Accounting firms

5 Remarkable Moves for CPA Firms to Step-up Revenue Post-tax Season

Posted on 03/08/2018

CPA accounting firms must be breathing a sigh of relief post-tax season, after a hectic lap of tax filing this year. Successful firms don’t stop with a January to April alliance with their clients, but continue to do business with them throughout the year.

Find out how CPA firms can gain revenue effectively post-tax season.

5 Remarkable Moves for CPA Firms to Step-up Revenue Post-tax Season

1. Extend consultations to existing clients

A little twist to an old saying goes, “Make new clients, but keep the old, one is silver, the other is gold!” Client retention is the key to build steady revenue. It is cost-effective to extend new services to existing customers rather than spend money on acquiring new customers.

Clients who approach you for tax filing consultation may have issues in financial accounting too. The IRS Oversight Board says, about 60 million taxpayers, constituting 37% of the total filers for income tax, contact the IRS for various reasons. Clients will come back to you when they receive a notice or email from the IRS. Usually, they are charged on an hourly basis for expert support whenever necessary.

2. Extend advisory services and asset management services

Individuals opting for services of tax filing may not necessarily return for other accounting and financial services. Encourage clients to communicate with you and connect with you whenever they have questions or issues at hand. Communication through emails, postcards and newsletters are popular ways of being in touch with your clients.

3. Make the customer experience a priority

Generally, customer retention and customer service are never the focus of accounting firms. When your satisfied customers have a pleasant experience in resolving their issues, they would spread the word around. Such referrals are bound to bring you more customers. Request for regular feedback from your clients to help enhance your customer service.

4. Extended other accounting services –payroll, bookkeeping and bank reconciliation

The clients of cpa bookkeeping services are offered additional services such as payroll, bank reconciliations, and bookkeeping. The clients must trust you enough to try other services as well.

When it comes to hiring experienced staff and new infrastructure, contact us for complete dedication and delivery on time of various bookkeeping services.

5.Extend professionalism

When you understand the inherent financial situation of your clients, you can develop a strong bond by being proactive. Build a niche for your firm by providing services to a target group. Clients like to approach, skilled accountants in their specific field of business. Stay on top of the game by updating your knowledge constantly on changes in regulations and policies announced by the Government.

Extending more bookkeeping services to more clients will invariably mean hiring more accountants for your firm. A better option is to outsource your work to specialists in this line of work. Look for accounting professionals who are imbibed with qualities to be current, consistent and compliant. Contact us today and take advantage of our expertise in bookkeeping services.

Topics: Accounting firms , CPA


Why is Monthly Cleanup of Books & accounts Important?

Posted on 02/05/2018

Have you ever wondered why your bookkeeping system is in shambles? We do realize how an organized, clean, well maintained books of accounts depict the health of the business. This scenario arises when a lukewarm attempt is made to DIY bookkeeping, lack of time, incompetent bookkeeper or just failing to get it done.

A sensible way is to start your bookkeeping in the correct way from the beginning. Maintaining the books and balance sheets regularly, or rather at the end of every month will generate squeaky clean books. Considering the fact that you haven’t been updating on a monthly schedule, you need to start all over. Installing QuickBooks or any other bookkeeping software of your choice will be the first step.

For your benefit, here is a run through of bookkeeping tasks to close the books every month. This monthly routine helps you maintain cleaner books, easier business decision making and get tax-ready for the end of the financial year.

Cleanup of Books & accounts Important

Accounts Receivable

Your monthly invoices for work done for clients have to be scrutinized and all the deposits and cash are posted to QuickBooks should be checked. Try to reconcile your accounts receivable report, making adjustments against General Ledger and Balance Sheet.

Accounts Payable

Make sure monthly recurring bills and payments such as, car insurance and loan payments are entered in the respective books of accounts. Outstanding vendor bills and statements must be in line with Accounts Payable accounts and the Balance Sheet. The final monthly checkup of accounts should match your vendors’ records.

Monthly Reconciliation statements

Bank reconciliation statements for your multiple bank accounts, credit card transactions for the month should be updated, printed and filed for future reference. Reconciling loan balances and credit against the monthly statement should also be filed as it would make bookkeeping at the end of the financial year easier to handle.

Prepaid Income and expenses

Check for appropriate journal entries posted for prepaid income and expense adjustments, this would make your bookkeeper’s job a lot less time consuming.

Write off Bad debts

Bad debts that are uncollected are to be written off. QuickBooks has the facility to write off bad debts using the Credit Memo.

Keep an eye on your fixed assets

Any changes in your Fixed assets including depreciation must be updated on a monthly basis.

