Author: Admin

10 things to do this Christmas!

Posted on 15/12/2017

Hey CPA, are you going to let an extensive workload ruin Christmas this year? We hope not. Avail outsourced bookkeeping and accounting services, and do these 10 things to keep stress at bay and live it up this Christmas. May the joy and cheer of the season keep your spirits high, and workload low. So read on to know how you can steer clear of long hours this holiday season.

10 things to do this Christmas!

It isn’t realistic to say holidays can be stress-free. Anyone who has been through caroling, greeting cards, shopping, eggnog, stockings and lighting, knows for a fact that holidays are anything but stress-free.

But the point here is, what kind of stress do you prefer these holidays – planning Christmas, or working long hours at the office? Honest to God, we hope you said “planning Christmas”, because that kind of stress is bittersweet. The memories and happiness Christmas brings, lasts an entire year! Although, if you’re about to spend the holidays in front of your computer, we really do feel sorry for you.

How can CPAs and Accounting Firms, steer clear of workload this Christmas?

The simple answer to this is to outsource your accounting and bookkeeping to Velan Bookkeeping. We can help you tackle the entire workload with dexterity. We set realistic expectations with our clients when it comes to delivery times and rest assured you get the highest quality output. So this holiday season, if you want work to be completed while you’re spending time with your family, call Velan Bookkeeping at  +1 (516) 717 2049  or email us at  info@velaninfo.com  and we’ll make sure that you get enough time off from work to decorate the best Christmas tree ever!

Here are 10 things you absolutely need to do this Christmas

10. Sing Christmas Carols

Here are 5 most popular Christmas Carols to sing this year.

  • Silent Night
  • Good King Wenceslas
  • Once in Royal David’s City
  • Hark! The Herald Angels Sing
  • God rest you merry, Gentlemen.

9. Send Christmas Greetings

Missed it last year? Prep up for the perfect family picture and log in to one of the many online portals for sending Christmas Greetings. Make sure everyone in your family knows that this CPA is sipping warm cocoa with his family this Christmas, and not working late!

8. Shopping

No more last minute gifts. Thanks to outsourced bookkeeping and accounting, you’ve got more time on your hands and that means a better shopping experience! No more rush hour shopping – pick the best and plan your budget. You can do budgets like no one can!

7. Watch Movies

Yes! Spend time with your loved ones and watch all the movies you missed the entire year! Or if you’d rather, cuddle in and check out this list of top-grossing holiday films complied by CNBC.

6. Attend Parties

Go on and meet all your friends & relatives or just take your special someone to that happening nightclub, because after outsourcing to Velan, you’re going to have a relaxed winter knowing for a fact that we’re already working on delivering terrific quality in a commendable TAT!

5. Drink that eggnog

If you’re out of the “love it or hate it” dilemma, take a look at George Washington’s very own recipe for Eggnog – just remember that he forgot to record how many eggs he used! A dozen sounds likely to us though.

4. Make cookies

Or stock them up and start munching. We’re serious.

3. Hang stockings

Santa can drop by you know.

2. Bring out the lighting

Show some Christmas love to your home. Bring out the lights and get down to decorating. What’s Christmas without lights and a makeshift snowman?

1. Decorate the Tree

Decorate your Christmas tree with stars, turtle doves, candy canes, and what not. While some Americans get to have a real tree, an artificial indoor tree is a great option too! So put your DIY skills to good use and decorate a mind-blowing tree this time!

Outsource bookkeeping and accounting to Velan Bookeeping and find time to do all that’s listed on the “10 things to do this Christmas” list! Call us @ +1 (516) 717 2049 or email to info@velaninfo.com and we’ll ensure your work continues as usual while you get time to enjoy Christmas.

Topics: Accounting


Outsourcing Issues? 3 Minutes to Ace Outsourcing

Posted on 04/12/2017

If you’re wondering how your competitors sail smoothly with outsourcing – there is no magic trick to it. Every business faces issues with outsourcing and you’re not alone – especially if you’re a first-timer with outsourcing. But just like any other business function and every other industry, outsourcing has its share of potholes and pitfalls. But doesn’t it strike you uncanny that 78% of Fortune 500 companies outsource major business processes like Payroll, Accounting, Financial reporting Services etc.? We’re going to reveal in this post how the biggies have aced outsourcing – in 3 minutes.

