A virtual assistant is like a personal secretary. They provide customer support, write, answer calls, transcribe, do research, etc. They basically work at home and communicate with their Employer through the Internet or through phone. One method many companies take to maximize the likelihood of having a positive experience in retaining a virtual assistant is by going through a virtual staffing agency. These virtual staffing agencies operate similarly to conventional staffing agencies. When setting up the structure of a virtual assistant business, the owner must decide how he or she will collect the money earned for the services performed.
Traditional Invoicing/Net 30 Days If the virtual assistant does a lot of work for larger corporate clients, she may find that her clients will only do business with her if she extends Net 30 Day terms. With this arrangement, the virtual assistant will issue an invoice at the specified time periods or at the end of a project, whatever is agreed to prior to starting the project.
Traditional Invoicing/Due Upon Receipt Issuing the purchase order or having an agreement where the terms are Due Upon Receipt will help the virtual assistant to get paid much quicker. Just like Net 30 Day terms, the virtual assistant will send an invoice at specified times or at the end of the project and wait for the company to send a check.
Credit Card Payment The virtual assistant can set-up a merchant account and collect payment from the client using a credit card. An invoice will usually still need to be given to the client, but payment can be processed immediately at specified times. The virtual assistant can keep the clients credit card number on file and charge it as soon as a project is completed and the invoice is approved. Credit card payments can also be processed through PayPal without setting-up a merchant account.
Retainer Many virtual assistants collect a retainer from their clients. Often a discount is given when the client agrees to a certain number of hours of work per month charged if it is used or not. Since the client has already paid, they will most likely use the time, however, this is a nice way for the VA to estimate how much he or she will work in a month because the client as already committed to a certain number of hours.
A Kentucky Retainer Agreement for Virtual Assistant Services is a legal contract that establishes the terms and conditions between a virtual assistant (VA) and their client based in Kentucky. This agreement outlines the scope of work, payment terms, and other important provisions to ensure a clear understanding and protection for both parties involved in the virtual assistant services. In Kentucky, there are various types of Retainer Agreements for Virtual Assistant Services to cater to different needs and preferences. Some of these are: 1. Hourly Retainer Agreement: This type of agreement specifies that the VA will be compensated based on an agreed-upon hourly rate for the services rendered. The agreement may include details about the maximum number of hours the VA will work per week or month. 2. Monthly Retainer Agreement: This agreement establishes a fixed fee that the client will pay the VA on a monthly basis. It often includes a specified number of hours or a set of services that the VA will provide within that timeframe. 3. Project-Based Retainer Agreement: This type of agreement is suitable for clients who have specific projects that require the assistance of a virtual assistant. The agreement states the scope of work, deadlines, fees, and any other relevant details specific to the project. 4. Variable Retainer Agreement: This agreement allows for flexibility in the amount of work and compensation. The client and VA will agree on a range of hours or services to be provided, and the payment will vary based on the actual work completed. This type of agreement is ideal when the workload fluctuates or is uncertain. The Kentucky Retainer Agreement for Virtual Assistant Services typically includes the following key provisions: 1. Scope of Work: This section clearly defines the services that the VA will provide, including any specific tasks or projects. 2. Payment Terms: This outlines how and when the VA will be paid, whether it's hourly, monthly, project-based, or variable. It also includes information on how expenses, reimbursements, and taxes will be handled. 3. Confidentiality: A confidentiality clause ensures that any sensitive or proprietary information shared between the client and VA during the course of their working relationship will remain confidential and protected. 4. Termination and Cancellation: This section details the conditions under which either party can terminate the agreement, including any notice periods or penalties. 5. Intellectual Property: If the virtual assistant will create any intellectual property as part of their services, this provision clarifies who will own the rights to that work. 6. Dispute Resolution: In case of any disagreements or disputes, this provision sets forth the procedure for resolving them, such as through mediation or arbitration. The Kentucky Retainer Agreement for Virtual Assistant Services is an essential legal document that helps establish a professional relationship between clients and virtual assistants while providing a clear framework for expectations, duties, and compensation. It is always recommended for both parties to seek legal advice when drafting or entering into such agreements to ensure compliance with applicable laws and regulations in Kentucky.
