One of the most common problems of an entrepreneur or a business owner like you is you wear too many hats and it is usually a common ground to take the tasks or work all by yourself when you are just starting.
As your business grows and so does your responsibilities, you start to struggle with doing all those works simultaneously. One of the most crucial parts in businesses is accounting because let us be real, accounting is without a doubt the most stressful part of having a business. One mistake could create a macro effect because it’s mostly related to numbers right? It is like a time bomb that needs to be handled and carefully cut wired by a professional individual or else there would be an explosion.
It becomes the pitfall in the majority of small businesses because they fail to seek professional help and you don’t want that to happen.
You need to have a virtual assistant for this so you won’t fail but what exactly are the perfect accounting services that a Virtual Assistant could acquire and render for you.
All things have limitations and so does the money, when it comes to business you don’t want to spend it on futile expenditures so you need to be critical and ahead of your decisions. A virtual assistant can help you create your financial plan and documentation of it for the future objectives and plans of the business. It could be a long term or a short term budgeting plan
2. Accounts Payable
Daily inventory requirements and maintaining supplier relationships in the process are monitored and tracked by an accounting VA. A virtual assistant can set you up a system to record stock levels and invoices directly into their database. From here, your virtual assistant will scan your financial documents for validity.
3. Accounts Receivable
Your virtual assistant will take over key tasks such as bill preparation and disbursement, ledger reconciliations, credit authorization and monitoring aged receivables. With our accounts receivable management services you can stay on top of outstanding debts, and defaulted payments.
4. Tax Preparation
They can also offer you more detailed tax assistance based on your specific industry and location. If you’re looking to get your books in order before talking to an accountant then your virtual assistant can help you research deductions and minimize the risk of late filing penalties or future audits.
5. Reconciliations (Credit Card, Bank Accounts, Paypal and etc.)
When the bank sends a statement each month accounting VA’s prepares a bank reconciliation to determine your actual cash balance and prepare any correct entries to correct the cash balances in the ledger.