In Part 1 of this series, we talked about what a virtual/remote bookkeeper does and how they do it…remember all that cloud talk?
This post cuts to the chase. Working with a virtual bookkeeper can really help streamline your processes, ensure you’re using the most effective accounting methods possible, and – most importantly! – improve your bottom line.
Here are just a few ways working with a virtual bookkeeper can help you achieve your business goals:
It gives you more time for profit-generating activities.
This is the biggie. You’re in business to work in your business, not on it. When you spend countless hours on end-of-month billing, reconciling trust accounts, and trying to figure out whether a certain client has paid their invoice in full, you’re trading your time for money. All the best business coaches agree…delegate your admin tasks to professionals and use that time more wisely to build your business and keep your current clients happy. Increased profits will follow.
Your invoicing is done on time. Every month.
Murphy’s Law often strikes at invoicing time. Your office floods. A month’s worth of meetings are scheduled within 3 days. You get a huge business opportunity that will require all your time. Invoicing on time, every time, is the only way to keep your business running but what happens when there just isn’t enough time? Invoices are delayed, vendors may not get paid, and expenses slip through the cracks as you race to get everything out. Working with a virtual bookkeeper ensures that your invoicing goes out during your preferred billing window, regardless of how hectic your schedule is.
You get paid faster.
This is part and parcel of the previous benefit. When invoices go out on time and are sent via the cloud, it’s easy for clients to make payments, which translates into faster payments for you. Your records are updated as soon as payments are made, which provides for more accurate financial reports. It is crucial that you know when a client makes a late payment or fails to pay their invoice altogether. Cloud-based invoicing can also provide tools such as read receipts, automatic reminders, and mobility, all of which increase the effectiveness of your bookkeeping systems.
Up next in the series, we’ll talk about what to look for when hiring a virtual bookkeeper!