Financial management is an integral aspect of running a business. Regardless of the size of your organization, you need a reliable professional to carry out accounting tasks.
While you could do the work yourself, it would be time-consuming. The required meticulousness of the job would also test your attention to detail, as a single mistake in your financial books could compromise the accuracy of your plotted profit objectives.
With that said, it’s in your best interest to delegate bookkeeping tasks. That way, you can focus on other aspects of business management that directly affect growth prospects. This is where a virtual assistant (VA) for accounting comes in.
What is a Virtual Accounting Assistant?
A virtual accounting assistant is a professional you hire as an independent contractor. Since they’re not included in your pool of in-house employees, you’re not legally obligated to provide them with government-imposed benefits and pay their employment tax. They will be responsible for procuring whatever deliverables they need to accomplish for you.
Typically, a virtual accounting assistant works remotely, going online to communicate with clients and teammates. Moreover, they have an arsenal of bookkeeping and accounting software to streamline their tasks, such as QuickBooks, Xero, and Wave.
10 Things a Virtual Accounting Assistant Can Do for Your Business
A virtual accounting assistant can accomplish an array of financial tasks on your behalf. Those include, but are not limited to, the following.
1. Managing monthly payroll
Even if you manage a small team, monthly payroll will still take too much time if you don’t delegate the task. An accounting VA can ensure that your employees receive their salaries on time and with utmost accuracy.
2. Drafting invoices and general ledgers
The completion of invoices and ledgers requires technical expertise. A virtual assistant with an accounting background can pull off this task, recording all transactions your business makes with clients and vendors in order.
3. Keeping track of the budget
As an organization, you need to stay on budget. Otherwise, mismanaged overhead costs will eat into your profit. A VA can help keep track of how much you’ve spent on a given period and how much dispensable budget you still have left.
4. Projecting cash flow
Budgeting works in tandem with cash flow projection. A virtual accounting assistant can analyze past expenditures to discern how much budget you need for the next business cycle.
5. Managing inventory
If you’re in the business of selling consumer goods, a virtual accounting assistant can take charge of keeping your inventory just right, sans shortage or surplus. They can also take on the inventory management of office supplies.
6. Logging accounting data
Data entry is one menial but necessary task that you want off your plate. Thankfully, it’s also one of the basic duties a VA in your business could take on.
7. Paying bills
Running a business means having a pile of bills to pay. A virtual accounting assistant can handle payments for utilities, insurance, loans, among others, making sure they get paid correctly and on time.
8. Maintaining financial data
A professional VA specializing in accounting can keep your financial books as accurate as they should. You have nothing to worry about should authorities or third-party organizations demand a copy of your company’s financial data.
9. Leading year-end accounting
Closing entries at the end of the fiscal year is a demanding financial task you can’t skip. Fortunately, you can hire a virtual accounting assistant to accomplish it for your company.
10. Preparing and filing for taxes
Tax compliance is a priority for any business across the board, and failure to do so can get you in trouble with the law. A virtual accounting assistant at the helm of your tax duties gives you peace of mind.
Reasons to Hire a Virtual Accounting Assistant
If you’re still not entirely convinced that hiring an accounting VA is a viable business decision, here are some of its pros you can consider.
A virtual accounting assistant can provide you with practical insights on how to manage your budget more effectively. That way, you get a better shot at achieving your profit objectives.
You can reduce the work hours of an accounting VA if there’s not much work to do. Alternately, you can double their required hours of service during high-demand seasons, such as year-ends.
Minimizes financial risks
You rest assured that your financial books are in order. In terms of compliance like tax, for instance, you can be certain not to fall behind.
Reduces overhead costs
Opting for a VA means you don’t need to pay for the rigorous process of hiring. On top of that, you only pay your hired virtual accounting assistant a fixed hourly or per-project fee, unlike regular in-house employees.
Saves you time
You’re free to focus on more important tasks, like drafting a winning pitch for new investors, as you know your accounting needs are taken care of in the background.
Streamlines and automates financial duties
Virtual accounting assistants have access to automation software that ensures a speedy and accurate process. With this, they help make tasks as seamless as possible for all individuals across your finance and accounting department.
Provides you with unrivaled expertise
Most VAs hold a relevant college degree and a proven track record in their line of work. With a virtual accounting assistant onboard, your company will receive expert-quality work at all times.
Reduces the risk of fraud
A pro accountant or bookkeeper at the helm of your financial records spares you from fraudulent activities. With a skilled VA on your team, you’re privy to internal and external audits whenever you require them.
Outsource for the Win
More than to thrive, the goal of any organization is to grow. Doing so requires zeroing in on business management aspects that facilitate calculated expansion—think product development and marketing, ones that directly impact the progress of your enterprise and require you to be more hands-on. As for other responsibilities such as accounting, there’s outsourcing to consider.
Now, more than ever, you have a variety of virtual assistant services at your disposal. For your VA needs, accounting included, check out Outsource Access and its list of offered services.