Virtual bookkeeping services help businesses manage finances easily and accurately. This blog explains six key benefits, including cost savings, real-time financial access, better accuracy, expert support, scalability, and more time to focus on business growth.
6 Core Benefits of Virtual Bookkeeping Services for your Successful Business
If you search for the top reasons for business failure, poor financial and bookkeeping services will come
right to the front. When businesses lose control over their financial operations, it is the first knock of their
doom. Especially for small businesses, effective virtual bookkeeping services are highly important.
It is said that – if a building doesn’t have a strong foundation, it can’t survive for very long. Similarly,
bookkeeping services are the basic foundation of accounting and tax-related operations – having correct
and effective bookkeeping is a must.
However, if you don’t want to increase your accounting department’s burden by hiring a dedicated
bookkeeper, you can use virtual bookkeeping services and gain control over your finances. With virtual
bookkeeping, you can sort your business’s financial foundation in a perfect manner without any hassle.
How Can Virtual Bookkeeping Services Benefit My Business?
At CapActix, we often receive queries from clients who are struggling to manage their bookkeeping
services while running their businesses. Bookkeeping might be a basic accounting operation, but the level
of precision and efficiency required to maintain accounting books is simply huge. One bookkeeper has to
be cunning and intelligent enough to record all the entries flawlessly because one wrong entry can lead to
another ten wrong steps.
Thus, bookkeeping services require time and experience, which most businesses don’t have. That’s why
virtual bookkeeping services are the best solution for businesses that want to maintain perfect accounting
books without sacrificing time and resources. Additionally, virtual bookkeeping services offer multiple
benefits to your business, such as –
Economic Solution
Businesses are always looking for cost-cutting solutions, and virtual bookkeeping services can be one of
the best options for them. One in-house bookkeeper charges anywhere between $43,890-$54,092 yearly.
Apart from the basic salary, you have to also pay a bonus, extra work hours, and other employment
benefits to your in-house bookkeeper. Additionally, you have to invest in infrastructure facilities to
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accommodate a new employee in the firm. Overall, hiring an in-house bookkeeper put a huge dent in your
finances.
On the contrary, when you outsource accounting services remotely, you only have to pay for the services
rendered. For example, if you hire a virtual bookkeeper, you only have to pay a lump sum payment for
the services that you have used. Furthermore, if you hire virtual bookkeepers from low-wage rate
countries like India, you can save up to 70% of your hiring cost. Overall, you can save a lot by hiring a
virtual bookkeeper.
Promote your Business
If you have a small firm with one accountant, from preparing accounting books to filing tax reports –
everything falls on one person’s shoulders. Now, when your accountant is buried deep under the different
accounting books, how can he or she follow up on the latest accounting trends or mitigate risks? It is
unfair to ask one person to perform all the accounting and bookkeeping functions.
Thus, when you delegate bookkeeping work to a virtual company, you can free up some time for your in-
house account so that he can focus on other financial aspects of the business. When your accountants
have time to evaluate various investment options and run market analyses, they can promote your
business effectively.
Unbiased and Fraud-less Bookkeeping Services
When a bookkeeper has a direct interest in your accounting books, you can’t rule out the chance of
personal bias involvement. Suppose, if your bookkeeper adjusts the monthly expense report for the
amount spent by him for his personal use and makes an entry in the books, it will become impossible for
you to ever detect such kind of fraud.
If you don’t want to suffer a loss due to one dishonest bookkeeper, you should hire virtual bookkeeping
services because remote bookkeepers have no direct interest in your company’s internal affairs. Secondly,
virtual bookkeeping companies cross-check books numerous times before sending them to their clients.
There’s zero chance of fraud in virtual bookkeeping!
Proficient Technical Support
Accounting is one of the most innovative and technology-oriented industries. From artificial intelligence
to blockchain – all the latest technologies have been adopted by the accounting industry. With the help of
the latest bookkeeping software, the level of bookkeeping services can be elevated a lot.
However, it isn’t feasible for small businesses to invest in the latest bookkeeping software or frequently
upgrade them. On the contrary, virtual bookkeeping companies have adequate funds to invest
in bookkeeping software and provide extensive training to their staff. Thus, when you hire a virtual
bookkeeper, you will get the latest technical support without spending extra.
Flexible Schedule
Your in-house bookkeeper is going to work on standard working hours only, and for overtime, you have
to pay them more. But, it’s not the case with virtual bookkeeping services; if your virtual company agrees
to complete work on a certain date, they will do so. It doesn’t matter to you how many extra work hours
they put in – you will get your work done on time.
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Additionally, if you hire a virtual bookkeeper from another country with a different time zone, you can
run your team 24*7. For instance, India and the USA have approximately a 12 hours time difference. That
means if you assign work to your India-based virtual bookkeeping company in the evening, by the
morning, your work will be completed. This 12 hours time log can give time flexibility to run your
business all around the clock.
Experienced Professionals
Usually, businesses assign bookkeeping work to their junior accountants to save costs. Now, it is a big
blunder because bookkeeping might be a simple task but not at all an easy task. As we have already
discussed that if bookkeeping isn’t flawless, accounting can’t be errorless. Thus, to prepare business
accounting books, experienced professionals are required. But, hiring experienced professionals is
expensive, so what’s the solution?
Virtual bookkeeping services – yes, a virtual bookkeeping company hire the best-talented bookkeeper
from around the globe. Virtual accounting companies serve numerous clients at one time; thus, they can
bear the cost of experienced professionals. In a way, you can get experienced bookkeeper services under
your budget by hiring a virtual bookkeeping company.
Let’s Set Strong Business Foundation
If you want to grow your business, you have to set a strong financial foundation, and undoubtedly, virtual
bookkeeping is the way for it. From time flexibility to professional services, you can gain numerous
benefits from virtual bookkeeping services. So, don’t think much and opt for virtual bookkeeping for your
better future.
For the best quality, virtual bookkeeping services you can consult CapActix on email
– [email protected]. or can call on +201-778-0509.
www.capactix.com
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