Author: Admin

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From human errors to outdated virus protections, we’re going to discuss 5 ways liabilities find a way inside our system.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!

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                                                                                 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!

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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?

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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


HAVE YOU TRIED SMARTSOURCING?

Posted on 05/10/2017

We keep iterating that running a business is nothing short of the 12 labors of Hercules. But if done right, you stand to attain an immortal business! Well not that dramatically, but certainly quite close. For CPA and accounting firms, it is easy to relate to the fact, that there are not enough hours in the day to do everything that needs to be done.

It could take eons for one man to build a tower, but leave 10 men to it and the productivity increases manifold! The key here is to find 10 men with the right skills – and that is what smart sourcing is all about! We present to you the top 3 areas in small business bookkeeping and small business accounting that can be smart sourced to positively propel your business.

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Smart sourcing literally comes down to smart outsourcing. Instead of randomly hiring people for your small business accounting, you need to figure out the areas where outsourcing can add the most value. We’ve outlined 5 top skills that can add the most value to your small business accounting when outsourced to the right organization:

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PAYROLL
Regardless of the size of your business, smooth payroll is the key to happy employees (your biggest asset). 90% businesses find that outsourcing payroll is a healthy alternative. Try it and find out today, why all your competitors are winning at employee relationships. Velan adeptly handles small business accounting, small business bookkeeping, payroll & taxation.

We offer specialized outsourcing services for CPA and accounting firms who handle payroll for their clients. Contact us to find out more! CPA and accounting firms at a global level, trust Velan to deliver quality coupled with quick TAT.

FINANCIAL REPORTING
The need of specialized experience becomes clear when looking at financial reporting. Hiring an efficient resource for financial reporting is the difference between getting by with small business bookkeeping or small business accounting and using bookkeeping to help your business grow!

Smart sourcing your financial reporting is not just another way to spend money on your business, but rather the right way to spend money on your business. Save money by hiring skilled resources from Velan Bookkeeping!

WE LOVE BOOKKEEPING
As a closing note, Velan resources are cloud-ready and well-versed with most cloud-based accounting software such as MYOB, SAGE, PeachTree, CSA, QuickBooks etc. So if you’re a CPA or accounting firm, we’re teeming with experienced and certified resources!

Small business bookkeeping and small business accounting are best left to experts and that’s why you need to entrust outsourcing to a reliable organization like Velan Bookkeeping. A lot of our clients are CPA and accounting firms who’ve reported significant savings and growth by outsourcing to us.

Call us today @ + 1-516-717-2049.

Topics: Accounting


Seasonal Business & Low Cash-Flow? Quick Tips to Help!

Posted on 28/09/2017

You’re not alone on the seasonal Business & Low Cash-Flow roller-coaster! More importantly, if you’re running a seasonal business, you’re not alone on the cash-flow roller-coaster. The cash-flow for a seasonal business is quite unlike the others and a very imperative aspect of sustenance. A seasonal business is very common if you’re in a region where travel and tourism are popular. If you are well acquainted with the holiday highs and bad weather lows, there are few things you can do radically change the situations of uncertainty and predicament. Since a season peak is right around the corner(Christmas), we decided to roll out these tips which can help you prepare for the next months.

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Cash flow in all kinds of businesses can be a reason for anxiety and rightly so. But when it comes to running a seasonal business almost every business owner knows that while sometimes cash flow could be at pleasant peaks, it also drops swiftly and sometimes suddenly, leaving business owners wondering what’s next!

As stressful as it is to ride the seasonal cash flow roller coaster, it is a part of every business but it pays to be smart when thing are running perfectly.That way, you’re ready for the sudden shift from greener times to leaner times.

5 Techniques Businesses like yours employ:

  • Alternative business options: Not easy but a very practical option would be to find a business alternative for the slower part of your year. The change could be a welcome move for your brain and your lifestyle. This could help cash-flow remain at balanced levels.
  • Flexible employee hiring patterns: While this isn’t a great idea for the economy, it certainly would do well for you. Hire employees on-contract and during the season only. The aftermath of this could be that you may get incessantly stuck in the hiring process, every season.
  • Robust banking relationships: Some banks are flexible and provide great support for seasonal businesses.
  • Save for the rainy days: Save a part of your revenue during the greener times, to cover up for the leaner times.
  • Flexible vendor agreements: To your vendors, request for a flexible payment pattern wherein you pay larger chunks of the outstanding amount during season and smaller chunks in off-season.

Tried, Tested & Proven Cash Flow Tips For Seasonal Businesses

Here are some cash flow tips to implement into your business so you can weather any type of storm that comes your way throughout slower periods:

  • Forecast, review & revise– Tracking your business is a good practice and it could also help you determine the slow periods.Most businesses know for a fact that holiday sales directly mean peak cash-flow. January and February generally show a dip in business. Planning ahead for these slow periods and employing the aforementioned techniques can help in balancing your cash-flow crisis.
  • Stay on top with savings– We’ve heard quite often that we should save for a rainy day. A seasonal business stands testimony to the worth of this proverb. You know your fixed monthly business expenses and the delta required to sustain – don’t get caught in a slow period with no money to spare for expenses you always knew about.
  • Boost peaks – Peak season is when you can boost your cash flow without much effort. So go the extra mile, hire that extra staff, build that extra inventory and give that extra coupon/discount! This will help you propel sales and push beyond expected margins.

Every business is a sine-wave. Highs and lows are never a surprise and all a part of the game. Stay on top and build better cash flow with these useful tips. Are you a seasonal business owner? Did you find these tips useful? Do you have tips that we should include in this list? Let us know in the comments and let’s together educate the troupe of seasonal business owners. Meanwhile, prepare yourself for the holidays! May this post help you in the right time!

Topics: Cash Flow Management