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Bookkeeping

Task of a Bookkeeping Virtual Assistant

  • Accounts payable and receivable
  • Accounts reconciliation
  • BAS preparation
  • Tax preparation and compliance

Managing Accounts Payable and Receivable in accounting software, send out client invoices, and follow up on overdue payments to ensure timely receipts.

Perform Regular Reconciliation of bank statements with recorded transactions in the accounting software, addressing any discrepancies.

Preparing and Generating Financial Reporting monthly or quarterly, including profit & loss statements, balance sheets, and cash flow reports to monitor business performance.

BAS (Business Activity Statement) Preparation by gathering financial data, calculate GST, and prepare the BAS for timely submission to the Australian Taxation Office (ATO).

Payroll Management including wages, deductions, and superannuation, using payroll software to ensure timely employee payments.

Expense Tracking and Management in accounting software to maintain accurate financial records.

Tax Preparation and Compliance and ensure timely and accurate submission.

Managing Client Accounts in accounting software, and follow up on outstanding balances as needed.

Manage cloud-based accounting software to ensure accurate financial data entry, assisting with troubleshooting and updates.

Enter daily transactions accurately into the accounting system, ensuring consistency and accuracy in sales, purchases, payroll, and expenses.

Accounts Reconciliation to ensure all transactions are up-to-date and accurate.

Budgeting and Forecasting to support financial planning and ensure cash flow aligns with business goals.

Documentation and Record-Keeping for easy access during audits, ensuring all receipts, contracts, and statements are securely stored.

Client Communication about invoices, payments, and account details, providing clear and prompt responses to address concerns.

Compliance and Regulatory Support to ensure the business remains compliant with financial regulations and filing deadlines.

Software used by our staff

Q&A

Frequently Asked Questions

1. What tasks can a Bookkeeping Virtual Assistant handle for my business?

A Bookkeeping VA can manage accounts payable and receivable, handle payroll processing, reconcile bank statements, prepare financial reports, assist with tax preparation, track business expenses, and maintain compliance with tax regulations such as BAS submissions.

2. What accounting software do your Virtual Assistants use?

Our Bookkeeping VAs are proficient in popular accounting software including Xero, QuickBooks, MYOB, and Zoho Books. They can also adapt to other platforms based on your business needs.

3. How secure is the data shared with the Bookkeeping Virtual Assistant?

We prioritize the security of your financial data. All information is handled through secure platforms, and our VAs follow strict confidentiality agreements to ensure the protection of sensitive financial data.

4. Can a Bookkeeping VA help with preparing my Business Activity Statement (BAS)?

Yes, a Bookkeeping VA can assist in gathering the necessary financial data, calculating GST, and preparing BAS for submission to the Australian Taxation Office (ATO). However, final submission must be done by a registered BAS agent.

5. How can a Virtual Assistant help with payroll management?

A Bookkeeping VA can process payroll using software such as Xero Payroll or MYOB, ensuring employees are paid on time, calculating deductions, and managing superannuation payments.

6. What level of financial reporting can a Bookkeeping VA provide?

Bookkeeping VAs can generate regular financial reports, including profit and loss statements, balance sheets, and cash flow reports. These reports help you track your business’s financial health and make informed decisions.

7. How does the Bookkeeping VA manage accounts payable and receivable?

The VA will track invoices and payments, ensuring timely billing and payment followups. They can also reconcile accounts and maintain accurate financial records for both accounts payable and receivable.

8. Can a Bookkeeping VA assist with tax preparation?

Yes, they can help organize financial data, ensuring everything is prepared for tax filings. They can work alongside your accountant to provide necessary reports and records for tax return preparation.

9. How do I communicate with my Bookkeeping Virtual Assistant?

You can communicate with your VA via email, messaging platforms like Slack or Microsoft Teams, or through scheduled video calls. We ensure flexibility to suit your preferred communication method.

10. Will my Bookkeeping Virtual Assistant provide support during audits?

Yes, a Bookkeeping VA can organize and provide necessary documents for audits, ensuring all records are up to date and properly filed, making the audit process smoother.

11. Can a Bookkeeping VA help with budgeting and forecasting?

Absolutely, the VA can assist in preparing budgets and financial forecasts, helping you manage cash flow and make strategic financial decisions for the future.

12. How often will my financial reports be updated?

You can choose the frequency of updates—monthly, quarterly, or even weekly, depending on your business’s needs. The VA will ensure that reports are delivered according to the agreed schedule.

13. Do I have to provide my Bookkeeping Virtual Assistant with access to my financial accounts?

Yes, in order for the VA to effectively manage bookkeeping tasks, they will need access to your accounting software and bank statements. However, all access will be handled securely, with limited permissions based on the specific tasks they are performing.