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