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5 Financial Admin Tasks To Delegate To A Virtual Assistant

Barnaby

Barnaby Lashbrooke

Founder and CEO of Time etc, author of The Hard Work Myth

7 minute read

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Every entrepreneur knows the exhausting struggle of trying to do it all. Late nights staring at spreadsheets, fighting your way through stacks of receipts, and that nagging feeling that you're missing something crucial.

It's easy to feel stretched thin and overwhelmed by the weight of so many responsibilities, but luckily, there are ways to lighten the load.

Here, we'll be exploring five financial administrative tasks that can be easily outsourced to a virtual assistant, letting you breathe a sigh of relief and focus on what truly matters to you.

What is a virtual assistant?

A virtual assistant (VA) is an independent contractor who provides administrative, executive, or personal support from a remote location. Similar to a traditional personal assistant, they are usually hired to handle the less urgent, often repetitive, but still necessary tasks that would fill your day as a business owner. Common tasks a virtual assistant can help with include scheduling, email management, research, data entry, social media management, and more.

As small businesses increasingly look for ways to do more with less, many entrepreneurs are realizing that getting help from skilled virtual assistants can make a big difference.

By handing over time-consuming tasks, they're finding a smart way to not only lighten their workload but also boost their efficiency and productivity. In this time of tough competition and fast-changing markets, using virtual assistants wisely is a practical solution that helps small businesses achieve more with the resources they have, promotes flexibility, and creates a space for innovation and growth.

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Why should you delegate financial admin tasks?

Letting a virtual assistant handle financial admin tasks offers several compelling advantages for any business owner:

  • Time savings: By offloading financial admin, you free up your time to concentrate on core business activities and strategic planning, putting your skills and expertise to greater use.
  • Efficiency: Virtual assistants bring expertise and efficiency to financial admin, making sure that tasks are completed accurately and promptly.
  • Cost-effective: Hiring VAs is often much more cost-effective than a full-time employee, as you pay only for their productive time completing tasks for you—down to the minute. It also cuts out the need for additional office space and equipment, which reduces your overheads even further.
  • Scalability: Working with a virtual assistant is also more flexible than hiring full-time staff, allowing you to easily scale your support up or down as needed without the complexities of hiring.
  • Access to a wider talent pool: Remote work broadens your access to a diverse talent pool for virtual assistants, offering more choices and increasing the likelihood of finding a perfect fit for your needs.
  • Improved work-life balance: Delegating to a virtual assistant contributes to a healthier work-life balance, preventing burnout and allowing for more personal time.

5 financial admin tasks to take off your plate today

1. Invoicing and billing

When it comes to running a successful venture, there's one thing you simply can't ignore—revenue. It goes without saying that without a steady cash flow, business operations can come to a screeching halt.

So when every penny counts, it's no wonder that keeping up with invoices and payments is one of the biggest causes of stress among business owners.

Recent surveys have found that 63% of small business owners suffer from stress, anxiety, or depression due to late payments. Not only that, but business owners can spend the equivalent of 20 days per year chasing them up.

Handing these tasks over to an experienced professional can help you make sure you're always on top of these crucial processes while saving you the time and stress of doing it yourself.

2. Expense tracking

Most business owners would agree that tracking your expenses is a tedious but necessary task. It’s vital for maintaining an efficient financial system within your business, as well as making sure you meet all legal obligations such as tax laws.

According to one survey, 40% of small business owners spend over 80 hours—roughly ten full working days—per year on tax preparation, with 40% also reporting it's their least favorite part of owning a business.

Imagine what you could do with that extra time! You could use it to invest in new marketing strategies, attend networking or training events, or simply take some time for yourself. No matter how you use it, reclaiming those ten working days can make a big difference in your life and your business.

Offloading this task to a virtual assistant means you can rest assured that all of your financial transactions are being well-documented and taken care of. This will save you both time and hassle at the end of the financial year, allowing you to focus on the more important aspects of running your business.

3. Budget monitoring

Monitoring your budget is absolutely crucial for running a successful and sustainable business. It gives you real-time insights into your income and expenses, which helps you stay in control of your finances and make smart decisions about how you spend your money.

By keeping a close eye on your budget, you can allocate your resources efficiently, making sure that your funds are going towards the most important goals for your business. Regular monitoring also allows you to make timely adjustments, catching any differences between what you planned to spend and what you actually spent. This helps you stay on track and address any potential issues before they become bigger problems, helping to avoid any surprises along the way.

A virtual assistant can help by tracking expenses against your existing budget and sending regular reports so you always know exactly where you're at.

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4. Comparing products and services

Whether it's changing internet providers, upgrading your computer, or hiring an external consultant, we all want to make sure we choose the best option for our needs—and at the best price.

According to recent surveys, 85% of us will conduct some form of research before buying online. And for major purchases, this time spent gathering information can span 79 days. Even just a few minutes of research each day adds up to two-and-a-half hours gone at the end of those days.

While finding the right product or service is certainly an important task, it's not a task that needs to be done by you.

With an experienced virtual assistant, you can rest assured that you'll always make solid purchasing decisions, with minimal hassle. They can look into all the solutions available and present you with a selection of suitable options based on the criteria you provide.

5. Vendor communication

Having a reliable network of vendors and suppliers is essential for any retail or e-commerce business, but keeping on top of all the back-and-forth communication with them can be a time-consuming and tedious task.

This is where an experienced virtual assistant can come in extremely handy.

With the right guidance, they can provide valuable support in managing vendor and supplier relationships, such as organizing invoices, tracking shipments, coordinating deliveries, handling product returns or exchanges, answering queries, and more.

They can manage all the details, so you can rest assured knowing that everything is taken care of without having to spend hours on the phone or sorting out emails.

How to maximize your success when you delegate to a virtual assistant

When delegating financial admin tasks, it's important to provide clear guidelines, access to necessary tools and information, and regular feedback to ensure accuracy and efficiency.

Keep in mind that while VAs can handle many financial administration tasks, certain sensitive matters may still require your direct involvement. Always consider the security and confidentiality of financial information when delegating tasks.

What's the bottom line?

From invoicing headaches to the constant battle with receipts, the never-ending cycle of financial admin can be a significant roadblock, preventing you from reaching your business's full potential.

Let's face it, you didn't launch your business to get stuck in the weeds of financial tasks. The precious time you spend crunching numbers could be better invested in growing your empire.

By delegating these tasks, you not only reclaim your time but also make sure that your financial processes are managed seamlessly. A virtual assistant can be your strategic ally, allowing you to refocus on the core aspects of your business and drive it toward long-term success.

If you're ready to regain control and freedom with the help of a virtual assistant, Time etc is here for you.

With over 15 years of experience in helping over 22,000 business owners reclaim valuable time, a vast talent pool of virtual professionals, and a lifetime happiness guarantee for all our users, we're committed to helping you reach your goals and unlock your full potential.

Speak to our expert team to get started, and we'll match you with a skilled virtual assistant to help you achieve more, do more, and earn more in your business.

Or try us out for free today!

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About the author

Barnaby
Barnaby Lashbrooke is the founder and CEO of Virtual Assistant service Time etc as well as the author of The Hard Work Myth, recently recommended by Sir Richard Branson. Barnaby is a Forbes Columnist on productivity and is also an accomplished entrepreneur, selling more than $35 million worth of services.

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