Now that we have your precious 3 minutes, we’re going to tell you about the top 3 problems that plague the outsourcing industry by no real fault of the outsourcing provider. No, we’re not clearing the air but outlining the responsibilities of businesses that choose to outsource. More often than not we’ve seen businesses walking away from the benefits of outsourcing with the “grapes are sour” feeling. Most of such businesses have associated reluctantly with Velan but have ever since, been long-term clients of Velan. Identifying problems are the first step to overcoming them – we’re going to help you with the former and expect you to mitigate effectively.

Bookkeeping Services For Accounting Firms
3 Minutes To Ace Accounting

1. Understanding the Contract and the post-contract processes

While enrolling in a contract, not just first-timers but even old-timers may go wrong. When old-timers sometimes bring in a notion of “this is how we worked with my last association”, they fail to fathom what the outsourcing provider has currently outlined in the contract and worse yet, fail to communicate their granular expectations to the outsourcing provider. A few questions worth asking:

  • With the new outsourcing model in place, who in the client entity are eligible to make requests to the provider?
  • Does the client entity have an established workflow of sending tasks to the outsourcing provider?
  • Are new software tools/systems required? Who pays for those?
  • What kind of services can be availed?How to educate the client-side employees?
  • How are “emergency” change requests handled? What constitutes an “emergency”?

When it comes to ill understanding of the contract, it often happens that both parties dig their heels in and be reluctant to bend (e.g., the client feeling “Why is your contract different?”& “You have to deliver because I’m the customer” and the service provider feeling “we are delivering everything promised in the contract”).

2. Lack of support and failing to identify a Spoc on Client side

A significant problem in outsourcing implementations is lack of support from the client side. When an implementation is underway, it is imperative that the senior management at the client side has an active role and displays sufficient buy-in into the handshake. The case deteriorates when clients fail to identify a Single Point of Contact (SPoC) who will and is responsible to communicate regularly and delegate tasks to the outsourcing provider. This results in opt-out situations and the following may arise:

  • The outsourcing provider will shuttle deliveries of all tasks handed out and will be passive when the basket is empty.
  • The client is unprepared when they hit a roadblock.
  • Both the above cases pose a threat of “expectations not met”.

3. A pent-up demand for services

Let’s face it – outsourcing comes along ONLY after requirements have spent a long time without getting addressed! Requirements sit right in front of you but firms don’t outsource until the requirements go from desks to their seats and start pinching where they’re not supposed to. This can happen for two reasons:

  • The client is waiting for the right kind of expertise and experience to come along in the form of a reliable outsourcing provider or organization.
  • The client has designated limited funds for that function or outsourcing in general.

Both cases give rise to a pent-up demand which starts to look like a bunny being pushed through a hose when it reaches the outsourcing provider. You guessed it – the outsourcing provider struggles to fulfill this demand. This comes last on our list because we believe the outsourcing provider has a responsibility to set realistic expectations, timelines and service agreements prior to undertaking a contract. But even in cases where the outsourcing provider has clarified these nuances, the client feels unsatisfied because they’ve simply waited too long.

We hope your three minutes were put to good use and thank you for trusting us and reading this far. When outsourcing to Velan, we understand the above and strongly believe in educating the client beforehand. Rest assured, the “bunny through a hose” scenario rarely happens in Velan since we’re 500 employees strong and have the ability to quickly ramp up teams on short notice. We know high-volume demands like the back of our hands and have surprised many a client by exceeding their expectations.

If you’re looking to Outsourced Bookkeeping Services, Accounting, Financial Statements, Payroll, Accounts Receivables, Accounts Payables and taxation, Velan Bookkeeping can help you gain a competitive edge in the market with our steadfast and high-quality output.

Try us! Call  1-516-717-2049

 

Topics: Accounting


5 Tips To Securing Payroll Data

Posted on 07/11/2017

Employees’ Payroll Data is highly sensitive and needs to be treated with the utmost care – but you already knew that. At Velan Bookkeeping we provide outsourced bookkeeping services to CPAs and a part of our service platter is outsourced payroll management. In this post, we’re going to cover 5 great ways Payroll can be secured.

It takes more effort than just classifying your Payroll as “Confidential”, to implement security and confidentiality in real! You got to take some strong steps and implement some robust practices if you are to avoid falling victim to cybercrime. In today’s berated cybercrime landscape, data breaches to hackers is what coffee is to us! Notwithstanding how perplexing that sounds, it pretty much real and our first line of defense against such breaches is proper training and careful oversight.

From human errors to outdated virus protections, we’re going to discuss 5 ways liabilities find a way inside our system. This post will outline how we can effectively tackle these common yet terrifying threats. As an outsourced payroll service provider, we stay up-to-date and consistently work with an upper hand on information security when dealing with clients’ data. It goes without saying that Velan Bookkeeping is your perennial partner when it comes to protecting your payroll data, thanks to years of experience in CPA bookkeeping services!

