Summary of "Virtual Assistant Skills Training: Expense Reporting"

Summary of Main Ideas and Concepts

The video titled "Virtual Assistant Skills Training: Expense Reporting" outlines a structured approach for virtual assistants (VAs) to manage Expense Reporting for clients in corporate settings. It emphasizes the importance of organization, communication, and familiarity with Expense Reporting platforms. The video provides a step-by-step methodology for creating an effective expense workflow.

Key Points and Methodology

Create a Schedule
- Establish a timeline for checking in with clients about their receipts.
- Set submission dates for expense reports to the company's accounting department.
- Use a calendar to set alerts for these dates.
Create a Folder Sharing System
- Collaborate with clients to set up a central system for sharing receipts to avoid confusion.
- Recommended tools:
  - Google Drive:
    - Create a folder named "Expenses."
    - Within this folder, create subfolders for "Receipts" and "Expense Reports."
    - Share the folder with the client, ensuring it is set to restricted access for security.
  - Dropbox:
    - Create a shared folder named "Expenses."
    - Add the client's email and ensure they have edit permissions.
Get Approval from Your Client
- Schedule reminders to request approval from the client before submitting expenses.
- Confirm the number of receipts and total amount with the client to avoid discrepancies.
- This step serves as a protective measure (CYA - Cover Your Assets) in case of any issues with the accounting department.
Familiarize Yourself with the Company's Expense Platform
- Understand the specific Expense Reporting system used by the client’s company (e.g., Expensify, Concur, Soho Expenses).
- Know the due dates for submitting receipts and the required details for each expense entry:
  - Merchant name
  - Date of transaction
  - Amount spent
  - Category of the expense

Key Takeaway

Creating a solid and organized system for managing receipts and expenses, maintaining clear communication with clients, and ensuring the approval process is followed are essential for successful Expense Reporting as a virtual assistant.