03 Mar HOW AN EXECUTIVE VIRTUAL ASSISTANT CAN HELP MANAGE FINANCES
Executive assistants may be a lifeline when it comes to staying organized, but they can also be a valuable asset to keep your finances on track. As an extension of your office, an executive virtual assistant can be a huge help with the organization and management of your budget. Financial tracking is one of the many ways an EVA can make your life easier on a daily basis and at key points throughout the year such as tax season.
As always, establish expectations up front. An EA can’t replace a financial professional, but they can be very useful when managing finances. Think about the following questions. Are they simply storing receipts for you or also tracking and reporting them? Are they helping to track your personal purchases in addition to company expenses? Do they have a corporate card and are they authorized to make purchases without approval? Once the scope of their responsibilities is determined, connect your EA to your finance office and make sure they are given access and training to any financial software or internal systems.
Here are some key ways you can optimize budget management with the help of your Executive Assistant.
Delegate daily budget tracking and reporting to your EA.
Most assistants are perfectly positioned to track budgets. They likely already have the records of travel expenses, supply orders, subscriptions, and business dinners. Your EA can continually input these purchases into a shared spreadsheet, freeing up time for you to focus on other tasks. These spreadsheets are a great way for you to see the state of your finances at a glance. Additionally, passing the responsibility of receipt reconciling to your EA will free up your valuable time at the end of each month.
Use your EA to streamline financial communication.
EAs can also serve as a liaison between you and your finance team or any external financial professionals. They can answer questions from your accounting department about specific expenses or take notes during meetings with financial advisors and help track any action items discussed. As in all things, they can manage a large portion of the back-and-forth communication that happens with these parties, to free up time in your day and space in your inbox.
Use your EA’s project management skills.
EAs can also help manage budgets for specific projects or events. As they facilitate scheduling and email exchanges, they can be a gatekeeper to help you keep track of where a project’s budget is going. Often, they are already managing catering, reservations, and supply ordering for events. Wrapping expense tracking in with that will cut down on unnecessary miscommunication or redundancies during the planning process.
Be prepared for tax season.
While tracking your daily finances, your EA can also be a huge help in preparing for tax filings. They can gather and sort invoices and help track down any missing receipts or paperwork. They can facilitate communication with your internal accounting team or external financial advisors. Additionally, as part of managing your calendar they can help keep track of filing deadlines, the status of returns, and any outstanding payments.
Are you looking for help in keeping your finances organized year-round? Book a consult with us today to find out how an executive virtual assistant can improve your business!