• Virtual Assistants

Keep Your Finances in Check With a Bookkeeper Virtual Assistant

Key Takeaways:

82% of small businesses fail due to cash flow problems. So implementing budgeting practices is important for long-term growth and survival.

48% of businesses handle up to 500 invoices each month—spending as much as five days every month processing them. Instead of wasting time on this, delegate this task to a bookkeeping virtual assistant.

Remember to state how you like to get things done, your business details and clear deadlines and your VA will customize their support for you.

When you’re running a business, every penny matters. You need to know where your money goes, keep tabs on your earnings and prepare for taxes.

But it’s too easy to get lost in numbers.

If you find yourself constantly behind on tracking invoices, categorizing expenses, reconciling bank statements or dreading the tax season, your bookkeeping needs better support.

Basically, you need an all-in-one solution to manage your business finances.

We recommend hiring a bookkeeper virtual assistant. They’ll crunch the numbers and get all your financial activities in order.

Still not convinced? Here’s a guide that takes you through a bookkeeper VA’s tasks, benefits, skills and the seamless hiring process.

What Is a Bookkeeper Virtual Assistant?

A bookkeeper virtual assistant (VA) is a professional who specializes in managing your business finances remotely. They’ll handle and record all company transactions, making financial decisions easier for you.

You can delegate tasks like sending invoices, recording your business expenses or creating an annual budget to simplify your life.

Why Do You Need a Bookkeeper Virtual Assistant?

With growing business pressure, keeping track of all financial transactions and maintaining accurate records can be difficult. But you can’t overlook your finances either.

A professional bookkeeper virtual assistant will balance your company’s books in a hassle-free way! They’ll share your workload and offer extra help if you’re overwhelmed with financial tasks.

Your VA will:

  • Share your workload.
  • Save time on routing bookkeeping tasks.
  • Keep financial records organized.
  • Maintain accurate invoices and billing receipts.
  • Avoid bookkeeping backlogs during busy periods.
  • Reduce the costs of hiring an in-house bookkeeper.

Whether you are a small business owner, a real estate professional or a financial advisor, hiring a bookkeeper VA will help you focus on your priorities.

Tasks of a Bookkeeper Virtual Assistant

Your virtual assistant can take over multiple tasks and offer maximum support while you run your business.

Here are some tasks you can delegate to your bookkeeper VA and manage your finances better.

Send Invoices

Incorrect invoices can lead to payment delays and client frustration.

Bar chart showing common invoice issues: missing name/order no. (71%), wrong recipient (65%), duplicates (50%), missing info (40%).

So timely and accurate invoicing is important to improve your cash flow and build your business credibility.

Your bookkeeper virtual assistant will use bookkeeping software to generate and send invoices to your clients.

Your VA will be responsible for:

  • Preparing professional invoices with details like a unique invoice number and date.
  • Adding client information like the recipient’s name and contact details.
  • Including the list of products and services provided.
  • Noting the quantities, prices and the total amount.
  • Mentioning the due date for payment.
  • Specifying payment methods and instructions.
  • Personalizing invoices with your business name and logo.
  • Sending invoices to your clients via email or chat.
  • Tracking payment statuses.
  • Sending reminders for overdue invoices.
  • Communicating with your clients in case of payment delays or issues.
  • Creating templates for invoices to maintain consistency.
  • Storing invoice copies for reference and financial records.

Make Payments

You must make timely payments to your vendors and suppliers to avoid overdue fees and keep good relationships. But you can’t always stay on top of payments while managing other projects.

Infographic: 48% of businesses waste 5 days/month on invoice processing. Up to 500 invoices handled monthly.

Why worry when you can count on your bookkeeper assistant? They will take care of this by:

  • Verifying invoices sent by vendors.
  • Tracking due dates to avoid defaulting.
  • Collecting payment information like bank account details from your vendors.
  • Making prompt and secure payments to vendors on your company’s behalf.
  • Paying office utility bills like electricity, internet and heating or cooling systems.
  • Scheduling recurring payments to streamline the task.
  • Managing business loan installments.
  • Keeping track of multiple payment methods like checks, cards, bank transfers or digital payments.
  • Verifying transactions to avoid errors.
  • Recording paid invoice details for financial reports and future reference.
  • Communicating with vendors in case of payment errors.

