What You Can Expect from a Third-Party Bookkeeper

Whether your business earns $100K or $100 million in annual revenue, you need a  quick, simple and safe way to log expenses. That is where you use virtual bookkeeping firm services.

In addition to helping, you track and manage basic expenses, virtual bookkeeping also allows you to make more informed business decisions.

This list of bookkeeping services will help you to understand how your small business could benefit from outsourcing to a third party:

  • Bills and payments (accounts payable): Keep all your previous, current and upcoming expenses in one place, and categorize them as you see fit
  • Invoices (accounts receivable): Track paid, unpaid and upcoming payments from customers so you always know the state of cash flow
  • Payroll: Easily take a deep dive into your current and upcoming payroll expenses by viewing the costs of employees
  • Manage your cash: By integrating with your business bank and credit card account you can better manage incoming and outgoing cash in your business
  • Budgeting: Based on your financials, create a detailed budget specific to your needs and pave the way for new growth
  • Forecasting: As your business grows and takes on more accounts or increases traffic, determine the rate at which you will grow (and when you’ll need new resources like employees or equipment)
  • Customer and job analysis: By analyzing customer/job transactions, you can determine which customers/jobs and/or help you generate the highest revenue
  • Generate financial statements: Instead of spending hours in an Excel sheet, instantly create reports that tell you what you need to know about your business’s performance
  • Ongoing reconciliation: As your business incurs new expenses and generates revenue, online bookkeeping services can help you reconcile these costs
  • Cloud-based software: Rather than storing information locally, online bookkeeping services help you log expenses in the cloud—meaning anyone in your business can access this detailed information remotely, or you can keep it all to yourself.
  • Prepare for tax season: As you log new invoices and make additional payments, prepare your business for a quick and simple tax process.

It is important to remember that expert financial insights don’t have to cost a fortune—the information that you can get from an online bookkeeping service can prove quite valuable.