When starting a business, many business owners attempt to do the bookkeeping on their own because it is fairly simple in the beginning. They also like to do it because it gives them a handle on their finances. However, as the business grows and other marketing, sales, and operational needs place greater demands on the time of business owners, it is typically the accounting function that suffers. In a growing business, if too much time is allowed to pass between keeping the books, cash flow problems can be imminent.
Most virtual bookkeepers come fully qualified and prepared to handle the record-keeping and accounting functions on a part-time basis. At a minimum, they can help the business with the following services:
- Daily monitoring of cash flow
- Preparation of financial statements
- Year-end tax preparation
- Establishing or recommending accounting procedures
- Managing accounts payables and receivables