Record Expenses

You must record all your business transactions to get a clear picture of your finances. This will help you study your cash inflows and outflows and analyze profit margins.

You can prepare a balanced budget and make informed choices about cutting costs. You’ll also be able to tally reports for audits and bank statement reconciliation.

But you don’t have to spend your time on this draining task.

Your virtual assistant can handle expense recording by:

  • Organizing your company’s expenses into categories like office utilities, vendor purchases, marketing costs and travel expenses for easy access.
  • Entering financial data in spreadsheets or accounting software.
  • Recording data of invoices sent to clients to track paid and unpaid invoices.
  • Recording receipts of payments made to vendors and suppliers.

Support Bank Statement Reconciliation

Clean financials will help with smoother audits. It’ll ensure you follow all financial regulations and avoid legal penalties.

A certified bookkeeper says, clients who skip [monthly reconciling] end up with mystery charges or double payments. Match your records to your bank statements every month—it’s a lifesaver.

Your virtual assistant will help you compare and reconcile bank statements and financial records. Because of this, they’ll help you detect errors early on, maintaining financial transparency and preventing fraud.

Your bookkeeper VA will manage bank and credit card reconciliation by:

  • Collecting all financial information, invoices and bank statements for the specific period.
  • Organizing information with the correct outline.
  • Comparing your company’s accounting data with bank and credit card statements.
  • Cross-checking for any data errors or inconsistencies.
  • Highlighting discrepancies and alerting you for further review.
  • Saving digital copies of bank and credit card statements for future reference.

Create a Budget

A budget is telling your money where to go instead of wondering where it went, says Dave Ramsey, an American radio personality and author.

It’s important to create a budget to plan your business finances effectively. It’s a systematic approach to help you understand your yearly expenses and manage your spending.

82% of small businesses fail due to cash flow problems. So implementing budgeting practices is important for long-term growth and survival.

Pie chart showing 82% of small businesses fail due to cash flow problems. Source: Forbes.

Your bookkeeper virtual assistant will help you create a well-organized budget by:

  • Studying previous budgets.
  • Prioritizing essentials like office utilities, employee salaries and supplies when planning the budget.
  • Forecasting future expenses to prepare better.
  • Monitoring the budget at regular intervals.
  • Allotting money and resources to different departments.
  • Helping you conduct budget reviews for adjustments.
  • Keeping some room in the budget for sudden expenses like repairing equipment or buying new software.
  • Creating budget templates for future use.

Creating a budget has many benefits. It will be the blueprint for aligning better with your financial goals. You’ll know where to cut costs and save money.

Your VA will help you create a flexible and reasonable budget so you stay up-to-date with financial planning.

Nine tasks of a virtual bookkeeper assistant: sending invoices, making payments, recording expenses, reconciling bank statements, preparing budgets, generating reports, calculating taxes, assisting with payroll, and organizing documents.

Generate Financial Reports

Your bookkeeper VA will also support you by preparing financial reports. These reports will help you analyze the financial health of your business.

Your VA will create financial statements about various business activities, such as:

  • Balance sheets: Your VA will summarize your business assets, liabilities and equity to help you understand your company’s financial position.
  • Income statements: These will include your total revenue before and after tax deductions and profit or loss statements.
  • Cash flow statements: Your VA will also track your cash flow, noting how much you’ve spent and earned within a specific period.

These reports will help you:

  • Study business growth by comparing with the previous years’ reports.
  • Identify trends in your business.
  • Recognize the areas of improvement.
  • Understand your business position in your industry.
  • Create new and better business strategies.
  • Improve efficiency and profitability in the future.

Calculate Taxes

Filing taxes is not everyone’s favorite thing. You’ll be buried under a stack of paperwork.

Pie chart showing businesses spend 24 hours on tax preparation: recordkeeping (12 hrs), submitting forms (6 hrs), tax planning (5 hrs), other tasks (2 hrs).

