Virtual bookkeepers provide financial reconciliation, making sure the figures in your accounting software match those on bank statements. In addition, they monitor accounts receivable and contact those owing payments who are late.
Opting for an online freelance marketplace like Upwork will enable you to hire an experienced bookkeeper at an economical rate. Here are a few key ways that this will benefit your business:

1. Automate Your Processes

Virtual assistant bookkeeping can simplify your accounting processes, freeing you to devote your attention and time on more meaningful activities such as sales or spending more time with family.
Tax preparation services can also assist small businesses that lack the financial means to hire an accountant, relieving you of tedious work such as reconciling financial data and calculating taxes. They take the painstaking work away by reconciling and calculating everything for you - saving time, energy, and stress in doing so!

They can also assist with tasks beyond administrative VA capabilities; for instance, payroll processing, creating purchase orders, recording inventory levels, and creating paperwork such as mileage reimbursement claims are just some of the tasks they can help with.
Finding an experienced bookkeeper with appropriate credentials and experience is of utmost importance. They should have experience in finance or accounting or at least hold several certifications related to them, with an eye for detail being of utmost importance for this work.
Consider hiring an online bookkeeping agency with a rigorous hiring process and only works with top-quality bookkeepers - like 24/7 Virtual Assistant, which offers reliable virtual assistants at an affordable rate. Their skilled virtual assistants specialize in complex tasks like budgeting and forecasting; plus, there are various packages to meet all of your needs: Entrepreneur ($399/month), Starter ($749/month), Professional (1049/month) and Executive ($2549/month).

2. Delegate Tasks

Running a business means wearing many hats. But this can hinder productivity. Spending too much time managing emails and tasks that do not contribute directly to business growth wastes precious resources that could be better allocated elsewhere - delegating these non-profitable tasks to an outsourcer like Bookkeeping VA could free up more of your time for other revenue-generating activities like marketing, product development and customer service activities.
To identify tasks you can easily outsource, start by listing all of your business processes and tasks. Next, rate them on two scales - simplicity and duration/repetition. Any that rank high in both areas could make good candidates for outsourcing. If this approach doesn't suit, record your routine over a week or month to see which tasks consume most of your time and assess which can easily be delegated to a Bookkeeping VA.

Once you have decided what you will outsource, make sure your virtual assistant has all of the tools they require to perform their job efficiently. This should include keeping a shared record of tasks using software like Google Drive and tracking videos of new processes so your team stays abreast. Communicate regularly with team members during initial months so they understand just how critical their contributions are for business success.

3. Focus on Your Business

Financial and accounting tasks can be time-consuming for business owners. By outsourcing these duties to a Virtual Assistant (VA), you free up time for other tasks like marketing and client meetings while saving money with their hourly pricing model instead of full-time employees who require salaries to remain productive.

When searching for a VA with the necessary skills and experience, look for candidates familiar with your accounting software system. This will make working together much simpler while eliminating unnecessary learning curves. In addition, be sure that any candidates selected are accurate when handling numbers - one small digit error could cause inaccurate reports on cash flow for your business.
Make sure that your Bookkeeping VA can organize your income sources so you can better understand where your business is making and losing money, which will enable you to change marketing or sales strategies to increase its bottom line.
Finding an experienced VA for your business can be challenging. Finding qualified candidates locally or through traditional job boards may not be possible, which is why outsourcing companies such as 20four7VA can be especially helpful in screening candidates and shortlisting only those that will add the greatest value to your organization. They will then assist in onboarding them while tracking their performance over time.

4. Focus on Your Customers

The organization is essential to increasing productivity. A virtual assistant can assist by taking on tasks you don't wish to handle, such as answering customer inquiries and posting content onto social media accounts.
Hiring a bookkeeping VA may seem like an expensive venture, but in the long run it could save your company money. By eliminating mistakes that result in costly fees or lost revenue, having a bookkeeper on board frees up time so you can focus on growing your business instead of bookkeeping alone.

An experienced virtual bookkeeping assistant can perform various accounting-related tasks, including filing taxes, recording invoices and expenses, and maintaining the financial statements of a business. Your team can also assist in managing payroll, processing credit card transactions, and responding to inquiries from credit institutions or local tax authorities. Bookkeepers provide numerous other benefits as well, including invoice preparation and sending, account receivable tracking, deadline tracking, late payments follow-up, profit and loss reports and balance sheet reports essential for sales tax filings, profit/loss logging in digital tools for records retention of your business as well as creating profit/loss reports to support sales tax filing. A competent VA will keep this data private by recording it digitally - an asset worth its weight!