Delegate, Focus, and GROW Your Business

Is Your Year End Bookkeeping a Nightmare?

“Never put off till tomorrow what may be done day after tomorrow just as well.” ― Mark Twain. It seems reasonable, when prioritizing tasks, that those tasks with the least immediate deadlines should take a backseat. However, when it comes to balancing your end of year books, you should consider every working day as your deadline. The problem with putting off bookkeeping is, it’s extremely difficult to ensure details are accurate if you haven’t kept up-to-date records. Furthermore, you will find it next to impossible to remember details of individual purchases and sales from weeks ago, let alone going back a number of months.

The result of ineffective bookkeeping on your business could cost you in more ways than one. Even if you use spreadsheets or accounting software to keep track of your books, you still need to reconcile your accounts. Not every business can afford to pay an accountant to take care of bookkeeping, either. So you are left with the choice of keeping track of your own bookkeeping, or employing someone who can perform a number of functions within your business – including keeping track of your purchases and spending. Not only will the latter option lighten your personal workload, it will save you the stress of trying to balance the books at the end of the year.

Full-Time Bookkeeper Vs a Virtual Assistant

When you hire a full-time employee to take care of bookkeeping, you will have to pay that person a set wage. However, as a small business owner, you are not likely to need that level of assistance. That means you will have an employee who, for the most part, won’t have enough work to justify what they are being paid. The entire purpose of ensuring that bookkeeping is up to date and accurate is to make sure your business is operating at maximum profitability. Paying an employee more than what their contribution to the business warrants just doesn’t make sense.

By hiring a virtual assistant, on the other hand, you only pay for the hours that you need. A virtual assistant can lodge payments, track and record purchases, handle payroll, complete contractor payments, and ensure that both quarterly and yearly taxes are processed – among other duties. Due to the very nature of a virtual assistant’s role, he or she will quickly learn your business processes and systems, leaving you to get on with the day to day running of the business. In today’s business world, digital communication is seamless. More and more businesses are discovering the benefits of using a virtual assistant for bookkeeping. So, if you want to ensure that your books are always accurate, consider a virtual assistant as an effective way of keeping your records up to date.

photo credit: anka.albrecht

Posted on January 12th, 2016 by Rachel Braam, Office Manager

1 Comment »

Platinum Accounting says:

Bookkeeping is an essential part of a business. The final accounts are produced using the bookkeeping records. They are prepared in a specific format to meet the rules and regulations. Saving time is something we all want. Productivity is the true essence of a successful business. You have elaborated it so well. This post is so far good and will help a lot of people. Thanks for sharing.

Posted: September 24, 2019 @ 9:58 am

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