According to the IRS, business taxpayers generally spend about 24 hours on tax preparation.

This includes 12 hours for recordkeeping, 5 hours for tax planning, 6 hours for completing and submitting forms, and 2 additional hours for other tasks.

Why not outsource to a professional to assist you with taxes at a cost-effective price?

Your bookkeeper virtual assistant can advise you on planning for taxes. They will:

  • Collect all financial data, including invoices, bank and credit card statements and reports.
  • Research taxable and non-taxable income.
  • Help you with tax exemptions.
  • Give an estimate of gross income and income after deductions.
  • Research current tax rates.
  • Keep track of deadlines to avoid penalties.
  • Send you reminders for tax due dates.

Organize Documents

46% of workers at small to midsize businesses waste time on inefficient paper processes each day. Instead, if your documents are organized digitally, you’ll save time and increase workplace efficiency.

Your bookkeeper virtual assistant will collect and organize digital records. They will assist you by:

  • Organizing receipts and invoices.
  • Labeling files to avoid confusion and for quick access.
  • Categorizing documents by date, month, year or type.
  • Maintaining secure folders with passwords for confidential documents.
  • Reviewing files and folders to find missing documents.
  • Helping you organize documents for audits.

Manage Employee Payroll

Your bookkeeper virtual assistant can also support your company’s payroll process. They’ll calculate your employees’ salaries based on their total working hours and other company policies. They’ll also look after overtime and bonus calculations.

Your VA will take note of any reimbursements for travel expenses or meal bills during business meetings. They will also follow the state and federal regulations to withhold payroll taxes.

By maintaining an accurate data record for each employee, they’ll help you get quick overviews of all payroll transactions.

Benefits of Hiring a Bookkeeper Virtual Assistant

A virtual assistant offers many benefits to a business. A bookkeeping VA specifically provides perks that keep your finances well-organized and keep you stress-free!

Here’s how a virtual assistant becomes your most reliable bookkeeping partner.

1. Save More Money

If you’re looking for someone to take care of your company’s finances but have a strict budget, look no further!

Hiring a bookkeeper virtual assistant will be the most budget-friendly option, especially if you hire through a VA agency like Zenius.

Unlike an in-house bookkeeper, VAs have their own remote work setup and equipment. So you’ll save money on things like office space, supplies and internet connection. With Zenius, you’ll also save on hiring costs and employee benefits.

Besides saving on operational costs, a bookkeeper VA also organizes your finances so you can make timely financial decisions and prevent costly errors.

2. Regain Lost Time

Imagine the time it will take to file taxes on your own or record every company expense, while managing your daily work commitments.

If you keep going like this, your workday will never end!

Hiring a virtual assistant for such bookkeeping tasks will help you save time and ensure you make the most of your workday.

From invoice processing and expense recording to bank statement reconciliation and financial reporting, your VA will take care of all time-consuming tasks so you have a productive day.

3. Improve Data Accuracy

Tasks like reconciling bank statements or managing employee payroll need precision. You need someone with a keen eye for detail for such responsibilities.

Your bookkeeper virtual assistant will pay close attention to all tasks and deliver accurate results.

For example, your VA will:

  • Record accurate data so there’s less chance of missing entries or careless errors.
  • Use reliable software to reduce manual errors.
  • Cross-check books against bank statements to catch discrepancies early.

When you have a supportive VA to manage your business finances, you can stay stress-free about blunders.

Top benefits of a virtual bookkeeper assistant: save money, regain time, improve data accuracy, access skill expertise, get customized support.

4. Access Skill Expertise

Your bookkeeper virtual assistant is a resourceful asset for your business.

You get access to their bookkeeping expertise, which helps them assist you faster. They have the technical know-how in accounting software and tools to work promptly.

With a bookkeeper VA, you can create an efficient budget and make swift plans to grow your business.

They’ll offer real-time insights into your company’s financial position, stay consistent with best bookkeeping practices and help you make better financial decisions.

5. Get Customized Support

Whether you want them to track your payments or manage employee payroll, a virtual bookkeeper assistant will handle any bookkeeping tasks you delegate.

