Do I Need a VA and a Bookkeeper? Want the transcript? Download it here. In this episode, Matt and Barbara speak to Bean Ninjas founder and CEO, Meryl Johnston about why it's so important for companies to have a strong financial team, what that team needs to look like, and why financial reporting tools are the key to business stability and growth. Some of the areas covered include: Meryl’s journey from a consulting firm to global, systemized, online business and the perils behind bringing in virtual contractors before you have your processes in place. Let us know what your key takeout has been from this episode and join the continuing conversation over in the Virtual Success Facebook Group. In this episode: 1:50 Xero as a Platform 2:38 Aspects of Utilizing Virtual Teams 4:50 Boundaries 5:12 Key Roles Within the Finance Team 8:21 Cost-Effectiveness Medium 10:14 Bookkeeping Role vs VA Role 12:55 Differences with Bookkeepers and VAs 15:11 Stop Doing Book 16:42 Xero Cleanup 19:29 Reporting Practices 20:53 Where to Start 22:10 Building Skillsets 23:22 Next Steps Intro: Do you find yourself running out of time to accomplish your work, are you spending time doing things that you’re not that good at? There are effective ways to outsource these tasks so you can focus on your business. This is the Virtual Success Show, we bring the inside scoop on outsourcing success for entrepreneurs by entrepreneurs. And now here are your hosts Matt Malouf and Barbara Turley. Barbara Turley: Hey everyone, and welcome back to another episode of the Virtual Success Show. Where we dissect everything you need to know about how to outsource, how to get the right team members into your business, and how to do it all in the right order. Because today's show we're going to be dissecting a very common problem, and I'm going to be sharing a big trap that I fell into myself. But of course today I'm joined by my cohost, Matt Malouf. Hi, Matt! How's it going? Matt Malouf: I'm well, Barbara, and yourself? Xero as a Platform Barbara: I'm great, thank you. And I'm pretty excited that on the back of last week's show, we invited Meryl Johnston, who's the founder and CEO of Bean Ninjas back to the show to dissect this particular problem with me. So Meryl, welcome back to the show. Meryl Johnston: It's great to be back. Thanks. Barbara: So guys, I was chatting with Meryl after we interviewed Meryl around the growth of Bean Ninjas and her experience around managing a global virtual team. Because obviously, that's the genesis of this show. But in chatting after the show, I was sharing a story that I... A trap I fell into myself around using Vas, bookkeepers, accountants. And in the very early days, not that long ago, really, I decided in my wisdom that if I had Xero as a platform, which is your, you know the platform that everyone's using I guess globally for bookkeeping and accounting. And a good VA that I could show a few tricks of the trade to, that then I wouldn't need a bookkeeper. And I went that route, and needless to say it blew up in my face. Let's just put it that way. After a couple of years, and really cost a lot of pain. It wasn't the VA's fault. It was just a whole host of problems. And Matt, I'm sure as a recovering accountant yourself, this is making you chuckle because I'm sure you see this a lot. Aspects of Utilizing Virtual Teams Matt: I do. I do. You know, I think it's interesting. Barbara, you and I have talked about this in many aspects of utilizing virtual teams, but find it, yeah. People's expectations of that whole concept of the super VA that can do everything is still very, very prevalent in today's society, business community. Barbara: Absolutely. And you know, actually, I am still recovering, honestly, from that mistake myself. I was quite badly burnt. All my own fault. Completely and utterly my own fault. And Meryl, that's kind of what led me to your company in the end, to go, "Oh my God.
