As a business owner, you may have already been thinking about hiring a bookkeeper. Or maybe you think you do not need one. In this article, I will show you just some of the benefits of hiring a virtual bookkeeper instead of an in-house bookkeeper or doing the books yourself.
Reason #1: Save money and space
Bringing on a full-time employee can be expensive. Not only will have you to pay their salary and taxes, but you will also incur additional expenses like benefits, office space, and equipment. Those expenses can add up quickly. Hiring a virtual bookkeeper means that you will not have to find office space for a new employee, and since they will be a freelancer, you will not be responsible for providing health insurance and other benefits that an employer would be required to provide.
Reason #2: Add an expert to your team
Virtual bookkeepers spend their entire day doing bookkeeping and competing for new clients for a variety of businesses. This means they will know all of the ins and outs of bookkeeping and will be working to increase their own skills to remain competitive in their field. In addition, because dedicated bookkeepers get a behind-the-scenes look at how all their clients manage their respective businesses, they are constantly gaining new knowledge and best practices which they can apply to the work they do for your business as well.
Reason #3: The latest and greatest tools
Any time you make changes to systems or add more responsibility in-house, you will also need to acquire the requisite tools and technology. When you hire a freelance virtual bookkeeper, they are responsible for providing the necessary software and applications to keep everything current. This means less systems and processes for you to worry about internally.
Reason #4: No more overflowing filing cabinets
With cloud-based document management, you will no longer have receipts, invoices, and statements cluttering your office space. This way of managing your documents also provides a quick and easy way to send and receive documents from your virtual bookkeeper. You can use an app your smartphone to snap a picture and upload receipts or use a scanner and computer.
Reason #5: Paperless is good in more ways than one
There are a number of reasons why paperless is better. It’s better for the environment with less waste and recycling. A good online document management system will make it easier to find and organize things. You can even access your documents at anytime from anywhere.
Reason #6: Have time for other things
Even if you enjoy doing a bit of the bookkeeping yourself, you probably prefer to do other things like meet clients, marketing or networking, go out for lunch, have coffee in your favorite coffee shop, go shopping, take a much needed day off...or even take a vacation! The less time you spend doing your bookkeeping, the more time you have to do what you love.
Reason #7: Make better financial decisions
A virtual bookkeeper can help you understand your numbers and trends. Analyzing the three most important financial statements (Balance Sheet, Income Statement, and Statement of Cash Flows) will provide you with the “big picture” of your business’s finances. Your virtual bookkeeper can give you advice and teach you some helpful tricks to earn more and save more.
Reason #8: Outsourcing is smart business
Trying to do everything yourself might save you a little bit of money, but you will most likely end up earning less because you have less time to get your work done. Doing it all yourself is a surefire way to slow down your growth and increase your frustration and headaches