5 financial service tasks you can outsource to a VA

If you are feeling the strain from your growing business, it might be time to pass on some of your admin tasks. Managing your finances is one of the easiest tasks to outsource, yet it has a big impact as it could save you hours each week while improving your overall financial health and cash flow. 

Benefits of using a VA within your outsourced finance team

As your business grows, you might need different financial support such as an accountant to help with your year-end reports and to stay tax-efficient or an expert financial planner for forecasting advice. 

Using virtual assistant financial services will help you to stay on top of the day-to-day financial management. You can delegate lots of other tasks to a VA, ranging from marketing to general admin. So as your needs change, so can the level of support. 

For example, you might decide to start outsourcing your financial admin tasks, and a few months later you can add inbox management or another popular VA service like social media assistance. 

No matter your stage of business, outsourcing your finance tasks to a VA brings you: 

• Increased productivity – free up your time to focus on strategic and high-value activities
• Improved efficiency – streamline processes and regularly manage data entry to bring cash into your business faster
• Less stress – have someone take care of the general financial management tasks 

From our experience, these are the top 5 most useful ways a VA can help you to stay on top of your finances, manage cash flow, and reduce your admin time in the process. 

1.    Raising invoices

As your business starts to grow and you get busier with delivering client projects, raising invoices can be a real drag. It’s far too easy to let your own admin take a back seat behind client work… but you don’t want to make the mistake of waiting until nearly the end of each month to raise your invoices. 

You could have payment terms of 30 or even 60 days, so raising your invoices late presents a real challenge for cash flow. However, if you start delegating the responsibility to a VA rather than dreading the task yourself, you will start seeing invoices flying out within a day or two of month-end. Invoicing becomes a seamless part of your operations without your input, which improves your cash flow and reduces your stress.

2.    Handling supplier invoices

You might already be working with a number of outsourced suppliers such as contractors, agencies, or recruiters. If this is the case, it can be hard to keep track of all the invoices trickling in at different times – meaning payment dates are sometimes missed.

One of the best ways to handle these is to work with a VA for outsourced finance support. To keep everything organised, set up a separate accounts@ or finance@ mailbox for your business. Your VA can monitor this inbox and handle all the various enquiries, saving you hours. 

Your finance VA can also help create clear guidelines about how you work so suppliers know the process for being paid. This could be submitting their invoice within x days of month end, or giving a window where if they submit by x date, then invoices will be paid by Y date, and so on… When everyone has clear expectations, it makes your life easier. 

A VA can arrange payments with your team, or if you’re comfortable giving them access to your bank account, they can also make payments on your behalf. Whether your VA is seeking approval from the relevant team members or compiling a simple payments list to pass on to the person responsible for processing the payments with your bank, it saves you time and headspace. Another option is setting up payments with a tool like Apron, where all you do is simply approve the bulk submission from your VA. 

3.    Chasing debtors

Although you never want to do this, chasing overdue debts is sometimes necessary and the process is a time-consuming, draining experience. If your business cash flow suffers due to late payers, consider hiring a VA to handle all that stress for you. Your VA can come up with pre-written templates and a streamlined process to ensure it’s as efficient as possible. 

A previous Virtually Priceless client came to us as their consultancy business grew quickly and had many high-profile client project bookings. However, working with those bigger clients meant accepting longer payment terms, and far more complicated processes for getting invoices paid by those clients. At the time they came to us for help, they had outstanding invoices totalling over £250,000.

We immediately took over the management of client invoicing and chased those companies almost daily to ensure the issues were resolved as quickly as possible. By delegating that role, the client relationship managers didn’t have to handle tricky conversations and they could continue to deliver their projects and strive to win additional work.

4.    Reconciling transactions

Due to the upcoming Making Tax Digital government scheme, most businesses should now have scrapped paper-based records because in April 2026 it will become compulsory to switch to digital records if you earn over £50k. 

If you haven’t already, you should think about setting your systems up in the right way now, before you grow and it becomes much more complicated. A VA can not only help you to set these up but also keep everything to date.

Digital platforms such as Xero*, Quickbooks, and FreeAgent are great for managing your finances. However, although these platforms make it much easier to reconcile bank account transactions, it still takes time to categorise them correctly, match them against the right receipts, and ensure everything is in order.

5.    Handling expenses

Finally, if you have a team who regularly make expense claims for things like travel and sustenance when they’re attending client meetings or events, or perhaps buying materials for the delivery of client work, you could find yourself with several claims to review and process each month.

Not only could a finance VA handle this whole process for you, but they would also suggest alternative systems for managing the process to make everything more efficient. They can also help with the creation of an expense policy as well as processing any payments for reimbursements due. 

Things to check before you hire a virtual assistant for financial services 

If you want to stop handling your own finance admin and partner with a VA, please check the following criteria so both parties are properly protected. They must: 

• Meet HMRC’s money laundering supervision requirements
• Operate a professional set-up with adequate insurance coverage such as professional indemnity, cyber liability, and public liability insurance (if applicable)
• Be registered with the ICO, the independent supervisory authority for data protection in the UK

As they will have access to your financial information, it’s even more important to do your due diligence than with a regular admin-focused VA. 

Start outsourcing your financial tasks to make growing your business easier

Consider how much time and stress you could save by working with a finance VA who could take some or all of these tasks off your plate. You’ll have so much more time to focus on those business growth tasks that will make a difference to your bottom line. 

To work with a trusted VA, contact Virtually Priceless today to discuss your financial admin support needs. 

*Please note, some of these are affiliate links, meaning if you click and make a purchase, we may receive a small reward. We only ever recommend tools that we use in our business, or have personally tried and tested.