Why Having a Virtual Bookkeeper Is Beneficial to Your Company?
Back in the day, outsourcing accounting tasks was considered a luxury reserved for only large corporations. However, with the rise of virtual bookkeeping services, more and more small to medium-sized businesses are now able to access professional accounting services at a fraction of the cost. This has leveled the playing field, enabling small businesses to better serve their customers, growing their sales and improving service levels.
In fact, according to a recent study, businesses that outsource their accounting tasks to virtual bookkeepers save an average of 40% on accounting costs compared to those who do it in-house. This revived cost could be reinvested into other areas of your business, such as marketing or product development.
This has not only made bookkeeping more accessible but also more cost-effective. In this blog, we will explore the various benefits of having a virtual bookkeeper and why you should consider hiring one from SMB Services.
Cost Savings
Outsourcing accounting tasks to virtual bookkeepers can save businesses up to 40% on accounting costs compared to in-house teams. It eliminates costs associated with recruitment, HR, and operations, as well as issues with high attrition rates. However, this revived cost can be reinvested into other business areas, such as marketing or product development, to boost productivity and revenue. For example, a small business owner who saves $20,000 a year on accounting costs by outsourcing can use that money to hire an additional employee, boosting their productivity and revenue.
Streamlined Solutions
Virtual bookkeepers can help streamline your accounting processes, allowing you to focus on more important aspects of your business. These bookkeepers can provide a one-window solution for your business needs. This, however, eliminates the need to recruit a specialized resource for each function, streamlining accounting processes and freeing up resources. Additionally, they can help you stay on top of tax compliance and financial reporting requirements. That way, your business remains in good standing with the authorities.
Increased Productivity
Outsourcing accounting tasks can increase productivity by freeing up time and resources that can be allocated to other areas of your business. For instance, by outsourcing your accounting tasks, you can focus on growing your business, developing new products, and expanding your customer base. Harnessing cloud-based accounting software to manage your financial records, a virtual bookkeeper provides real-time access to your financial data and reduces the risk of errors. This can help you stay competitive in your industry and increase your revenue over time.
Flexible and Scalable Services
Virtual bookkeeping services are flexible and scalable, which means that businesses can scale their services up or down depending on their needs. For example, if a business experiences rapid growth and needs additional accounting support, they can easily add more bookkeeping services to their plan. On the other hand, if a business experiences a slowdown, they can scale back their services and reduce costs.
Why Hire a Bookkeeper from SMB Services?
SMB Services is an organization specializing in bookkeeping and accounting. We provide virtual bookkeeping services that are customized to meet the unique needs of each client. There are several approaches you may take to structuring your firm, but outsourcing financial services can free your time to focus on other areas as well.
In the same way, SMB Services bookkeepers are experienced professionals who are knowledgeable in their field and are experts in cloud-based accounting software. So, this way, you can be sure that your financial data is in good hands and being managed efficiently. With SMB Services taking care of your bookkeeping and accounting, you can rest easy knowing that you have a team of experts working for you.
What’s more, SMB Services bookkeepers can provide a range of services that include:
Accounts Payable and Receivable Management: SMB Services bookkeepers can help you manage your cash flow by ensuring that your bills are paid on time and your customer invoices are collected promptly.
Bank and Credit Card Reconciliation: Our bookkeepers can help you reconcile your bank and credit card accounts, ensuring that your records are accurate and up-to-date.
Financial Reporting: We prepare financial reports that provide insights into your business’s performance, helping you make informed decisions.
Corporate Filing: From preparing and filing annual reports to maintaining compliance with government regulations, our team ensures that your business meets all necessary legal obligations.
By hiring a bookkeeper from SMB Services, businesses can benefit from the expertise and experience of professional bookkeepers without the overhead costs associated with hiring an in-house bookkeeper. SMB Services bookkeepers are available on a flexible basis, which means that businesses only pay for the services they need, when they need them.
What’s Next?
Revitalize Your Business with Expert Virtual Bookkeeping Services. Outsourcing your accounting tasks to a virtual bookkeeper can provide significant benefits to your business. The cost savings, expertise, and flexibility that come with hiring a virtual bookkeeper make it a smart choice for businesses of all sizes. This enhanced business process helps SMBs (Small and medium sized businesses) streamline their operations, reduce errors, and improve their financial management.
Looking to save money and streamline your accounting processes? Consider hiring a virtual bookkeeper from SMB Services. With expertise in accounts payable and receivable management, bank and credit card reconciliation, financial reporting, tax sup, and more, SMB Services can help your business stay on top of its finances without the overhead costs of an in-house bookkeeper.