Securing-Payroll-Management
                                                                                 Payroll Management

 5 way to protect Payroll Data

  1. Most organization offer greater ease of access to employees when it comes to Payroll information. Does your organization offer mobile access to Payroll Data? If yes, then you need to thoroughly check and determine whether that’s secure enough. If you offer access using a mobile app, run it through testing to ensure security. Features like mobile passcode, fingerprint scan, OTP, encryption etc., are imperative.
  2. To ensure that payroll data is secure, you need to ensure that all the involved personnel are well-trained on the proper use of Payroll Software. When updates to the software happen, deploy trainings that will enable the users understand the changes and their impacts. New employees and old employees, both should receive induction and refresher trainings respectively.
  3. Review your company policy for sharing passwords and confidential information of all sorts. Consider automation of data entry whenever possible, to significantly reduce the chances of data entry errors.As an employer, you should know how service providers authenticate the identities of those who are allowed access. Appointed personnel(s) must ensure that multifactor authorization is in place.
  4. Keeping your software up-to-datewith the latest security patches and protections,is one way of steering clear of potential threats. Perform routine checks on your software for to determine glitches and identify available upgrades. New updates from your software vendors, more often than not, are responses to newly identified viruses and threats. Refraining from updates could leave your software, and payroll data, vulnerable.
  5. Even while outsourcing payroll to Velan, most of our clients do have certain stakeholders (such as HR) who continually access payroll data. We ensure they have secure processes and policies in place. Encryption is imperative in establishing secure and safe data transmission in these cases. A secure portal for uploading and downloading documents is a good safe practice and can be helpful where EDI is not in place. Regular accuracy checks in such cases are vital and prove greatly beneficial.

If you are looking to outsource Payroll, Velan Bookkeeping can help you! We provide outsourced bookkeeping services to CPAs and have reliable experience in handling, Payroll, Taxation, AR, AP, Bookkeeping, Financial Reporting etc., using established secure processes. We are ISO 27001 certified for Information Security and rest assured, we practice the highest standards of secure data transmission! Reach out to us @ 1-516-717-2049

Topics: CPA , Outsourcing Accounting , Payroll Services


5 Statistically Proven Reasons Why Accounting Firms Consider Outsourcing

Posted on 26/10/2017

Not just accounting firms but even individual chartered accountants outsource bookkeeping, accounting, payroll, taxation and financial reporting to reliable firms. Around 80% of accounting firms prefer outsourcing against large in-house teams. But why? How does outsourcing help them achieve growth and benefits? You must’ve seen the benefits of outsourcing iterated, and reiterated in numerous blog posts. This post is going to give you hard statistics on why you should consider outsourcing bookkeeping and accounting as the next biggest move!

accounting outsourcing

SMEs: What are your competitors outsourcing?

  1. Outsourced payroll processing is at #1. Outsourced payroll processing helps companies uphold employee satisfaction with seamless and smooth processing. Outsourced payroll processing helps you strategically drive satisfaction levels of your employees – your biggest asset.
  2. Outsourced Accounts Payables falls next in line. A swift Accounts payables process can actually help you save money! Cash in on early-payment discounts and festive offers from all your vendors. As a business owner, it is an onus to follow up on such perks. But when outsourced, your AP works super smooth and helps you save money.
  3. Companies and organizations unanimously agree that Outsourced Accounts Receivables is a downright boon! Cash-flow-is-king goes without saying and timely AR is the key to maintaining bottom line!

CAs and Accounting Firms: Top 5Statistically proven reasons to outsource

  1. Increase in working capital: FAO (Finance and Accounting Outsourcing) has helped increase working capital by 25%
  2. Up to 40% costs savings againstthe cost of in-house accountants.
  3. An increase of 30% in timely & accurate delivery
  4. Outsourcing reduced review times for CAs and Accounting Firms by 60%
  5. 75% Accounting firms and CAs agree that they have more time to focus on their client relationships and business in general.

Have you Tried outsourcing?

A few of the prospective clients we approach, i.e. Chartered Accountants and Accounting Firms fall in the criteria we call “once-bitten-twice-shy”.

They’ve bitten the rotten side of the apple called outsourcing and hence can’t get themselves to give it another shot. Have you had a rotten outsourcing experience ever? Here’s where they (and perhaps you) have gone wrong.

