Do you ever feel like you’re drowning in a sea of invoices, payroll, and financial reports? As a busy business owner, juggling your business finances can be a major headache. Between chasing down payments from clients, managing employee salaries, and generating reports to stay on top of your cash flow, it’s easy to feel overwhelmed.
Here’s the good news: delegating bookkeeping and accounting tasks over to a top virtual bookkeeping assistant can free up your valuable time and energy, allowing you to focus on what matters most – growing your business. Specialised virtual bookkeeping services tailored to the needs of small businesses can significantly improve efficiency, save time, and help your company expand.
Virtual assistants can handle various accounting and bookkeeping tasks such as data entry, financial record keeping, bank and credit card reconciliation, payroll processing, and bookkeeping supervision.
This comprehensive guide explores 50 essential tasks your VA can handle, giving you back precious time and peace of mind:
Core Financial Management Tasks
Payroll Processing (Software: Xero, QuickBooks, Deputy, Tanda, iPayroll)
- Manage weekly timesheets.
Ensure accurate timekeeping for your team by collecting and organising weekly timesheets. This is especially important for businesses that pay employees based on hourly wages. - Process payroll for your team.
Streamline payroll processing by having your VA handle tasks like calculating wages and taxes, generating payslips, and making direct deposits or issuing checks. - Pay wages and salaries.
Ensure your employees are paid on time and accurately with your VA’s help. This includes managing payroll taxes and deductions, as well as filing any necessary reports. - Handle tax and superannuation obligations (STP filing, super guarantee payments).
Stay compliant with payroll tax regulations and superannuation contributions. Your VA can ensure timely filings and accurate payments.
Accounts Payable & Receivable Management (Software: Xero, QuickBooks)
- Manage vendor bills.
Free yourself from the hassle of managing vendor bills — your own service VA can handle tasks like entering bills into your own online bookkeeping services, cloud accounting software, tracking due dates, and making payments on your behalf. - Manage customer invoices and ensure smooth cash flow.
Maintain a healthy cash flow by having your VA manage customer invoices. This includes tasks like creating and sending invoices, chasing overdue payments, and applying late fees (if applicable). - Send payment reminders for outstanding invoices.
Avoid late payments from customers by having your VA send gentle reminders when invoices are due. - Process customer payments.
Simplify the process of collecting payments from customers. Your VA can handle tasks like recording payments in your bookkeeping software, reconciling bank statements, and issuing customer receipts.
Bank Reconciliation (Software: Xero, QuickBooks)
- Reconcile bank statements for accuracy.
Maintain accurate financial records by having your VA reconcile your bank statements. This involves comparing your bank statements with your bookkeeping software to ensure all transactions are accounted for.
Financial Report Generation (Software: Xero, QuickBooks)
- Generate essential reports (profit and loss statements, balance sheets, cash flow statements).
Gain valuable insights into your small business’ health with the help of a virtual bookkeeper. They can generate essential financial reports like profit and loss statements, balance sheets, and cash flow statements, keeping you informed about your financial performance. - Generate variance reports to identify budget discrepancies.
Go beyond basic financial reports and identify areas where your spending might be exceeding your budget. Your VBA can create variance reports that compare your actual spending to your budgeted amounts, helping you pinpoint opportunities for cost savings. - Create custom financial reports based on your business needs.
Get the financial data that matters most to you. Your VA can create custom reports tailored to your specific needs, providing insights that can help you make informed business decisions. - Prepare financial reports for meetings or presentations.
Save time and impress your audience with well-organised financial reports. Your VA can prepare financial reports that are clear, concise, and visually appealing for presentations or meetings.
Bookkeeping System Maintenance (Software: Xero, QuickBooks, MYOB)
- Ensure your bookkeeping software is set up correctly and stays organised. Having a well-organised bookkeeping system is key to accurate financial records. Your VA can ensure your chosen software (e.g., Xero, QuickBooks) is set up correctly and remains organised throughout the year.
- Update bookkeeping software with the latest tax tables and regulations.
Stay compliant with ever-changing tax regulations by having your VA update your bookkeeping software with the latest tax tables. This ensures your payroll calculations and tax filings are accurate.
Transaction Categorisation & Expense Tracking (Software: Xero, QuickBooks)
- Categorise income and expenses for accurate financial bookkeeping and tracking.
Gain a clear understanding of where your money is coming from and going by having your VA categorise all your income and expenses in your bookkeeping software. - Track and record business expenses for better budgeting and cost control. Empower yourself to make data-driven financial decisions. Your VA can track and record all your business expenses, helping you identify areas where you can cut costs and improve your overall budgeting.
- Reconcile credit card statements (Software: Dext can integrate with Xero and QuickBooks).
