How Can Virtual Bookkeeping Services Help You And Your Business?

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How Can Virtual Bookkeeping Services Help You And Your Business?

Every business owner knows that running a business is tough. On top of that, there are plenty of other “life admin” things that drain your time and energy.

Add bookkeeping to the mix and yet more time is spent on compliance in your already busy week. Don’t make the mistake of thinking you can handle the books if you don’t have the experience. You run the risk of getting it wrong, leading to incorrect tax returns and increasing costs to rectify things later.

There are so many moving parts involved in running a successful business and you didn’t set up a business to become a bookkeeper!

Many business owners are now realising that online bookkeeping services for small businesses could be the answer they’re looking for.

Spending so much time on unproductive activities when there are so many growth opportunities that are being missed is frustrating. For many of us though, it’s hard to admit that we don’t have enough time in the day and we can’t do it all.

If you’re still trying to do your own bookkeeping, you’re using up valuable time that could be better used elsewhere and, chances are, you’re spending money later to fix the mistakes you made or things you missed.

So Who is the Best Person for the Job?

You have expertise in whatever your business does, that’s why you set it up!

You’re an expert because you enjoy making wine or brewing beer or whatever your business does. It’s something that you have a passion for, so you work at it and you excel at it…… it’s rewarding!

But, bookkeeping? What does that feel like?

We’re guessing it doesn’t have you jumping out of bed in the morning, filled with excitement at the thought of getting stuck into your invoices and receipts.

Ask yourself “Is my business better served by me doing what I am good at? Or by doing the bookkeeping?”

That passion that you feel about working in your business? There are people out there who feel that way about bookkeeping and accounts. We know……it’s strange BUT they really do exist! We know because we are those people!

Wouldn’t you rather have those people doing your bookkeeping than someone who can’t stand the work and approaches it like a chore (Hint – that’s you!!)

Experience and Education Get Results

We know that bookkeeping, BAS and payroll aren’t your things, but they’re definitely our thing. We are those weird people who can’t get enough of paperwork and figures and get a kick out of seeing everything reconciled and documented, just so.

With more than 50 years of combined experience in bookkeeping, BAS and payroll, we’ll get the job done right, and we’ll give you back your time.

Our fully trained online bookkeepers take away the hassle and the risk of doing the books yourself and you can be confident that everything is in the hands of an experienced virtual bookkeeping service.

Here’s a quote from client Lester Dale, owner Hire-A-Hubby Montmorency:

“Thank goodness I don’t do my own bookkeeping. Just a simple matter of forwarding an email or taking a photo on an invoice in Hubdoc. Ian and his team at Refresh Accounting do the rest! It’s so easy”

But What is Different About Virtual Bookkeeping?

So, how does virtual bookkeeping work and why is it called virtual?

Some of you will have bookkeepers. They come to your office and enter all your receipts and bank transactions into your accounting system, sitting at a desk and computer that you own. They probably come in for a few hours or a day per week, meaning that you have a computer and space sitting idle for most of the time.

A virtual or “online” bookkeeper doesn’t come to your office, they don’t need you to have a computer for them to use, everything happens in “the cloud”. They can be anywhere in the world!

The mainstream accounting packages like Xero are (or can be) cloud-based. They let you attach invoices/bills to the entries in the system by way of email or photos from linked apps on your phone. This means that a virtual bookkeeper never has to actually physically touch a paper receipt or invoice.

The process for using online bookkeeping services is really straightforward:

  1. You scan or photograph invoices and email them to a specific email address;
  2. The virtual bookkeeper processes and reconciles your transactions, including bank transactions;
  3. You have up to date and accurate financial records.

Yep, that’s it! Everything is basically done for you. No need to be rifling through your wallet or car looking for a receipt from 3 weeks ago.

Instead, simply get into the habit of taking a photograph as soon as you pay for something, forward an email as soon as it lands in your inbox, or better still, set up an email rule so that it’s automatically forwarded and let your virtual bookkeeper do everything else.

How Much is Your Time Worth?

Outsourced bookkeeping services for small businesses are not only an investment in your business but in your family or personal life too.

By freeing yourself up from doing your books, you’ll be able to focus on decisions that drive increased value in your business, and you’ll have more time to spend with your family and friends.

Imagine being able to check your accounts and know that they are up to date, accurate and that you have more time to do the things that you really love!

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