Virtual Assistant Skills Training: Expense Reporting

Summary

This video explains how virtual assistants can help clients manage their monthly expense reporting efficiently. It outlines a four-step workflow: creating a schedule for receipt submissions, setting up a folder-sharing system (like Google Drive or Dropbox), obtaining client approval before submitting reports, and familiarizing oneself with company-specific expense platforms. The key is to streamline the process for both the VA and the client by organizing receipts, ensuring clear communication, and getting pre-approval for expense submissions to avoid errors and ensure accountability.

Takeaways

• 🗓️ Create a schedule for checking in with clients, collecting receipts, and submitting expense reports to ensure consistency.
• 📂 Set up a folder-sharing system to organize and streamline receipt collection with clients, using platforms like Google Drive or Dropbox.
• 🖇️ Encourage clients to send all receipts through a single, consistent method to avoid missing any important receipts.
• 🔒 Use restricted access for shared folders containing financial data to maintain security.
• ✅ Get client approval before submitting expense reports to the company's accounting department to prevent errors and ensure accuracy.
• 🧾 Always confirm the number and total amount of receipts with the client before submitting them, as clients often forget receipts.
• 🔄 Learn the expense reporting platform used by the client’s company, such as Expensify, Concur, or Zoho Expenses, to ensure correct usage.
• 📅 Keep track of submission deadlines, typically set at the end of each month, to ensure timely processing of expense reports.
• 🏷️ Categorize expenses (e.g., merchant, date, amount, and category) to help accounting departments manage the data efficiently.
• 💬 Maintaining regular communication with clients about expenses ensures clarity, minimizes errors, and helps cover all bases.

Q & A

What is the main purpose of the expense reporting workflow described in the script?

The main purpose of the expense reporting workflow is to simplify and streamline the process of collecting, organizing, and submitting business-related receipts for approval by the company's accounting department.

What is the first step in setting up an expense reporting system?

The first step is to create a schedule for when to check in with clients, collect receipts, and submit reports. These dates should be added to a calendar with alerts to ensure timely reminders.

What is the recommended method for sharing receipts with clients?

The recommended method is to create a folder-sharing system, such as using Google Drive or Dropbox, where clients can upload receipts, and both parties can keep track of the files securely.

Why is it important to create a dedicated folder system for receipts and expense reports?

It is important to create dedicated folders to avoid losing receipts and to keep all documents organized. This ensures that receipts are not scattered across different communication platforms like email or text messages.

What are the two platforms recommended for file sharing if the client is not using Google Drive?

If the client is not using Google Drive, Dropbox is recommended as an alternative file-sharing platform.

Why is it crucial to get approval from the client before submitting expenses?

Getting approval ensures that the client has reviewed the receipts and confirms the accuracy of the total amount. It prevents misunderstandings and ensures the client cannot later place the blame on you if the accounting department finds errors.

How does the approval process help in managing client relationships?

The approval process enhances transparency and communication with the client, ensuring that they are aware of what is being submitted, which prevents any discrepancies or missed receipts.

What are some of the common expense reporting platforms mentioned in the script?

Some of the common expense reporting platforms mentioned are Expensify, Concur, and Zoho Expenses.

What key details must be entered into the expense reporting platforms?

The key details to be entered include the merchant name (where the money was spent), the transaction date, the transaction amount, and the expense category (such as travel or supplies).

What is the most important takeaway from the script regarding expense reporting?

The key takeaway is to set up a solid system for collecting receipts, ensure communication with the client regarding deadlines, and always get client approval before submitting the expenses to avoid issues later.