There are 5 things you need to ensure before you outsource bookkeeping and accounting:

  1. Your partner company’s years in business: This matters! While we don’t mean to discourage you from liaising with new entrants to the FAO industry, the number of years in business and supporting testimonials is direct proof of the company’s reliability.
  2. Information security practices: It pays to associate with a company with established international standards of data security. Your clients’ financial data is highly private and you should demand that your outsourcing partner demonstrate their data security practices.
  3. Get a sample: Most companies do offer a free sample! Yes, so don’t stand back and just hand the contract without getting a taste of the quality of work being delivered.
  4. Setup an SLA: SLAs can work really well in determining the quality of the arrangement and association that ensues. Get comfy with your outsourcing partner and be transparent about the volume of work, expected TAT, error-thresholds, monthly retainer fees etc. This’ll eliminate unpleasant surprises.
  5. Cloud-ready: You must use EDI, so check whether your partner offers cloud-ready accountants. Check for QuickBooks Advisor level, XERO certifications and other such badges. In today’s modern world, it is in your best interest to hire accountants who have first-rate, hands-on experience with cloud-based bookkeeping and accounting softwares.

There are other great pointers that we’d love to add in here. But if you’re faced with a dilemma in terms of outsourcing bookkeeping and accounting, payroll processing or AP & AR, we’d love to connect with you and offer you a free 30-minute session with our advisor.

Even if there is an imminent roadblock in your line of business, our experts would be more than happy to assist you with your questions and inquiries. Whether about outsourcing or our service platter, feel free to  call us on  1-516-717-2049

Topics: Accounting


10 TIPS TO FINDING A GOOD BOOKKEEPER

Posted on 11/10/2017

We’ve seen a plethora of tips posted online about how to find a good bookkeeper. Being trusted and experienced bookkeepers ourselves, we decided to release the real set of tips on how to find a good bookkeeper. Coming up is the mother of all tip-lists you’ve seen on finding a good bookkeeper.

Offering offshore accounting services for more than a decade now, Velan bookkeepers have been serving some of the biggest accounting firms and CAs at a global level. We know our clients love our offshore accounting services, considering each one of us has stayed with us ever since. So this list is going to be much closer home for us and we’re going to tell you what we do right, to always stay in the good books of our clients – get the wordplay?

workplace-deal-desk-collar-businessman-transaction_1418-527

Here’s how you find a good bookkeeper:

  1. Make sure you’re dealing with a reputable organization: More often than not, individual bookkeepers lack the reliability and sense of accountability that you’d expect.
  2. Sense of ownership: A good bookkeeper is proactive in assisting you with foresight and helping you make the right decisions at the right time.
  3. Deep domain expertise: A bookkeeper who has handled multiple clients across varied industries is most often the best bet.
  4. Cloud-ready accountants:Accountants with dexterous experience or certification in Cloud-based accounting software’s will make a great future-proof investment.
  5. Flexible payment methods: Now this is more in terms of outsourcing and offshore accounting services, but nevertheless a useful tip.
  6. Training & accreditation: A good bookkeeper must have some accreditation to present. Velan is ISO 9001 and ISO 27001 certified to indicate highly robust business process and highly secure offshore accounting services.
  7. Experience in years: For bookkeepers who work better and significantly faster, a minimum of 2 years of multi-industry bookkeeping experience is preferred – such is the experience offered by Velan.
  8. A business process: Not only when you avail offshore accounting services from organizations such as Velan but even when considering an individual bookkeeper, you need to identify what the business process is. Every good bookkeeper has a standard set of procedures and a rigorous process workflow or at least a checklist in place, when they do the books every month.
  9. Cost: A bookkeeper should charge by the industry standards. However critical they may be to your firm, an exorbitant fee is not justified. Offshore accounting services can help you zero-in on a bookkeeper with a price tag, just about right for your organization.
  10. Location: A major thing to remember is that for a bookkeeper to work efficiently, unlike other professions, location isn’t an important factor. Bookkeepers can be in-house, within the state or anywhere on the Earth for that matter. Does your bookkeeper require constant supervision? If yes, then you should see the warning sign right away. Remote is best since it would cost you a lot lesser and a remote organization would be an added advantage since the sense of ownership will be heightened.

If you’re still looking for the right bookkeeper then allow us to put an end to your search. Hire Velan Bookkeepers for exemplary offshore accounting services. Hire one or hire a team; hire hourly or hire monthly – to inquire about the flexible packages and engagement models of our offshore accounting services,  call us at  +1-516-717-2049

Hope you enjoyed reading this post. Let us know in the comments if you need more advice on finding a good bookkeeper! Or signup for a free 30-minute consultation session with our expert.

Topics: Bookkeeping Services