Have you been thinking about outsourcing your bookkeeping but not sure how to get started or what to expect from your bookkeeper? Hiring a qualified bookkeeper for your small business can ensure your finances are up to date, you're making informed and valuable decisions and your records are appropriately kept according to laws and regulations. A virtual bookkeeper has the added benefit of saving you time and money. You'll only have to pay for hours you need and won't have to cover the expenses of an office and employee.
What can a bookkeeper do for your small business?
Accurate Data Entry
A qualified bookkeeper will input your data correctly and regularly to ensure you have reliable financial information at your fingertips. This helps with important decision making such as identifying where you are spending too much, how long your receivables are taking to be collected and provide information on your cashflow.
Bank Reconciliation
This matches your bank statements with your balance in your books. It ensures all money moving in and out of your bank is accounted for and accurately recorded to the appropriate account. This limits the possibility of theft and ensures you catch any discrepancies quickly.
Accounts Receivable and Payable
Accounts receivable refers to the money you can expect to collect while accounts payable is the money you can expect to spend. This is vital to understanding your cashflow, if you see a bank account with $10,000 but you have accounts payable of $7,000 due the following week, purchasing a $5,000 computer may not be a good choice. An accrual systems helps you accurately understand the health of your business.
Receipt Management
At one point or another, it is likely you will experience being audited or have regulators request verification of your claims. It is easy for loose receipts to get lost or even to fade. A reliable receipt management system will ensure you avoid any unnecessary fines.
Invoicing and Following up on Payments
Timely and professional invoicing ensures you get paid when you need it. Most small businesses end up not getting paid on time and will a smaller cash flow this can be damaging to your business. It has also been found, the longer payments take, the greater the chance they will not ever be paid. With a system in place for following up on payments, you can focus on new sales rather than chasing old ones.
Generating Reports
All the information you've recorded is not helpful if you do not have access to reports to understand your performance. Bookkeeping services for small businesses include generating reports to ensure you know where your business stands.
Payroll and Superannuation
How do you keep your employees happy? Ensure your payroll is done on time, every time. Chasing timesheets, emailing payslips and keeping on top of pay day can be a big task. A bookkeeper for a small business can handle your payroll to ensure you have happy and productive employees.
Xero Bookkeeping or Spreadsheet Data Entry
As a virtual bookkeeper, I can maintain your business accounts using Xero accounting software. It is designed to promote automation, reduce time spent on bookkeeping and provide you an online storage system where everything is in the one place. It also provides opportunity to manage your projects, receipts and employee claims.
If you're not ready for software, that doesn't mean your books have to suffer. Bookkeeping services for small businesses can also include maintaining your books using a spreadsheet. I have created double entry accounting spreadsheets to save you time on data entry while also providing the financial information and reports you need to make decisions. You can find financial spreadsheets in RVA's shop or enquire about bookkeeping services will a free discovery call. Financial spreadsheets can also be used to capture client value information and other financial data as your business needs.
For more information, head to https://www.reinventingvirtualassistance.com/bookkeeping-and-payroll