Your Virtual Spending Coach - powering your client spending program!
While you carry on doing what you do best, we can take the initial client set up, administration, ongoing reconciliation, follow ups, report management and generation off your hands.
This leaves you with the benefits and outcomes of being your client’s ‘spending coach’ without the headache of having to do it all yourself.
We’ll help you stay accountable to your clients as you keep your clients accountable to their spending.
Getting started and how does it work?
Your Virtual Spending Coach outsourced solution is exclusively available to those businesses that have completed our program and is charged in two stages:
1. Let’s Get Tracking – the set up:
The initial setup and administration stage involves getting your clients on board and ensuring all their details are loaded correctly into Xero.
For each client, this means we will liaise with you to get a good understanding of your client/s, their bank accounts and anything else you can share about their situation that may need to be considered to ensure a quality client experience is received.
The Set up includes:
- Obtaining your clients relevant banking details (BSB, account numbers, opening balances etc.)
- Establishing a Xero account for each client on your Practice page;
- Loading all their bank accounts into Xero and helping you to get them activated with automatic bank feeds;
- Loading your clients relevant Spending Categories (Chart of Accounts);
- Loading the starting ‘estimated’ spending budgets;
- Managing the import of any manually downloaded bank transactions and automatic bank feeds to ensure no transactions are missed or duplicated;
2. Staying on track – the ongoing management:
Once you are up and running, we then manage the ongoing monthly reconciliations and reporting on your behalf and leave all the other really important client value adding activity to you!
The ongoing management includes:
- Track and allocate all bank transactions to the appropriate spending category;
- Ensure all bank transfers and any messy transactions are allocated correctly;
- Liaising with you re any queries or transactions that require clarification so you can follow up directly with your clients;
- Produce your tailored monthly spending reports to "DRAFT" stage. Reports will include Bank Summary, Profit & Loss and Budget Variance ONLY. You will then be required to add any commentary and publish the final version of the report to add your own branding, before sending it to clients.
Your investment in your clients spending wellbeing:
A few more things you need to know
Although you may outsource the initial setup and ongoing management of your clients Xero accounts to us, you will still be required to become a Xero Certified Adviser by completing the ‘Partner Certification Training’ either onsite in classroom mode ($489) or online mode ($199) within the first 6 months. This is Xero’s way of ensuring quality control of those businesses using their program.
Once your business (there only needs to be one per ‘Practice’) is certified, you will need to complete an annual re-certification test, which currently has no cost.
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for further information.
Letter of Engagement
Before we commence any work on your and your clients behalf you will be required to sign a Letter of Engagement that outlines all services being provided, costs involved and privacy obligations for all associated parties. Your ‘Virtual’ Spending Coach utilises the services of Top Class Accounts
for the completion of reconciliation of transactions only. Neither Top Class Accounts, nor Your Virtual Spending Coach employees will have any interaction or contact with any of your clients at any stage. We abide by all current state and federal Privacy Laws.
Unless you have spare time to invest in additional training of your staff on new processes and software, then outsourcing your ‘spending coach’ may be the best decision you could make.
Want to know more....download the Virtual Spending Coach benefits and pricing guide hereDownload it now