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 Hawaii Retainer Agreement for Virtual Assistant Services is a legally binding contract established between a virtual assistant and their client, based in Hawaii, that outlines the terms and conditions of their working relationship. This agreement ensures a mutual understanding of the services to be provided, payment terms, and other important aspects of the working arrangement. The Hawaii Retainer Agreement for Virtual Assistant Services typically includes the following key elements: 1. Parties involved: It identifies the virtual assistant and the client by stating their legal names and contact information. It is essential to include the correct legal names of both parties to ensure the enforceability of the agreement. 2. Scope of services: This section provides a detailed description of the services the virtual assistant will be providing. It should be comprehensive and specific, listing all the tasks and responsibilities the virtual assistant will undertake on behalf of the client. 3. Compensation and payment terms: The agreement outlines the financial aspects of the working relationship, including the retainer fee, hourly rates, or any other predetermined compensation structure. It may also specify the payment schedule, method, and any additional expenses the client should cover. 4. Term and termination: This section defines the duration of the agreement, specifying the start and end date or the method of termination. It may also include any notice period required by either party before terminating the contract. 5. Ownership and confidentiality: The agreement may address the issue of ownership of work products and intellectual property rights. It may also include a confidentiality clause, obligating the virtual assistant to maintain the confidentiality of the client's sensitive information. 6. Indemnification and liability: This portion of the agreement outlines the responsibilities and potential liabilities of both parties. It may include disclaimers to limit the virtual assistant's liability for certain actions or omissions. Types of Hawaii Retainer Agreement for Virtual Assistant Services: 1. Monthly retainer agreement: This type of agreement establishes an ongoing working relationship between the virtual assistant and client. The client pays a fixed retainer fee each month, allowing the virtual assistant to allocate a predetermined number of hours to perform designated tasks. 2. Project-based retainer agreement: In this arrangement, the virtual assistant agrees to provide specific services for a defined project or a set period. The retainer fee is determined based on the scope and timeline of the project. 3. Hourly retainer agreement: This type of agreement allows the client to hire the virtual assistant on an hourly basis. The virtual assistant tracks the time spent on tasks and bills the client accordingly. It is important to consult with an attorney or legal professional when drafting a Hawaii Retainer Agreement for Virtual Assistant Services to ensure that it complies with the specific laws and regulations of the state.
