Three Reasons You Need a Virtual Bookkeeper
( And the first one doesn’t count…)
Because the first one is obviously Corona Virus – DUH!
As business starts the careful process of re-emerging, the less people you have to accommodate in an office setting, the better! But there are some other benefits of having a bookkeeping professional on you list of trusted advisors.
- You HATE Bookkeeping!
Are you one of those business owners who dreads tax time? Is that because the stack (or files) of receipts has grown into a mountain of “I will deal with that tomorrow”? Let’s be honest – Unless you opened a bookkeeping or accounting business, categorizing your expenses and reconciling your account is probably the last thing you want to do. You know it’s important, but….
If this is you, hiring a virtual bookkeeper should be at the top of your to do list. If nothing else, the pandemic has really shone a spotlight on the importance of having all of your financials up to date. And if you have an employee in house, or a CPA doing your bookkeeping then…
2. You Are Paying Too Much
Many business owners who recognize the importance of bookkeeping have hired someone in house, or a CPA to take this task off their plate. It great that you have recognized the importance of a bookkeeper, but paying a CPA top dollar to categorize your expenses is a money suck. CPA’s charge a lot of money, as they should, because of their highly specialized certifications and knowledge. However for day to day bookkeeping and financial statement preparations, a CPA is over-qualified. I mean, you wouldn’t hire a brain surgeon if you had a hangnail. You could be paying your CPA a lot less by having them do just what you need a CPA to do ( Quarterly review, tax prep and filing) – you get it.
Maybe you want to hire an employee to do your bookkeeping? Well think about this – the median salary for a bookkeeper is $40,000. This of course does not include the additional costs of employer taxes, benefits, 401K, etc. That’s a lot of money! Outsourcing your bookkeeping and payroll can save you tens of thousands of dollars per year. And since the person you are outsourcing to has built a business on helping small business with their numbers, you will have the benefit of…
3. Fresh Eyes
A few days ago, my husband was on the phone ordering something and was pacing back and forth. He then asked me for my credit card because he could not find his wallet. When he hung up, he said “I don’t know what I did with it – I took it our before I dialed, and I don’t know where I put it!” Within ten seconds, I walked into the kitchen and saw it on the counter, about five feet from where he was when he asked me for my card.
I know this happens to all of us. The point here would be that sometimes, you are so engrossed with your own business and processes, that a better way, a more cost effective way is easily seen with a pair of fresh eyes. A good virtual bookkeeper will be able to see and explain trends and potential outcomes that may be overlooked otherwise.
We hear a lot of talk these days about the “new normal” and what that will look like. I hope that you and your business are fulfilling, profitable, and joyful!
Stay well!
Michele