What Is a Virtual Financial Assistant?

A Virtual Financial Assistant is an experienced independent contractor who can take over certain financial aspects of your business. While Virtual Financial Assistants perform a variety of tasks depending on the requirements of the hiring organization, their most common responsibilities include maintaining financial records, managing invoices, collecting data for financial reports, and even preparing payments for employees.

If you hire a Virtual Financial Assistant, you will benefit from having a professional take care of important financial aspects of your business while you focus on scaling and maximizing profits.

Since this is a remote role with a vast pool of candidates to choose from, you can hire a reliable Virtual Financial Assistant at virtually any price point. 

Virtual Assistants are also much more cost-effective in comparison with regular employees. They are usually paid by the hour for the number of hours you determine in advance or by a completed project. 

This way, you won’t have to deal with other expenses that come with having a full-time employee, such as office space, equipment, PTO, and professional taxes.

What Does a Virtual Financial Assistant Do?

The exact services a Virtual Assistant provides depend heavily on the needs and demands of the company that contracts them. 

Most often, the services they provide are administrative in nature—for example, the responsibilities of a Virtual Financial Assistant usually include the following:

• Processing financial documentation—A Virtual Financial Assistant checks, maintains, and processes a variety of financial records and statements. While it might take a busy executive several hours per day for this task alone, an experienced VA can complete these tasks remotely, saving the executive time on more essential responsibilities, such as executing marketing strategies that will increase revenue
• Reviewing bank statements—Ensuring financial record accuracy is essential for companies that want to keep track of their revenue each fiscal month. In addition to this, a VA can also monitor budget allocation and keep track of various expenses to create detailed monthly reports
• Reviewing invoices and billing details—A VA in this position can also be responsible for resolving billing errors, identifying faulty invoices, reporting any irregularities, and handling all billing queries by clients or other employees

How Much Does It Cost To Hire a Virtual Financial Assistant?

Several factors determine the salary of a Virtual Assistant, including their level of education, previous work experience, country of residence, qualifications, and the current market demand for the role. In the U.S., the average annual salary of Finance Assistants is around $43,000, as reported by Glassdoor.

There are many reasons to hire a Virtual Assistant over a full-time employee, the cost being the most obvious one. For starters, you can hire VAs from anywhere in the world since they work remotely, which means a larger and more varied talent pool to choose from.

You should also take into account that a VA doesn’t need to get any in-house employee benefits, such as health insurance, sick days, vacations, and so on. A Virtual Financial Assistant is only paid for services rendered either by the hour or per project and at an agreed-on rate that suits both your company and the contractor.

Expert Tips on Hiring a Virtual Financial Assistant

You don’t want to mess with the finances of your company. That’s why you have to be careful when choosing a Virtual Financial Assistant. After all, they’ll have access to your company’s financial information, so you need someone who is both competent and trustworthy enough for such a responsibility. 

Don’t pick out the first cheap candidate—check out our useful tips for hiring a Virtual Financial Assistant: 

• Make sure you are specific in your job ad—Candidates offer varying levels of experience, skills, and knowledge. You must be clear when listing the responsibilities they will have at your company and the skills they need to have to be successful in that role

• Test and interview a large number of applicants—It’s ill-advised to go with the first semi-competent VA that you interview. The more candidates you test and evaluate, the greater the likelihood of spotting a qualified professional with the right skill set for the role

• Don’t decide on who to hire based solely on low rates—Although low rates can be tempting, investing a bit more in a Virtual Financial Assistant can pay off more in the long run. If you hire an insufficiently qualified or experienced VA, you could end up constantly correcting their mistakes and micro-managing their every move, which defeats the purpose of hiring a VA

• Set up an automated hiring funnel—Tracking applications, reviewing resumes, and testing candidates can be a time-consuming and nerve-racking endeavor, especially if you’re doing everything manually. Thanks to Workello, you don’t have to! Our automated hiring funnel can be set up in three minutes, and it will help you find the perfect fit for your business much faster

Hire a Reliable Virtual Financial Assistant, Faster

You can think of Workello as the perfect virtual hiring assistant. Our fully automated hiring funnel is the product of countless hours, over $100,000 of investment, and dozens of iterations. With Workello, you can automate testing, scheduling, and email correspondence with candidates so you can focus on scaling your business and maximizing revenue.

Here’s how Workello makes hiring Virtual Financial Assistants a breeze:

1. Sign up for a free Workello account and launch your automated, pre-configured hiring funnel in less than 3 minutes
2. Post your job ads across LinkedIn, Monster, Facebook, Indeed, and all your other hiring channels and link to your Workello job ad
3. See all your candidates in a single unified Workello dashboard, regardless of which hiring channel they applied from
4. Reject, test, interview, and send offers to Virtual Financial Assistants with a single click
5. Filter out unqualified candidates with Workello’s built-in testing feature
6. Trigger automated emails and move candidates through your hiring funnel simply by changing their status from a drop-down menu
7. Minimize transactional questions by enabling candidates to see a live status page that tells them exactly which stage of your hiring funnel they are in

Don’t waste hundreds of hours looking for a perfect Financial VA that’s supposed to save you valuable time. Set up a fully automated hiring funnel with Workello, cut your hiring costs by 50%, and start accepting ideal candidates today!

Sign up now and review 5 Financial VA tests for free.