In among the tidal wave of daily tasks that come with running a small business – from nurturing customer relationships to managing marketing and everything in between – managing accounts and finances can quickly become something that feels overwhelming.
However, with the support of a skilled Virtual Assistant, small businesses have access to valuable support in navigating the complex world of small business accounting. AKA, there’s someone out there who can manage all the accounts stuff, so you don’t have to.
Sounds like a win-win situation to us!
If you’re considering investing in a Virtual Assistant to help manage your small business accounts, here’s how they can support you…
Accounts Support with a Virtual Assistant
Data Entry and Bookkeeping
A Virtual Assistant can take basic accounting tasks off your hands, such as data entry and bookkeeping. While these tasks may seem simple enough, they form the foundation of your financial position and can hurt your business overall if not managed correctly from the get-go.
A Virtual Assistant can do everything from reconciling bank statements to inputting data into your accounting software. They’ll also ensure that accurate records of income and expenses are always maintained.
This works to make things a whole lot easier for you and your small business. You’ll be able to rest assured that all your financial records are accurate and up to date, allowing you to make well-informed financial decisions for your small business going forward.
Invoice Management and Accounts Receivable
Look, not everyone pays on time. That’s just how this business thing works. People are busy, they forget, paperwork gets lost, emails go missing, and sometimes that means payments to your business don’t come through when they should.
Further issues arise when you don’t have time to chase those payments yourself. Not only does it mean your business is out of pocket, but it also means aged debt begins to build up. And we all know that the longer a payment goes unpaid, the less likely it is to be paid. Ever.
This is where a Virtual Assistant can step in to support you. A VA specialising in accounts can generate invoices, send them out to clients and follow up on overdue payments to keep your cash flow positive and business running smoothly. They can also track accounts receivable, keeping a close eye on outstanding invoices and communicating with clients to make sure those invoices are paid ASAP.
Not only does this benefit your business, but it also gives you peace of mind that your hard work isn’t being handed out for free.
Expense Tracking and Accounts Payable
You may not think it, but tracking your own expenses is almost as difficult as keeping up with who owes you! To ensure you’re building your business on a solid financial foundation, you need to be aware of your outgoings and ensure all payments on your part are made promptly.
Not only does this ensure your accounts are always accurate, allowing you to make informed financial decisions, but it also prevents large, surprise outgoings and damage to your credibility as a business.
A Virtual Assistant skilled in accounts management can help you keep on top of your expenses and payments by scheduling payments, verifying vendor invoices, and reconciling accounts.
Financial Reporting and Analysis
Financial success for your small business doesn’t just happen overnight – it requires regular reviewing and improving to start heading in the direction you want it to.
However, it can be difficult to get a full picture of your financial position without having the time to regularly analyse and develop reports for your accounts. Once again, this is where a Virtual Assistant can use their accounting expertise to support you.
A Virtual Assistant can generate balance sheets, income statements and cash flow statements to provide you with valuable insights into your current financial position, and offer advice on how to take your business to the next level.
Investing in a Virtual Assistant to help support your small business accounts can be hugely beneficial, but if you’re still on the fence about handing your accounts over to an external party, check out the benefits of doing so below.
The Benefits of Virtual Assistant Accounts Support
Access to Expertise
Let’s face it, we can’t all be experts in everything, no matter how much we’d like to be. You’re an expert in running your small business. You have superior knowledge of your industries, your products or services, and what makes your customers tick.
What you may not be an expert in, however, is finance. With so many complex processes and procedures to follow, paperwork to keep up with and data to manage, it can feel challenging to run your accounts solo, especially if it isn’t your forte.
Investing in a Virtual Assistant to support you in managing your accounts means constant access to professional advice and peace of mind that your accounts are being handled effectively.
Time Constraints
Another issue that small business owners tend to run into when it comes to managing their accounts is that tricky little concept of time – or, more specifically, lack of it! Managing your accounts effectively takes time, and when you’re already short on hours in the day, it can be difficult to give it the attention it needs.
With support from a Virtual Assistant, you can rest assured that your account management isn’t being squeezed into the last ten minutes of the day or left until the very last second. Instead, your VA can dedicate as much time as is needed to keep your accounts in order, cash flow positive, and late payments and aged debt to an absolute minimum.
Cost-effective
It’s no secret that hiring an in-house full-time accountant is expensive. As a small business, this may not be something you can incorporate into your budget just yet. But where does that leave your accounts?
Choosing to delegate account management to a Virtual Assistant gives you the best of both worlds. You’ll give yourself access to an accounting professional and all the benefits that come along with that, just without having to fork out for the cost of a full-time employee.
Account Support with The Edwards Company
Here at The Edwards Company, our Virtual Assistants have years of account support experience under their belt. If you feel accounts support from a Virtual Assistant could benefit your small business, please do not hesitate to get in touch.