Virtual Bookkeeper SOPs

This template contains Standard Operating Procedures (SOPs) for a virtual bookkeeper. It covers client onboarding, bank reconciliations, financial reporting, managing accounts payable and receivable, payroll processing, sales tax, expense tracking, data security, year-end procedures, and client offboarding. Each SOP includes the purpose, scope, and step-by-step instructions.

The client onboarding SOP details collecting financial documents, setting up accounting software, and establishing communication methods. Bank reconciliation SOP focuses on accurately recording and matching bank transactions, resolving discrepancies, and generating reconciliation reports. Monthly financial reporting SOP outlines preparing and delivering key financial reports, including profit and loss statements, balance sheets, and cash flow statements, along with a financial summary for clients.

The document also provides steps for managing accounts payable and receivable, including recording invoices, processing payments, tracking overdue bills, and following up on outstanding payments. Payroll processing SOP covers gathering payroll data, calculating taxes and deductions, processing payments, and filing tax reports. Sales tax SOP includes determining obligations, setting up tax collection, preparing reports, and filing returns. Expense tracking SOP details collecting documentation, categorizing expenses, and reconciling with bank statements.

Furthermore, the template emphasizes financial data backup and security, recommending secure storage, automated backups, and strong security measures to protect against data breaches. Year-end bookkeeping SOP ensures accurate closing of financial records, preparation for tax filing, and generating year-end reports. Finally, client offboarding SOP outlines confirming offboarding details, completing final reconciliations, transferring records, removing access to financial accounts, and securely archiving client data.

In summary, this document provides a comprehensive guide for virtual bookkeepers to maintain organized, accurate, and compliant financial records for their clients. It also emphasizes the importance of data security, clear communication, and adherence to regulatory requirements.