12/10/2023 0 Comments Bookkeeping virtual assistants![]() ![]() This process involves keeping a detailed record of all your expenditures. Expense TrackingĮxpense tracking management is essential if you want to keep your spending in check. These errors include duplicate entries or failure to record a transaction. Reconciling frequently is the key to preventing errors that can affect your financials in the long run. Your VA will evaluate both records and check to see if there are any inconsistencies or discrepancies. Reconciliation is the process of ensuring the revenue and expenses registered on your balance sheet in your general ledger match your bank statements. Because this money is something you expect to receive, it is recorded in your asset account.ĪR management consists of tasks such as sending payment reminders, recording interest rates, monitoring accounts receivable turnover rates, and tracing any cash owed to you. It entails tracking and collecting payments or purchases made on credit by customers or clients for the use of a good or service. On the other hand, accounts receivable management is all about collecting money owed to your business by another entity. They can also handle the task of paying these creditors. Ī bookkeeping virtual assistant keeps track of all these bills and the due dates of when they need to be paid. As such, these debts are listed as liabilities that need to be paid based on set payment terms. This type of account is full of purchases made on credit and that are not paid for immediately. Accounts Payable ManagementĪccounts payable management involves tracking money that your company owes to other entities, such as suppliers, vendors, employees, landlords, utility companies, etc. In this article, we’re going to dive into some of the essential bookkeeping tasks that you can outsource to a VA. However, the need for a bookkeeping virtual assistant becomes apparent when scaling a business or when tax season rolls around! With a business to run, most people don’t have hours every week to devote to accurate bookkeeping. Some folks like the idea of doing their own bookkeeping. Our friends over at EcomBalance can tell you that there are a lot of things to keep track of when it comes to financial management. You know that bookkeeping is a task that every business needs to perform. So – long story short, protect yourself and your business by making sure your virtual assistant is also up to speed on the rules/regulations to do your bookkeeping.You may hesitate to hire a bookkeeping virtual assistant. You’ll also have recourse to complain should anything go wrong. This protects you as their client, as they’ll be held to a code of ethics and standards. Any bookkeeper worth their salt will also be a member of a professional body, such as the Institute of Certified Bookkeepers or International Association of Bookkeepers. These should help to convince you of their competence. Qualifications and Professional Bodiesīefore you engage with a VA/bookkeeper, check out their Linkedin profile and website for qualifications. Worst case scenario, you may end up paying twice the price for an expert to pick up the pieces if things go wrong! Make sure you go into it with open eyes. As a business owner, we know it makes sense to keep your overheads down but bear in mind that you’re also losing invaluable know-how and a pair of safe hands. We recently read on a forum about a highly experienced bookkeeper losing a client to an unqualified virtual assistant, who offered to complete the work at significantly reduced price. And if they’re not compliant with Money Laundering Regulations, then what else are they cutting corners on? Experience If your bookkeeper isn’t registered, they are breaking the law. This can be direct with HMRC or through a professional body (if they are a member). In order to undertake ANY such work in the UK, bookkeepers required to register for Money Laundering Supervision. Here are three key things to look out for: Complianceīookkeeping is defined as the method of recording the financial aspects of any business transactions. ![]() If you are thinking about letting your fab virtual assistant loose on your books, make sure they’re ALSO a competent bookkeeper. However, you need to protect yourself and your business. You can easily find a VA specialising in website maintenance, social media management, diary management, transcription, business management – plus everything in between! Virtual Assistants are mostly known for providing high quality back-office support to businesses. It can be difficult to see where the line is drawn between a bookkeeper and a virtual assistant – to clarify – we at ValueAdd provide both Bookkeeping and Virtual Assistance services to our clients, as do many others across the world. ![]()
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