Why a Virtual / Cloud Based Accounting Business Business Benefits: Work Anytime/Anywhere (Vacation,...
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Transcript of Why a Virtual / Cloud Based Accounting Business Business Benefits: Work Anytime/Anywhere (Vacation,...
Starting Your Own Virtual Accounting
Company – Session 2: Staffing & Procedures
Why a Virtual / Cloud Based Accounting Business
Business Benefits:
• Work Anytime/Anywhere (Vacation, Travel)• Not Limited by Geographic Location
• Large Potential Client Base• Larger Workforce Pool
• Increased Client Productivity• Flexibility• Decrease Overhead Costs• High Level Services to Clients AND true work-life balance
Why a Virtual / Cloud Based Accounting Business
Staffing Benefits:
• No daily commute/travel• No work attire requirements• Anytime/Anywhere (additional vacation/travel time)• Flexible Schedule (flex hours after priority tasks met)• Results, Team, and Client Oriented vs Time Clock Punching
Challenges:
• Everyone is Remote – Communication and Procedures are Key!
Building Your Team: Organizational Chart Example
Owner/CPA
Payroll Manager (1 FT)
Payroll Accountant (1 PT)
Accounting Manager (1 FT)
Data Entry (3 FT Contract)
Admin Asst (1 PT)
Building Your Team: Who To Hire & When
#1 Contract Out Data Entry#2 PT Acctg Manager or Review Accountant to Mentor/Promote#3: Work w/ Acctg Manager to Build Team from here
Building Your Team: Data Entry
Responsibilities:• Daily Entry & Misc Projects• NOT Responsible for Acct Decision Making & Client
CommunicationQualifications:• Data Entry, QuickBooks, Computer Skills• Understanding of confidentiality• Attention to DetailSchedule:• Overnight 8pm to 5amPay:• Wide range (US vs India)• ~$8-12/hour
Building Your Team: Review Accountant
Responsibilities:• Daily data entry review & feedback to data entry team• Client clarifications, emails• Month/Quarter/Annual Close Procedures & Checklist• Maintain GL, Prep GJE’s, Bank Recs, Reporting• Escalate issues to Accounting ManagerQualifications:• Accounting Degree, 2 Years Experience• Proficient in QB, Excel, Computer Skills• Attention to Detail, Confidentiality Minded, Excellent Client Server
Skills, Team Oriented, Results/Goal OrientedSchedule:• 5am-10amPay:• ~$15/hour
Building Your Team: Accounting Manager
Responsibilities:• Staff Management • Client Accounting Oversight• Company Policy & Procedure Management • Internal Review Accounting• Software/Systems ManagementQualifications:• Accounting Degree, 5 Years Accounting, 3 Years Management• CPA, CMA a plus• Macro View of Accounting, Strong Analytic Skills• Strong Management Style and Customer Service SkillsSchedule:• 7am-3pmPay:• ~$20/hour
Building Your Team: Benefits
Benefits to Consider:• PTO• Health Insurance• 401k or 401k Match• Profit Sharing • Home Office Reimbursement/Allowance• Highlight & Encourage Work-Life Balance
Building Your Team: Roles of Owner
Beyond Business Ownership/Management, Consider Areas Not to Assign/Delegate:• High Level Client Communications
• Client Leads/Proposals• Monthly Consultation of Bookkeeping Clients• Coaching & Consulting
• Marketing/Advertising• Internal Cash Flow / Budgeting / Forecasting• Decisions Related to Software or Technologies
Building Systems, Checklists & Procedures
Staffing Systems, Checklists & Procedures:
• Recruiting/Interviewing/Hiring Checklist• Employee Termination Checklist• Employee/Corporate Handbook• New Employee Training Checklist on Systems, Cloud Based
Technologies, and Internal Polices & Procedures• New Employee Training Checklist on Client Work• Regular Performance Reviews Scheduled w/ Pay Review• Continued Training and Development Scheduled for Staff• Scheduled Cross-training amongst employees for client
work/coverage• Monthly Data Entry & Review Accountant Efficiency
Building Systems, Checklists & Procedures
Management/Owner Systems, Checklists & Procedures:
• Profitability Benchmarks for Clients and Regular Review• Lead and Proposal Templates for Potential Clients• Organizational Chart• Staff Work Schedule• Master Log-In / Credential List• Master Client List / Information• AR & AP Policies
Building Systems, Checklists & Procedures
Client Management Systems, Checklists & Procedures:
• Policy and Checklist for Leads/Potential Clients• New Client Implementation• Updated Client-Bookkeeper-Data Entry Assignments• Management of HelpFiles & Client Documentation• Month-End Checklist • Payroll Checklists for Processing, Quarterlies, Annual, 1099s…• Year-End Close Checklist and Communication w/ External Tax
CPA• Client Cancellation Checklist• Client Changes Checklist (Fee Change, New C9 Seat QB Access
change)• Monthly Procedure to Review Company Profitability for each Client• Annual Fee Review for each client
Q&A