7 Advantages Of Hiring A Virtual Bookkeeper

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    23 Aug 2022
    7 Advantages Of Hiring A Virtual Bookkeeper There’s no getting around the fact that to run a successful business, owners need to keep their books up to date. Recording, analyzing, and interpreting financial transactions is a large portion of the accounting process for any business. Bookkeeping provides businesses with accurate information regarding their financial activities and progress at any point in time.  Accurate financials and well-organized books are essential for:
    • Making informed, data-driven decisions
    • Understand profitability
    • Demonstrating accountability and transparency to stakeholders
    • Effective planning for medium and long-term business goals
    Hiring the services of a seasoned bookkeeper is the most effective way to keep your financial records in order. However, this does not imply that small businesses must devote resources to filling this critical role internally. In fact, hiring an outsourced, virtual bookkeeping service provider is often the most cost-effective solution to gain financial control. Virtual bookkeeping allows professional bookkeepers to provide regular accounting services remotely. Online bookkeeping not only provides flexibility in terms of location and hours but also allows for easy, shared access to your accounting and financial documentation. Functions of An Online Bookkeeper  A virtual bookkeeper is responsible for the same functions as an in-house accountant or a bookkeeper. The tasks of a virtual bookkeeper range from:
    • Setup and process books of accounts
    • Ledger Maintenance
    • Accounts receivable and payable
    • Accounts reconciliation
    • Cash flow management
    • Budgeting
    • Payroll processing
    • Financial Reporting
    • Reconciling bank and credit cards statements
    • Remitting sales tax returns 
    • Year-end accounting
    Let's look at the most significant advantages of virtual bookkeeping:
    • Maintaining Financial Records 
    A virtual bookkeeper handles all financial aspects of your company, such as payroll, sales invoices, bank feeds, purchase invoices, and accurate reporting. They ensure that you have an effective system in place that keeps records of business financial transitions for better decision-making. 
    • Proficient Payroll Management 
    When you have a virtual bookkeeper to send you regular reports and walk you through the payment process, payroll management is a breeze. At #CJCPA, our top-notch bookkeeping and payroll services for small businesses provide the much-needed backend support to your business so you can focus on core business activities.
    • Handling Legal & Regulatory Concerns
    Reading the fine print can be difficult at times. The main cause is a lack of time. A trained bookkeeping virtual assistant can assist you in keeping up with changing tax laws, rules, and regulations. Hire a competent bookkeeper, such as CJCPA, who keeps up with new standards and adopts them to provide accurate reports to clients.
    • Monitoring Your KPIs
    A virtual bookkeeper keeps you informed of your company's financial situation. With a well-crafted cash flow statement, income statement, and financial report, you can easily keep track of all financial aspects of your business.
    • Preparing Taxes
    A virtual bookkeeper prepares your taxes, maintains tax filings and taxable accounts, and ensures tax filing as per CRA deadlines. 
    • Unbiased Perspective 
    Having someone from outside your company handle your finances ensures that there is no personal bias or connection to the business's internal affairs. At #CJCPA, we provide an unbiased perspective on your business’s financial scenario and recommendations to improve it.
    • More Time To Grow Your Business
    Online bookkeeping and accounting services are a much more convenient and cost-effective alternative to hiring an in-house employee. This will give you more time to work on more pressing issues that are critical to your business. Your virtual bookkeeping assistant will handle all financial matters for you, so you won't have to. Final Note A Bookkeeper can bring your past books up-to-date and take everyday bookkeeping tasks off your plate with guaranteed accuracy. Organized financial records and properly balanced finances produced by the bookkeeper contribute directly to the long-term success of every business. Therefore, hiring the services of a bookkeeper should be seen as a real investment in your business, as it brings you more in revenue and savings that you end up paying. Hire A Professional Virtual Bookkeeper Today At CJCPA, we understand business and provide customized solutions and advice to help you focus on the parts of the business you really love. We are here to take the guesswork out of running your business. Get in touch with us. We are excited to be a part of your financial journey!
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