Avoid missing any deductions or overlooking fraudulent charges by having your VA reconcile your credit card statements with your bookkeeping software. Software like Dext can integrate with Xero and QuickBooks to streamline this process.
Compliance & Reporting
Payroll Tax & Superannuation Compliance (Software: Xero, QuickBooks)
19. Ensure payroll tax compliance.
Stay on the right side of tax regulations with your VA’s help. They can ensure you meet all payroll tax obligations, including timely filings and payments.
20. Utilise a virtual bookkeeping service to manage financial processes.
A virtual bookkeeping service can help small businesses stay compliant and manage their financial processes efficiently. This includes ensuring timely payroll tax filings and payments.
GST & BAS Compliance (Software: Xero, MYOB)
- Manage GST compliance.
Ensure your small business is GST compliant by having your VA manage tasks like registering for GST, calculating GST on sales and purchases, and filing Business Activity Statements (BAS) on time. - Prepare and lodge Business Activity Statements (BAS) on time.
Avoid late fees and penalties by delegating the preparation and lodging of your BAS statements to your VA. They can ensure your BAS is accurate and submitted to the Australian Taxation Office (ATO) on time.
Investment & Asset Management (Software: Xero, QuickBooks)
- Track and manage investment properties, shares, and other assets.
Maintain a clear picture of your overall financial health by having your VA track and manage your investment properties, shares, and other assets. This can include tasks like recording asset purchases and disposals, tracking rental income and expenses for investment properties, and monitoring the performance of your investment portfolio.
Health Check & Reconciliation (Software: Xero, QuickBooks)
- Perform regular reviews of your accounts to identify potential issues.
Proactive financial management is key to success. Your VA can perform regular reviews of your accounts to identify any potential discrepancies or areas of concern. Early detection of issues can save you time and money in the long run. - Reconcile profit and loss statements and balance sheets for complete financial clarity.
Gain a complete picture of your financial health by having your VA reconcile your profit and loss statements and balance sheets. This ensures all your income, expenses, assets, and liabilities are accurately accounted for.
Year-End Closing Assistance (Software: Xero, QuickBooks)
- Support the year-end closing process for a smooth transition.
Year-end closing can be a complex process. Your VA can provide valuable support by ensuring all transactions are recorded, accounts are reconciled, and financial statements are prepared accurately for the end of the fiscal year. - Tax Preparation Assistance (Optional, depending on VA’s qualifications) Streamline tax preparation by having your VA gather all the necessary information and assist with preparing basic tax documents.
Note: Depending on the complexity of your tax situation, you may still need to consult with a qualified tax professional.
Administrative Support, Cloud Accounting & Process Automation
Data Entry (Software: Xero, QuickBooks)
28. Manage data entry tasks in your bookkeeping software (invoices, bills, bank transactions).
Free yourself from tedious data entry tasks. Your VA can handle entering invoices, bills, and bank transactions into your online bookkeeping services and software, ensuring all your financial data is captured accurately.
29. Enter data into other business systems (CRM, inventory management).
Improve the efficiency of your business operations by having your VA enter data into other business systems you use, such as your CRM or inventory management software.
30. Scan receipts and other financial documents (Software: Dext can integrate with Xero and QuickBooks).
Keep your physical records organised and ensure all your financial data is readily accessible by having your VA scan receipts, invoices, and other financial documents. Software like Dext can integrate with Xero and QuickBooks to streamline receipt management.
31. Update customer and vendor contact information.
Maintain accurate and up-to-date customer and vendor information for efficient communication and record-keeping. Your VA can ensure your contact details are correct in your bookkeeping software.
Report Generation (Software: Xero, QuickBooks)
32. Generate Business Activity Statements (BAS).
Delegate the creation of Business Activity Statements (BAS) to your VA. They can utilise your bookkeeping services and software to generate BAS reports that accurately reflect your business activity for a specific period.
33. Create customised monthly reports based on your business needs.
Gain deeper insights into your business performance with customised monthly reports created by your VA team. They are professionals who can tailor reports to include key metrics relevant to your industry and business goals.
34. Assist with generating other financial reports (e.g., accounts payable ageing reports).
Get the financial reports you need to make informed decisions. Your VA can assist with generating various reports beyond the basics, such as accounts payable ageing reports that help you identify overdue invoices.
35. Generate reports on key performance indicators (KPIs).
Track your progress towards your business goals by having your VA generate reports on key performance indicators (KPIs) specific to your industry. This can help you measure your success and identify areas for improvement.
Customer & Vendor Management (Software: Xero, QuickBooks)
36. Maintain customer and vendor account information for efficient communication and record-keeping.
Ensure accurate and up-to-date customer and vendor information in your bookkeeping software. Your VA can handle tasks like adding new contacts, updating existing information, and maintaining a clean record of your business relationships.
