How To Delegate Appointment Setting To An Executive Assistant Copy 2

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.

Getting Started

Before you start delegating, there are some things you should prepare.

Give Your Assistant Access to Your Records

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:

• You can choose from several permissions on Freshbooks. The Accountant role is a good choice if all your EA needs to do is monitor and record expenses.
• You can choose from several permissions on QuickBooks, including custom ones. Some access options are only available on QuickBooks Online Advanced.
• You can delegate Zoho access to an assistant, so they can view and add expenses on the platform. (If you want, you can also allow them to approve expenses in this way.)

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.

Sending Files and Messages

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:

• Use cloud-based storage, such as a Google Drive folder (with sub-folders for each tracking period or project), and upload files there.
• Send files to your EA and have them organize them. (Either setting up the Drive folder themselves, or adding it directly to your cloud bookkeeping system.)

Tell your assistant how they should submit the records or reports, as well. This  includes:

• Which day/s of the month records or reports should be submitted regularly
• How to name or label records or reports
• Where to save or send them

Delegating Expense Tracking: What Your Assistant Can Do

Once your preparations are in place, your assistant can carry out a number of tasks to help you keep track of your expenses.

Routine Records and Reports

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:

• Creating new entries based on receipts
• Labeling and/or categorizing entries with incomplete details
• Organizing receipts into proper archives
• Verifying and double-checking entries
• Compiling entries into expense reports
• Alerting you when expenses reach a certain level in a given period

Create and Format Expense Entries

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:

• Date: When the expense was incurred
• Category: Such as lodgings, transport, materials, etc.; use this to monitor spending patterns, or to calculate taxes, mileage, or other relevant details
• Amount: How much money was spent
• Vendor: The business or person you transacted with
• Details: Info that will allow you to easily identify the expense when reviewing records

Recording Receipts

Anytime you get a receipt, you can send it to your assistant for filing.

• When you get a receipt by email, forward it to them.
• Or for any digital receipts, take a screenshot and send it or add it to your Drive
• For receipts in print, take a picture and send it or add it to your Drive

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.

Reconciling Records

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.

• If you use a cloud bookkeeping system, simply give them the appropriate permissions or delegation status to see your ledgers.
• If you keep your ledgers elsewhere, you can provide them with a non-editable copy or a read-only file.

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.

Project Expenses

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’re handling multiple projects at once, indicate which receipts go to each one
• In addition to receipts, send invoices for any contractors or agencies you work with
• Identify tasks or subcategories within each project

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.

Stay on Top of Your Spending with Magic

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.

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