There are many different ways to work together, each customized to your particular needs. Rather than just listing the steps of a process, I’ve described below how I work with some of my existing clients:
For a consulting firm, I have a monthly routine that starts around the 25th of the month. I email all of the consultants and collect their time sheets. Based upon the billable time and the current contracts, I send out invoices to clients of the firm on the first of the month. Shortly thereafter, I reconcile all the bank and credit card accounts and determine if there are any outstanding receivables that need a friendly collection call. As needed, I record client payments, pay vendor bills, and schedule payment of routine expenses like rent and the telephone bill. Each week, I spend about 15 minutes with the CEO discussing new contracts, the profitability of existing contracts and special bills that needs to be paid. Each month, I produce bank reconciliation reports, a Profit-&-Loss report, and A/R and A/P aging reports for us to discuss.
For a coaching firm, I have online access to their bank and credit card accounts. With this access, I update the books twice a month with transactions that have occurred. On a monthly basis, I collect time sheets and generate client invoices. I monitor the timelogs, making sure that budgets aren’t exceeded on fixed-price contracts. I generate statements for the slow-paying clients, always maintaining a friendly attitude with my collection efforts. Each month, I produce bank reconciliation reports, a Profit-&-Loss report, an A/R aging and a customized report that compares the billable time and profitability between the two coaches/partners.
For a management consulting firm, I created and maintain a running cash flow projection that tracks large contracts that have yet to be delivered, anticipated expenses and cash balances. This helps the President know when we’ll need to draw on the line of credit, when we can pay down the credit card balances, and when it’s time to land another big client!
Getting information to me. Most of my clients provide me with online access to their bank and credit card accounts so that I can download the data directly into QuickBooks. Information can also be sent via emailing scanned documents or via fax.
Getting information from me. In our initial discussions, we can decide what reports you want and how often you want them. My service is customized to your needs, so I am committed to providing you with the information you want, when you want it.
For more information on the ins and outs of working with a virtual bookkeeper, please see my FAQ pages.