What A Virtual Bookkeeper Can Do For Your Business
Does This Sound Familiar?
Your business is growing and you are struggling to keep up with the financial transactions generated by all this growth. You spend too much time working on accounting tasks when you need to be building the company.
You have someone helping you with the books. Perhaps its someone with other things to do in the office or a part-time bookkeeper who occasionally stops by. It’s not working as well as it used to. You are discovering more errors and you are not getting the information you need when you need it. What you want is pretty simple: get the accounting properly done and get the information you need to manage the business. It shouldn’t be so hard. How is this going to work if the business continues to grow like this?
There is an alternative. Instead of hiring your own bookkeeper, why not rent a Virtual Bookkeeper?
A Virtual Bookkeeper Can Add Immediate Value
A Virtual Bookkeeper operation can add immediate value by freeing up your time and increasing the reliability of financial data. Reliability is derived from trained bookkeepers using proven processes and technology to process financial transactions. Once these transactions are properly processed they can be used as a foundation to report performance, plan for growth and reduce cost. This has a positive impact on sales, profitability and cash flow.
A good Virtual Bookkeeper operation can inform you of problems you may not have otherwise known about. One example is cash collections. If your accounts receivable is getting aged, it could simply be that someone needs to remind customers that their account is past due. A Virtual Bookkeeper operation will do this for you. During those calls, however, the bookkeeper may discover other issues that are preventing payment, such as a product quality problem. A good bookkeeper asks probing questions of customers to uncover problems. When they find one, they will escalate these findings to management for corrective action.
Why Do I Need A Virtual or Outsourced Bookkeeper?
You didn’t start a company to become an accountant. Good financial data is critical for you to manage your business, yet seems so hard to get on a timely basis. The bookkeeper you currently have worked well before, but you’re growing and just need more. More data, more time, more financial expertise.
Virtual or part-time bookkeeping relieves you of the daily tasks of creating invoices, collecting payments, managing accounts receivable, posting payroll and researching issues. It organizes your financial data into reports that are easy for you to retrieve and understand. The data is updated regularly so you have up-to-date information to assist in your decision making. Most of all, it relieves you of these tasks so you can focus on growing your company.
What Does a Virtual Bookkeeping Operation Do?
A Virtual Bookkeeper, or sometimes called an Outsourced Bookkeeper, processes all the financial transactions for your business. This typically includes:
- Preparing customer invoices, collecting customer payments and managing cash deposits
- Entering vendor bills and processing vendor payments
- Updating credit card transactions in the general ledger
- Booking payroll entries to the general ledger
- Supporting the Virtual Controller with the monthly close
- Contacting customers for payment
- Responding to various transaction inquires
The Virtual Bookkeeper operates remotely and is trained on the latest techniques and software to accurately and efficiently process financial transactions. Transaction processing can happen as frequently as daily depending upon the service levels required by a client. He or she is a member of your team and is available to your company for clarification, inquiries and follow up.
Virtual Bookkeeping Services We Provide
Fintelligent Virtual Bookkeeping services use its technology platform to process and report financial transactions. The cloud-based platform has at its core a general ledger application powered by Intacct It is available anytime by any device connected to the internet. We extend the systems capabilities by adding other areas of automation, such as accounts payable processing, expense management and more.
Some of the services we provide for our clients include:
- Accepting vendor bills and posting into the system
- Routing bills for approval
- Setting up bills for payment
- Preparing and delivering customer invoices
- Processing cash collections and depositing cash
- Contacting customers for collections
- Posting payroll transactions
- Updating cash and company credit card transactions
- Posting travel & entertainment reports
- Posting journal entries
- Assisting controller with account reconciliations and closing the books
- Assisting with preparing monthly financial statements
Benefits of Virtual Bookkeeping
- Saves time, allowing you and your staff to focus on growing the company
- Accurate financial information provided by a trained professional
- Immediate access to financial data when and how you want it
- More cost effective than in-house staff
Fintelligent offers its services on a monthly subscription basis that includes our technology and services.
How Virtual Bookkeeping Differs from Traditional Bookkeeping
The biggest difference between a Virtual Bookkeeper and a traditional bookkeeper is the on-site presence of the professional. Many bookkeepers report to an office or are part of a company’s staff. A Virtual Bookkeeper typically works remotely and is an employee of an external organization.
A Virtual Bookkeeper, sometimes called an Outsourced Bookkeeper, is part of a firm typically has one or more people backing them up. If for some reason the bookkeeper is unavailable, there is a pretty good chance someone else can step in and help out. Virtual Bookkeepers can also come with their own systems and technology – one less thing you need to manage. They bring their own processes, too. The idea behind Virtual Bookkeeping is a simple, turnkey solution that seamlessly integrates with your company. This immediately frees up time and shifts an important task into the hands of a trained professional who knows how to handle it.
Since a Virtual Bookkeeper often works on multiple clients, they are highly trained in what they do. They can bring the latest techniques and tips to your organization that they have learned from others. This leads to more efficient and accurate transaction processing, saving your organization time and money.