Virtual Bookkeeping Services – Crushing the Competition 101

Mr. James Lawson gets in his office and checks his email for a status update from his bookkeeper Sheela. An email from Sheela has an attached statement generated using QuickBooks which includes invoices waiting for Mr. Lawson’s approval and hours to be billed to his clients for services. Mr. Lawson contacts Sheela over instant messenger and tells her to (a) pay the invoices, and (b) send bills for services clients. Sheela immediately acknowledges and goes on to pay off invoices using Mr. Lawson’s online Bill Pay system. She then emails and faxes bills for services provided to clients.

8 Best Online Bookkeeping Services 2020

Who exactly is Sheela and where is she located? Sheela is a virtual bookkeeper working for an online bookkeeping services company based in from India. Every company has tasks that can be handled virtual assistants. And, if these tasks can be done better than on-site bookkeepers at a fraction of the cost, the explosive growth of outsourced bookkeeping services shouldn’t be surprise. Since virtual assistants work with various businesses and specialize on a specific process or task such as bookkeeping or word processing, they can draw upon best practices of operating a small business.

Online virtual assistant and bookkeeping services are an outsourcing strategy that can be used to gain competitive advantage. As a result, they have shot to prominence and firms of various sizes are utilizing them. The recession has made businesses more prudent about how they spend their operating budgets making virtual assistants a hot commodity. How do they help crush the competition?

Paying as low as $5 per hour for online bookkeeping services vs. the typical $40,000 for an in-house bookkeeper yields tremendous cost savings. A small business can then use the money saved to (a) beat the competition with lower prices for products and services, (b) invest in additional advertising to outgrow the competition, and (c) prepare better strategic plans.

Hot coffee on your desk can be a challenge but a virtual assistant can do just about everything else an on-site assistant can do. Many a times, even with a full-time on-site assistant, the work load can get too much to handle. The on-site assistant can, at that point, off-load work to a Virtual Assistant who can act as an overflow buffer.

Small businesses can find it cumbersome to train and retain an assistant or bookkeeper. Further, the effective hourly pay rate for the assistant gets quite high especially if the assistant has to be paid for vacations, health care, sick time and bench time. As a result, having more than one assistant is really a luxury that a small business may not be able to afford. A virtual bookkeeper makes perfect sense for such a business. Visit here small business accounting services to know more information.

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