements with its bank statements.
Conclusion
Overall, digital bookkeeping is a great choice for businesses wanting to organize and manage their finances effectively. Virtual bookkeepers offer a budget-friendly and efficient approach to managing bookkeeping tasks, allowing business owners to focus their attention on other business matters.
When selecting an online bookkeeper, it is important to take into account factors such as industry knowledge, communication abilities, and pricing. In case you are looking for reliable and budget-friendly bookkeepers, get in touch with Wishup today. You can schedule a free consultation with our team or sending an email to [email protected].
FAQs about virtual bookkeeping
1. How do I start virtual bookkeeping?
Do you want to know the process of becoming a virtual bookkeeper? Or are you wondering how to get clients as a bookkeeper?
You must get the necessary dedication, gain experience, network with the right people, and promote your services to get started. You can also join platforms like Wishup for getting bookkeeping clients.
2. What is the salary of a virtual bookkeeper?
Hiring a virtual bookkeeper can be a great way to save money. The salary of a virtual bookkeeper depends on factors like experience, location, and qualifications.
Wishup's virtual bookkeeping service is one of the most cost-effective services in the industry. Our prices are way lesser than the cost of an in-house bookkeeper.
3. Are virtual bookkeepers in demand?
Virtual bookkeepers are definitely in high demand right now! With remote work and online businesses on the rise, companies are looking to virtual bookkeeping services to keep track of their finances. So, if you want to become a virtual bookkeeper, now is the time to do so!
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