All you have to do is state how you like to get things done, your business details or clear deadlines and your VA will customize their support for you.

Skills To Seek When Hiring a Bookkeeper Virtual Assistant

A virtual assistant with the right skill set can be a game-changer for your business.

Here are some skills you should look for when you hire a bookkeeper VA.

1. Bookkeeping Knowledge

Your virtual assistant should have a thorough knowledge of bookkeeping.

They will have to deal with many numbers. They must have excellent numeracy skills and understand the best bookkeeping practices in the industry.

Your bookkeeper VA should also:

  • Be familiar with basic accounting.
  • Know how to work with bank statements.
  • Have data entry skills.
  • Understand spreadsheets.
  • Use bookkeeping software for accurate books.

2. Organization Skills

Your VA will have huge amounts of data to organize and several documents to manage. So they must plan and structure their tasks efficiently for a smooth and stress-free workflow.

So look for time-management skills to ensure all tasks are completed on time. Tasks like tax preparation must be concluded before their due dates.

Your VA must also pay close attention to details to reduce errors and ensure accuracy.

3. Communication Skills

Your bookkeeper VA will have to coordinate with your vendors and clients about payments. They will have to communicate patiently and politely to maintain good relationships.

Because of the remote setting, you and your VA will mostly communicate digitally. So they must be able to listen to your needs carefully and adapt to your working style. They’ll also need to regularly update you on budgets and transactions and explain financial details clearly.

So ensure the person you hire is professional, fluent and confident in communication!

How To Work With a Bookkeeper Virtual Assistant

Remote collaboration, however efficient, is tricky. But with the right approach and delegation style, work can become easy and effortless.

Here are a few tips you can use when working with a bookkeeping VA.

Tips To Work With a Bookkeeper VAHow They Look
Define their responsibilitiesSet clear deadlines and answer questions
Ensure regular communicationBreak the ice and check in frequently
Give constructive feedbackShare honest advice and welcome suggestions
Trust their expertiseGive some freedom and avoid micromanaging

1. Define Their Responsibilities

You should set clear expectations for your bookkeeper VA from the get-go.

This includes clearly assigning responsibilities, specifying task deadlines, explaining company-specific details and making confidentiality agreements.

Once your VA understands their role, they’ll be able to give their best.

2. Ensure Regular Communication

Effective communication is important in any workplace. So start by asking questions to your VA before hiring to ensure both of you are on the same page.

After hiring them, it’s important to know their task updates and progress. So remember to break the ice during onboarding, have regular virtual meetings with your VA to avoid communication gaps.

You should also give your VA the space to communicate openly and voice their concerns. This will help in smooth collaboration and ensure that your goals are aligned.

Regular communication will build mutual trust and a strong working relationship with your virtual assistant.

3. Give Constructive Feedback

Sharing authentic feedback is essential in the workplace. It has many advantages for your virtual assistant’s performance.

Praising your VA’s work will not only boost their confidence but also result in more efficient work. Your feedback will motivate them to work harder.

Remember that your feedback must be honest and constructive. You should not dwell too long on the negatives.

For example, don’t just say, “You need to improve.” Instead, be specific and say, “Please double-check expense categories—three travel expenses were incorrectly logged under supplies, which affected our budget report.”

You must be polite and respectful when advising on areas of improvement so your VA learns better. It’s always a good idea to be open to giving as well as receiving feedback on your processes for mutual growth!

4. Trust Their Expertise

Your bookkeeper VA is trained with relevant skills to manage your finances. You must learn to trust their abilities if you want a hassle-free working environment.

Don’t micromanage every tiny detail. Your virtual assistant is here to make things easier for you—not cause more trouble. You should have faith in their expertise and give them some free hand to work on your tasks.

Wrapping Up

A bookkeeper virtual assistant is an indispensable asset for your business. They’ll make smooth payments, track your expenses, help you create a budget and generate financial reports with ease.

You can save your energy and work on other tasks while your VA does the heavy lifting. With their expertise and customized support, you’ll get access to systematic bookkeeping routines.

Hire a bookkeeper virtual assistant from Zenius!

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