37. Respond to basic customer and vendor inquiries related to invoices and payments.
Free up your time to focus on more strategic tasks by delegating basic customer and vendor inquiries to your VA. They can respond to questions about invoices, payments, and account balances, ensuring clear communication with your business partners.
Email Management & Filtering
38. Manage your inbox, filter emails, and respond to basic inquiries.
Take control of your inbox and reclaim your time. Your VA can manage your email, filter out irrelevant messages, and respond to basic inquiries, allowing you to focus on important communications.
Appointment Scheduling & Calendar Management
39. Schedule appointments, manage your calendar, and keep track of important deadlines.
Stay organised and on top of your schedule with your VA’s help. They can schedule appointments, manage your calendar, and ensure you never miss an important deadline.
File Management & Database Building
40. Organise and maintain your digital files.
Streamline document management and improve accessibility by having your VA organise your digital files. This can include tasks like creating a filing system, naming documents clearly, and ensuring all your essential files are easily retrievable.
Advanced Tasks & Payroll Services
Job Costing (Software: Xero Projects, QuickBooks Projects, Procore)
41. Track costs associated with specific projects.
For businesses that work on projects, such as construction companies or service-based businesses, understanding project profitability is crucial.
Your VA can utilise project management software like Xero Projects, QuickBooks Projects, or Procore to track project costs associated with labour, materials, and other expenses, helping you identify profitable projects and areas for cost optimisation.
Fixed Asset Management (Software: Xero, QuickBooks)
42. Track fixed assets like equipment and depreciation.
Maintain accurate records of your fixed assets, such as equipment and machinery. Your VA can track these assets within your bookkeeping software, including their purchase price, depreciation schedule, and accumulated depreciation.
Bookkeeping Clean-Up (Software: Xero, QuickBooks)
43. Assist with correcting errors and inconsistencies in existing bookkeeping data.
If your bookkeeping data is messy or contains errors, your VA can assist with cleaning it up. This may involve tasks like identifying and correcting errors, reconciling accounts, and ensuring your financial records are accurate and up-to-date.
Audit Support (Software: Xero, QuickBooks)
44. Provide support during audits to ensure a smooth and efficient process.
Audits can be stressful. Your VA’s familiarity with your bookkeeping software and financial records can be a valuable asset during an audit. They can help gather necessary documentation, answer auditor questions, and ensure a smooth and efficient process.
Content Calendar Creation & Social Media Scheduling (2 tasks): (For businesses seeking additional support)
45. Create content calendars for social media marketing.
Social media is a powerful marketing tool. Your VA can create content calendars to help you plan engaging social media posts, freeing you up to focus on creating high-quality content and tracking your progress.
46. Schedule social media posts according to the content calendar.
Once your VA has created a content calendar, they can schedule your social media posts in advance using scheduling tools. This ensures consistent posting and helps you maintain an active social media presence.
Other Tasks for Small Businesses
47. Manage work compensation lodgements (Software: ServiceM8, Tradify).
For businesses in Australia that employ tradies, managing work compensation lodgements can be a complex task. Your VA can utilise software specifically designed for tradies, like Service M8 or Tradify, to streamline the lodgement process, ensuring compliance with relevant regulations.
48. Take meeting minutes.
Ensure clear and concise records of your important meetings. Your VA can take meeting minutes, capturing key decisions, action items, and next steps.
49. Create summary reports.
Gain even more value from your meetings by having your VA create reports that summarise key discussions and deliverables. This can be a valuable resource for following up on action items and ensuring everyone is on the same page.
50. Research on certain financial topics as needed.
As a Virtual Bookkeeping Assistant, your VA is tuned in to the latest financial news and trends that could help you scale up. This wouldn’t require specific software but could involve using online resources or financial databases.
Delegating bookkeeping and other administrative tasks to or hiring a Virtual Bookkeeping Assistant can free up valuable time and energy, allowing you to focus on core business activities that drive growth and success. When choosing or hiring a Virtual Bookkeeping Assistant, consider their skills, experience, and familiarity with relevant online bookkeeping services, software, and regulations specific to your location.
By partnering with a qualified VA, you can gain back control of your time, your finances, achieve greater financial peace of mind, and empower clients and yourself to make informed business decisions based on accurate and insightful financial data.
Feeling overwhelmed by your finances?
Way Better Books can help. We specialise in bookkeeping services, providing virtual bookkeeping services to businesses of all sizes and industries. We have experience with a variety of virtual bookkeeping services and software programs, including Xero, QuickBooks, and industry-specific options. Contact us today for a free consultation and learn how we can help you maintain squeaky-clean finances today!