Virtual Assistant Bookeeping services

Learn about virtual assistant bookkeeping services. What they can do for you? And if you can become one.

Geez! It’s the end of the month again, time for some data entry and receipt grapples.Of course, we’re not fooled into thinking that many enjoy wrangling ledgers all day. And since you’re here, we naturally assumed that you’re one of those growing small businesses which couldn’t wait to throw the financial sheets to someone else — trust me, most people do.

That said, bookkeeping is not for everybody unless you’re working in an accounting firm and have the knack for dropping receivables and payables in the spreadsheet. So, if you would rather do anything else than chase numbers, here’s some great advice for your own inner peace: help yourself with some virtual assistant bookkeeping services.

What Is a Virtual Assistant Bookkeeping?

Virtual assistant bookkeeping is a virtual assistant task that works remotely to prepare and manage the company’s daily financial transactions.

It’s basically an online bookkeeping service that works for you outside the regular office.

High sign — don’t mistake bookkeeping and accounting as one and the same.

Bookkeeping is more of an administrative role, tasked to do financial daily recordings using double-entry bookkeeping whereas an accounting service is subjective and responsible for measuring and evaluating financial penetrations based on bookkeeping records.

How Do You Do Virtual Bookkeeping?

The responsibilities of a virtual bookkeeper are the same as a traditional bookkeeper. The only difference is that the former has to do the job offshore.

This leads to a more flexible arrangement because they have the freedom to choose when and where to work, unlike the in-house bookkeepers.

And what’s even better is that with a VA bookkeeper, you don’t have to worry about your account information ever getting out.

Remote work implies that financial documents are directed and organized within the comforts of the company’s bookkeeping software.

Moreover, virtual bookkeepers are mandated to sign a non-disclosure agreement before they even begin work.

So, rest assured, confidentiality won’t be a problem.

What Are the Duties of a Virtual Bookkeeper?

We can all agree that bookkeeping is not an easy task.

It’s more than just putting numbers of your management account into the accounting software, it takes a good eye for detail, some commitment, and know-how in the statutory requirements.

That’s why they’re critical for any business.

But through the advent of the internet, now you can have the support of virtual assistant bookkeeping services with managing and securing your business finances anywhere else in the world, at the mere touch of your fingertips.

And thanks to cloud accounting, working with a VA bookkeeper has never been more productive and easier!

With more accessible real-time information on your financial numbers, anytime and everywhere.

So, what exactly are the tasks they can do for you?

Normally, virtual assistant bookkeeping services are accountable for preparing these three crucial financial reports.

Income Statement:

Also referred to as the loss and profit account, it shows the revenue and expenses in a particular time period.

Balance Sheet:

A statement that provides a summary of the company’s resources, equities, and liabilities.

Cash Flow Statement:

It’s a record that presents all the data of cash-in flows which are what the company receives in its operations, investments, and cash outflows which are the payables of certain company activities and investments.

But apart from these important key statements, other tasks that VA bookkeeping services can assist you with include the following.

Payroll Accounting:

As the name suggests, payroll accounting has everything to do with payroll. It’s focused mainly on the cost of your workers; compensation, benefits, and taxes.

It is a critical aspect of a business —without it, you can’t see the precise view of your employee expenses.

Also, having an accurate accounting system allows you to handle and ensure that you operate in accordance with federal law and avoid tax issues.

Hiring a virtual bookkeeping assistant will keep your processing system and filling functions organized and on schedule.

Tax Accounting:

With tax policies varying from one country to another, tax accounting can be a nightmare to deal with.

Resorting to an outsourced accounting service will help you deal with tax statements and returns required for tax laws and regulations in a more cost-effective and flexible working.

The very core of tax accounting is to be able to trace the coming in and going out of funds affiliated with an organization and individual.

Inventory Management:

Inventory management helps businesses identify the number of goods or materials available, and whether it’s enough to meet the demands of the market without excess or restraint.

Through working with a reliable VA bookkeeper, a company can easily manage and maximize its resources and coordinate control.

Bank Reconciliation:

A summary of business and banking activities (deposits and withdrawals) which are used to compare bank account balances with the company’s financial records.

Getting a virtual assistant bookkeeping service onboard will help increase profit and narrow expenses.

They will carry out planned reconciliations at a given interval and track transactions which helps identify fraud and prevents legal penalties.

Budget Reports:

If you plan on scaling your business on top, budgeting is an essential tool to make that happen.

Budget reports are working guides that lay out all the income and expenses in a specified time period.

Despite its impact on overall operations, many organizations suffer from a lack of clarity with budgeting.

To always ensure transparency, get yourself a virtual assistant bookkeeper who will keep tabs on internal goals, resource availability, financing opportunities, and lead projects.

Who can Be a Virtual Bookkeeper?

Thinking about pursuing a career as a virtual bookkeeper? Are you even qualified to become one?

The responsibilities of a virtual bookkeeper are the same as a traditional bookkeeper. They’re in charge of recording and managing the financial accounts of the business. The only difference is that a VA bookkeeper has to do the job at a remote location.

But to get hired in this profession, you need more than just a computer, a laptop, and a strong internet connection.

You need to have some credentials like experience and achievements to back up your reliability.

But that’s just half the battle, more than your competence on paper, you need to showcase your capabilities and skills like computer proficiency and Mathematical skills to advance to the next stage.

What Are Your Top 3 Fields of Virtual Assistant?

As the market shifts toward the digital space, online job opportunities have blown up.

And virtual assistants are being sought after; the same way food delivery services exploded back in the 2000s.

Popular for many reasons, VAs help with a myriad of tasks including content management, customer service, booking arrangement, web designs and so much more.

As I said, it’s perfectly thriving!

Let’s explore the top 3 VA niches in the digital market.

Digital Marketing Assistant

This virtual assistant specializes in promotional activities. They will carry out new campaigns, brand research, market research and even writing content.

All advertising techniques related to brand development.

Outside a bachelor’s degree, the qualifications for this job are more on experience and specialized skills. You should be excellent in both oral and written communication and be familiar with e-commerce.

Analytical proficiency is also a vital point. You should be able to interpret and analyze data and plan strategies.

Accounting Assistant

This virtual assistant is responsible for clerical tasks which includes recording, preparing and managing financial accounts.

The formal qualifications to advance in this role is to have a degree in accounting or present other related course credentials.

In terms of intangible assets, you should be highly organized, a good problem solver, an analytical thinker and competent in basic IT skills.

QuickBooks Assistant

Does QuickBooks have a virtual assistant?

Yes, it does.

QuickBooks is an amazing accounting tool that’s slowly becoming essential to stay on top of your financial transactions.

QuickBooks helps that’s why its popularity paved the way for another online profession, namely QuickBooks virtual assistant.

This VA role can help with setting up your accounts.

Other tasks also incorporate QuickBooks integration, data entry, settling payables, creating accounting reports, and even bookkeeping.

But for you to become one, you should be QuickBooks certified.

This implies that apart from having a background in business management and accounting, you should have profound experience in using QuickBooks software.

Besides that, quality traits include a keen eye for details, being highly organized, and having a strong grasp of operation procedures and management.