I want to be honest with you. Last year, my business finances were a big mess. I was really worried about my business finances. They literally had me in a state of panic. I had receipts all over the place. My spreadsheets did not make any sense to me, and the tax deadline was getting very close.
Sound familiar? Yeah, thought so.
That Tuesday at 11 PM, I was sitting there with lots of crumpled-up papers and cold coffee. I finally told myself the truth: I was not good at managing my books. It was not because I am not smart or I do not want to work. It was just that I was already doing a lot of things for my business, like seventeen other jobs, and managing my books was just too much for me to handle. I decided to hire a bookkeeping virtual assistant, and it was the best decision I have made in three years of running my company.
Things I Wish Someone Told Me Earlier
My business partner wanted to get help with our finances, but I was not sure about it. I thought it was weird to trust someone with our data when we do not even know them. Every smart business owner I know is like that.
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I was already giving strangers a lot of responsibility. The company that handles my payments takes care of all the money transactions. The people who host my website have access to information about my customers. My cloud storage has everything about my business in it. So, having an accounting virtual assistant who knows what they are doing is probably a safer choice than me trying to do it myself.
My bookkeeper is Rachel. Two months after she started working with us, she found a charge from one of our software vendors. Our software vendor had been charging us twice for eight months. We got back five thousand dollars because someone took the time to look at the details.
Let Us Talk About Real Numbers
Rachel gets paid thirty-five dollars every hour. She usually works twelve hours a week. During tax season, Rachel works a lot more, sometimes twenty hours a week. In the summer, Rachel works less, sometimes only eight hours a week. So Rachel makes about fourteen hundred dollars every month.
So you want a full-time bookkeeper in your city? That will cost you at least $50,000 every year?
With all the headaches of having an on-site employee? But the real value is not actually in the money she saves. The real value is in the problems she prevents from happening.
The year she found eight thousand four hundred dollars in tax deductions that I had completely missed. She was able to renegotiate terms with two of our vendors, which will save the company five hundred dollars every month from now on.
The tax deductions she found were really important. She also caught an accounting error that our certified public accountant said would have definitely triggered an audit of our company’s tax deductions. I am really bad at math. Even I can see that this is a pretty solid return on my investment.
How to Find Someone Good
People who call themselves bookkeepers may not be the best fit for your company. What really matters is that they have experience in your industry. The virtual bookkeeper you choose should know how your business works.
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Rachel had worked with three marketing agencies before me. This meant she already knew about our revenue patterns, which are a little strange. She also understood how our retainer accounting works. I did not have to explain everything to her from the start.
When you are interviewing someone, you should ask questions. What software do they really know? This is important to find out. You also want to know how they communicate with people. What happens if they are sick and cannot work? Is there someone who can do the job?
Start with a trial period. This is a way to see if you like working with someone. Good employees will give you thirty days to try them out before you have to commit to them for a long time. You can use this time to see if you get along with them and if your styles match. You also need to figure out if you trust them with your money and financial things.
Frequently Asked Questions
How Much Does a Bookkeeping Virtual Assistant Usually Cost?
The cost of a bookkeeping assistant can vary. It really depends on what you need the bookkeeping assistant to do for you. Some people pay a bookkeeping assistant by the hour, and this can be around fifty dollars per hour. Others pay a bookkeeping assistant a flat monthly fee, which can be a few hundred dollars per month, for a bookkeeping virtual assistant.
What’s The Difference Between A Bookkeeping Virtual Assistant And An Accounting Virtual Assistant?
Bookkeeping takes care of things like transactions and accounts. It also does reconciliations. Accounting is different. It does things like figuring out money problems and getting ready for taxes. Accounting also does planning for the future. Some people do both bookkeeping and accounting. It depends on what you need and what they’re good at. Bookkeeping and accounting are both important for managing your money.
How To Ensure My Finances Stay Secure With A Remote Bookkeeper?
You should definitely work with professionals who use known platforms like QuickBooks or Xero. These platforms have strong security, similar to what banks use. They have things like two-factor authentication and encrypted connections to keep your information safe. The professionals you work with should also sign confidentiality agreements to protect your privacy. It is an idea to set specific permission levels for what these professionals can and cannot do with your information.
Can The Bookkeeping Assistant Work With My Existing Accounting Software?
Most people are familiar with the accounting platforms like QuickBooks, Xero, FreshBooks, and Wave. They’ll adapt to your software if they are experienced enough in your industry, or they will tell you which one is best for you and your situation.
How Long Will It Take For A Bookkeeping Assistant To Get My Finances In Order?
Basic organization usually takes 2-4 weeks. They prioritize urgent stuff first, then work backward. If you’ve got 6-12 months of chaos, expect 1-3 months for full cleanup. After that, maintenance becomes routine.