Ideas For Outsourcing Your Financial Record Keeping Online

Even though it is becoming increasingly evident that outsourcing is the way to go for any small business owner who wants to expand and grow, it’s still difficult to pry those tight fingers away from the helm.

It does seem to take a certain amount of education, after all, to convince the small business owner that other people can do many of those mundane tasks equally as well, freeing up time for creativity.

Having said that, there seems to be even more recalcitrance when it comes to anything to do with the business’ financial records. Yet the virtual assistant can be a fantastic bookkeeper, helping to keep the accounting records in shape and ready for the end of the year. How canthe virtual assistant help with control of those purse strings?

1. Accounting Software and Systems.

The virtual assistant keeps up to date with the very latest developments when it comes to accounting software and financial record keeping online. The VA will invariably be able to advise the business owner about the best financial accounting approach to take in this specific case. Once an accounting platform has been chosen, the business owner will be kept up to date on a regular basis with the financial position of the company. This will  invariably represent an improvement over the status quo, as a typical small business owner is not very good at record keeping and just does not have easy access to a snapshot at any moment in time.

2. Business Receipts.

How often does a typical small business owner keep a stack of receipts in a cardboard box somewhere on a shelf? Due to having so many other things on the plate this is a standard mode of operation for many. Yet, unless those business receipts are categorised or classified as and when they originate there is a good chance that, with the passage of time, they will either become difficult to read due to fading ink or difficult to categorise due to fading memory. The VA can immediately record the exact details of these receipts.

3. Account Monitoring.

Cash flow can be a major headache for any business owner. It’s all very well establishing a budget at the beginning of the year, but the issues associated with cash flow can become more of a headache and can even be challenging to the business survival if not constantly monitored. A virtual assistant can – and should – help to create monthly or even weekly financial summaries and help to ensure that cash flow issues are clearly identified well ahead of time.  It’s also important to ensure that a monthly bank reconciliation is cleared, so that the business never runs into problems with adequate funding.

A business owner should always seek to generate and maintain a highly professional, two-way relationship with a virtual assistant. This should never be a “hands-off” type of relationship and trust should be established very early on. This will enable the business owner to delegate financial record keeping matters to the VA with confidence.

Who Does Your Bookkeeping? …