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Expense tracking is one task you can have an executive assistant do for you on a regular basis. This covers logging and categorizing expenses, as well as compiling and double-checking reports.
This guide covers some time-saving techniques for delegating expense tracking and regular reports, which are applicable whether you use cloud-based bookkeeping software, or track your spending using spreadsheets.
Before you start delegating, there are some things you should prepare.
First, you’ll need to make sure your executive assistant can view the expenses they’ll need to record and to add those records to your books.
How your EA does this will depend on what sort of expense tracking software you use. Most major cloud-based platforms allow you to grant your assistant some form of limited access to your books. For example:
If you’re using spreadsheets, you can create an expense tracking template and make it visible (but not editable) to your EA. They can then create a copy of the spreadsheet for each tracking period or report, naming it according to the date or project.
To track your expenses, your assistant will need to be able to view invoices, statements, receipts, and other documents.
Choose how you’ll send these to your assistant. You can either:
Tell your assistant how they should submit the records or reports, as well. This includes:
Once your preparations are in place, your assistant can carry out a number of tasks to help you keep track of your expenses.
Run your assistant through your expense tracking process. You can do this during a call, or record a video using Loom.
Afterwards, have your assistant write down the steps in the procedure. Review it and, after making any necessary corrections, have them use it as a reference going forward.
From here on, your assistant can compile expense records at regular intervals, or create reports every time you complete a project.
Tracking expenses typically includes:
The format of an expense entry may vary based on what information your business tracks, or what fields are available in your software.
Generally, a basic entry should include:
Anytime you get a receipt, you can send it to your assistant for filing.
Your assistant can then create a corresponding expense entry, including the amount spent, to whom it was paid, the type of expense, and the date it was incurred.
They can do this when putting your records together, or on a daily or weekly basis, depending on what suits your business activities.
Your assistant can also reconcile your bank statements against your own records.
To do so, they just need access to your cash book or general ledger, as well as to your bank statement for the given period.
Then have them draft the reconciliation statement and send it to you, upload it to your chosen Drive, or add it to your bookkeeping system.
In addition to periodic reports, your EA can draft project-based reports. You can delegate this in much the same way, with a few changes:
If you work with the same contractors, agencies or freelancers on a regular basis, you can have your assistant list their regular rates. This way, you can simply list how many hours each one worked on a given task or project, rather than having to sift through invoices every time.
Magic can find you an executive assistant to track your expenses and assist in other routine tasks. Our assistants are carefully screened and trained to ensure they excel in their role, and are supported by a suite of virtual tools to improve their efficiency.