Online Accounting and Your Virtual Assistant

As a business-owner or entrepreneur, one of the biggest challenges you probably face, is how to manage your finances and do your accounting correctly and easily. You have to consider factors like easy and convenient invoicing for your clients, calculating your payroll and taxes, financial statements, and regular monitoring of your cash flow.

Thankfully, there is now a wide range of online accounting tools that simplify your accounting needs. Most of these tools and websites automate calculations for payroll, taxes and profits or losses. You can use these tools to instantly invoice your clients and check your profits on a weekly or even daily basis. Best of all, these tools can be used by almost anyone, whether they have experience with business accounting or not.

The simplicity of these websites makes it easy for you to hire the right virtual assistant for your needs. Searching for a freelancer with decades of accounting experience may take months, and their rates may also be extremely high. Now with these online accounting tools, you can hire a freelancer with minimal to no accounting experience to assist you with your financial management.

Take for example, Freshbooks. This accounting tool has been met with rave reviews from Forbes, CNN and the New York Times. Freshbooks is cloud accounting software, which means that your freelancer can work on your books from his or her mobile phone, tablet or desktop. The website is simple and very easy to use and your freelancer would spend a minimal amount of time performing your accounting tasks. Best of all with Freshbooks, there is customer-support available at anytime. So just in case your freelancer runs into a problem, he or she can call for customer assistance, without ever having to trouble you.

Xero is accounting software that is both convenient for you and your freelancer, and cost-effective. The website offers multiple features that make it easy for your freelancer to answer any of your financial questions. He or she can simply run reports that can link back to the original transactions or help you calculate payroll and taxes, even for complex payroll needs. Another perk of this particular accounting solution is that you and your freelancer or freelancers can all work together to develop financial statements and reports as a team.

Other accounting solutions like Quickbooks Online and Outright offer many of the same benefits as their accounting counterparts. Outright is geared toward small businesses, and you can connect all of your online accounts, like Paypal, Etsy and Amazon to your Outright profile. Outright also does not require you to manually create your own reports. They are refreshed automatically with every piece of new data, so all your freelancer would need to do, would be to log in and look at the reports at any given time. Quickbooks Online also has a great feature for you to pay your employees directly, which sets it apart from some of its competitors. Using the software, you can pay your employees with free-direct deposit or even print your own checks. You can also manage your taxes using the program, either through paying automatically or by printing completed forms. The user interface is simple and easy to use and your freelancer will be able to complete almost any financial or accounting task you may need, without any issues.

When choosing your online accounting solution, keep in mind that you want something simple, mobile and cloud-based, cost-effective, efficient and easy for even a freelancer with no accounting experience to use.

For more info visit:

Jay Pasana is the Managing Director of Red Mountain Creations which offers Graphics, Web Development, Social Media Marketing & Search Engine Optimization. Visit their website at