Virtual Assistant

Recently Emma was involved in a podcast for the website, So You Want To Be A Virtual Assistant. So You Want To Be A VA, has created a professional-quality course that will train you to become a successful, self employed virtual assistant.

Emma’s podcast focused on finances, business and you, and these are a few of the key questions which were covered;

What do Virtual Assistants need to consider when they get started?

There are two important things to consider before you start your business.

  • Structure: Are you going to operate as a sole trader, partnership, company or trust.
  • How are you going to keep your accounting records: It is important to have systems in place, so that they stay organised and know how much money they are making and spending

What is a common mistake when starting out?

Not being organised is one of the most common mistakes seen, people become really overwhelmed with everything they need to do and fall behind very quickly. When starting out you need to make sure you are aware of all aspects from your business – from marketing to customer service to the accounts. If you get a really good system in place you can avoid those sleepless nights.

What kind of records do Virtual Assistants need to keep?

Everything! That is records of all income that’s come in. For instance, if you invoiced a client for your services, invoices you send out to clients and expenses. Basically evidence of all income you receive and records (such as tax invoices) for anything that you spend money on.

Is it essential for small businesses to separate their business bank account from their personal bank account?
YES! You should have a completely separate business bank account, and in that bank account you just have your business income and your business expenses.That will save you so much time, and help you lead a more streamlined business.

To listen to the full version of the podcast about finances for virtual assistants and read the transcript, click here.