Have you ever wondered how much money you truly spend on administrative tasks? Let’s do the math together: take your average hourly rate (let’s say $300 for a legal professional), multiply by the number of hours you spend paying bills, preparing invoices, checking your credit card and bank statements, talking to your tax accountant, processing payroll, and running to the bank to make deposits. Please remember to add to this number your monthly costs for having a tax advisor and bookkeeper. Are you surprised at the result? Would it be a better use of your time to serve your clients – and make money -- but you feel you have no choice?
New technology has a lot of solutions to offer, and not only to big businesses; however, most sole proprietors and small businesses do not even consider using one of the most obvious choices: going virtual for the majority of non-core business functions. Having all or most of the non-core business functions handled virtually can be the answer for most solo practitioners and small firms in meeting their clients’ pricing expectations and their own profit objectives. This article will spotlight how it works – in our practice (http://myvirtualcorporate.com).
There are not many virtual service providers offering full back-office support, but it makes perfect sense to pick the one that does. In a virtual corporate service environment, all work is done using the internet in a secure, protected environment. All ledgers and documents can be seen by both client and provider at all times. The virtual office can take care of day-to-day accounting and bookkeeping, taxes, payroll processing, and also can assist with every human resources (HR) matter from recruiting candidates to assisting the business in setting up a benefits package, and much more.
The virtual service provider’s accountants are picking up all of your bookkeeping and tax-related tasks. You just make sure you email, scan, or fax your bills to us or put your bills in your folder in the cloud. With your approval, these bills will all be paid electronically on your behalf, without cutting a single check. Client invoices will be sent out as well by either email or mail, and may even offer your clients the option of making an electronic payment. Payments that are made by check can be deposited to your bank account quicker than you could get to your car. Accountants can process your payroll, take care of your payroll taxes, prepare W-2s, 1099s, and prepare and file all your corporate taxes in a timely manner. At the end of the month (and at year-end) they could perform closing, including but not limited to bank reconciliations, credit card reconciliations, amortization schedule updates, review of certain reports, and other accounting functions as are needed by your business. Additionally, your financial position at month-end is personally discussed with you – as part of the service, included in our fees.
An HR professional can be used as needed. From posting a job and pre-screening resumes before sending you the ones that could qualify, to providing first day support, meeting with new employees, we can assist any small business. A benefit specialist can find you basic and supplemental benefit packages to meet your needs. Also, we can assist with preparing an Employee Handbook, or advice on other employee matters.
Business consultants can assist with proposal costing, indirect rate calculations and negotiations, grant and contract proposal submission, grant and contract management (cradle-to-grave), budgeting and forecasting, just to mention a few services. The consultants could fill in for positions at your organization when you need immediate coverage for a position that vacated suddenly (i.e. a temporary acting CFO).
One of the most unique services we provide is the “WishTeam”. This is a very diverse group of people to provide you with a sort of concierge service (we just do not like the word “concierge” since we are not in the hospitality industry). They handle any “out-of-the-ordinary” requests – the things you would like to do but have no time to. Such requests might be comparing au pair agencies because you are expecting a baby. Or you would like to organize a surprise birthday party for your partner’s 50th birthday but you are too busy to make it happen. You may also have elderly parents who need assistance with day-to-day activities. The WishTeam can also make sure that the local grocery store delivers food to your family while you are on the road. We can organize a business breakfast session in a local hotel, or your daughter’s wedding on a cruise ship. The group can make travel arrangements (both business and pleasure) or take care of the holiday cards (from ordering to mailing them out). You have the “wish” - the WishTeam makes it happen.
When it comes to pricing, you can often choose between fixed priced packages and the traditional hourly rate structure. Since we offer services on an “a la carte” basis you can pick and choose what is needed, and the price is set accordingly. As the business grows and its needs change, so can the services that are provided. It is easy to add, change and modify service needs tailored to the precise requirements of the business. We encourage you to use your credit card to pay us – it gives you another 30 days to pay off your balance.
In summary, we all need to do the math and see what our time is worth – in terms of dollars and cents. Time is money but it is also our most important commodity. One way or another, we all sell our time. That said, only you, the working professional can decide where your time is best used and where it will yield the highest profit.
The key role of business admin in a company is to see consistency in performance and management of business operations. Making or implementing of major decisions with efficient organization of people and other resources so as to direct activities toward common goals and objectives.
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