Accounting is the language of business. The compiled financial data can be used to understand what’s happening in the company. And later on, it can be the basis for strategies like marketing programs, cost reduction, and the like.
But it all starts with recording your daily transactions. And the bookkeeping process can be really tedious. And sometimes, the company’s accountants or even the business owners don’t have the time to do all the legwork.
Are you interested in a career in this field? Here are 7 essential skills to become a sought-after bookkeeping virtual assistant.
Knowledgeable of Accounting Standards and Principles
Bookkeeping is not merely recording transactions. You should know how to record them. And if they are material enough to be recorded. With this, you should be familiar with the accounting standards and principles.
What is the journal entry for specific transactions? Are there new regulations that would change how you book transactions? This will be the baseline for your bookkeeping career.
Now that you know the standards. It’s time to analyze transactions if they should be recognised as an asset, liability, income, or expense. Your analytical skills should be on point because material mistakes in recording can mean a distorted financial statement.
So sharpen your analytical skills to deliver financial information correctly. After all, it’s the basis for future developments and strategies for the business.
It’s no question. Most financial data should be computerized. It’s either your company uses the latest accounting software, or you use workplace suites like Google Workspace. You need to have the computer skills to journal the transactions and maintain the books for your client’s use.
Bookkeeping doesn’t stop from just recording. Sometimes, you need to collate the data and present it to your higher-ups. With this, you should have the documentation skills to file the information in an organized manner.
And in the same way, it should be easy enough for your teammates to use. In this way, it’s easier to pull up the information with or without your help, especially if time is of the essence.
Speaking of time, bookkeepers should be timely in their recording. Financial data is crucial for decisions for the company. And delayed data might mean thousands of dollars lost, either in opportunities or maybe penalties.
So your time management will play a big part in this endeavour.
Accounting is quite an all-encompassing role. You should be able to understand how the business works through collaboration with your colleagues. It can be from the accounting department itself. And it can even stretch to marketing, maintenance, and IT.
You should know how to collaborate to record the financial information as accurately as possible.
Standards for recording change ever so often. What we practice might deem obsolete in the future when advancements or new rulings take place. It might even be a totally different approach, depending on the circumstances.
For example, the Enron scandal of 2001 produced stricter accounting standards and scrapped some practices prone to manipulation. Another is the pandemic, where more disclosure procedures might affect your income recording.
You should be up-to-date with these latest developments to provide the best service for your client.
Ready to service your clients and become an in-demand bookkeeping virtual assistant? With the skills above, you are sure to be a cut above the rest. If you’re looking for opportunities in this field, you can check remote careers in the Philippines at this link. Cheers!