Validate all checks and Invoice numbers

Check books and invoice statements are generated in numerical order. Watch out for any missing numbers on checks or missing transactions and bring it to records. Any void or cancelled checks are listed and kept on record.

Review Financial statements

Check all postings in the financial statements for errors, missing records and unusual balances. When you identify any untoward transactions, review them and make necessary adjustments. Printing and filing Financial statements and reports are required for perfect cleanup.

Close Books and Backup

The Closing Date feature in QuickBooks permits you to lock the previous months and is password protected as well. When all the adjustments for the month is completed, the bookkeeper closes the books for the month and a backup of the books are done.

Keep tabs on your Budget

Reassess your actual numbers against budgeted numbers. You will understand why there is a difference and how a workable budget can be reinforced and managed for the following month.

The above measures are not only helpful to clean up your books of accounts, but also gives you the confidence of running a healthy business. As we are drawing close to the end of the financial year, well maintained accounts are an advantage for preparation of taxes. One of our services in demand is the cleanup of books for small, medium and large businesses. So, if you are looking for a shipshape financial book of accounts on a monthly basis or at the year end; an added bonus  is your peace of mind. Do contact us for a consultation.

Topics: Accounting , Accounting firms , Accounts Payables , Accounts Receivables , Bookkeeping Services


Top 5 Accounting Strategies Trending in 2018

Posted on 23/02/2018

Financial gurus predict a sea change in the way accounting process is going to evolve this year, 2018. Gone are the days when bookkeeping and financial accounting were done manually. Presently, we are heading into a total transformation where automation, Outsourcing Bookkeeping, and cloud accounting are endorsed globally by the business community and corporate houses.

Top 5 Accounting Strategies Trending in 2018 - CPA bookkeeping services

While small business houses, bookkeepers, and CPA accounting firms avail the support of CPA bookkeeping services by outsourcing their work significantly, let us look at the top 5 most trending accounting methods this year.

1. Automation

Automation in accounting is a boon to small and large businesses. The automation process has slowly replaced manpower in accounting during 2017.  Manual accounting is gradually phasing out and industries are opting for automation because it saves a great amount of time and is very cost-effective. Accountants of CPA firms and bookkeepers can focus on other crucial accounting issues as the day to day accounting operation works hassle-free.

2. Cloud accounting

Cloud accounting software is user-friendly and flexible as it can be accessed from anywhere. Financial information gets updated automatically providing real-time reports, making it easier for businesses to take quick decisions on various issues. Cloud software keeps accountants and business owners well connected.

3. Social Media for accounting firms and CPAs

Business houses are using the social media platform to increase brand presence for their online business strategies. The idea is to reach out to a global audience, which has the advantage of accounting companies is increasing website traffic at very little or no cost.

4. Collaborative Accounting

The term may sound new because it involves accountants communicating with clients using the internet and state-of-the-art technology irrespective of their location. Sometimes, accounting transactions are monitored by an Accounting back office to a business house on the other side of the world. Communication with clients and business partners, coming up with solutions and strategies is simplified.

5. Outsourcing

Outsourcing financial and accounting services are gaining popularity in recent times, especially in the last couple of years. The Accounts department will have more time on hand to develop other pressing business issues that need immediate attention. In addition to that, the following advantages keep them on the popularity list.

  • Ample time to focus on core business and growth
  • Resource scalability
  • Complete support from an Expert accounting team
  • Manage realtime Financials
  • Major cut-down on cost

When we look at all the above methods of accounting it is obvious that the benefits of Accounting outsourcing for businesses and industries are numerous, irrespective of their size and domain. Outsourcing your accounting operations to expert accountants will be a great relief and ensures a smoother business model, not to forget the reduction of overheads.

Team Velan Bookkeeping offers reliable and speedy outsourced accounting services to CPA firms, bookkeepers and small businesses at a global level. Reliable accountants with expertise  are ready to take care of all your accounting needs. When you are considering outsourcing accounting, go to www.velan-bookkeeping.com for the best deal!

Topics: Accounting , Accounting firms , Bookkeeping Services , CPA , Outsourcing Accounting


Improve Accounts Payable Efficiency: 15 Best Practices

Posted on 30/06/2017

Every organization witnesses a skills gap; 75% CEOs feel their in-house team isn’t adept enough to keep up.Keeping that in mind, it is always helpful to define clear, precise and well-defined workflows and practices in every business process. Here are some tips and best practices to Improve Accounts Payable efficieny. A better Procure to Pay process will not only benefit your working capital, cash flow, and vendor relationships but go the extra mile help you to identify areas of savings and compliance. If you’re looking to strengthen your bottom line performance, what better way than to improve liquidity?

Services for Accounts Payable

So read on, as we enlist 15 best practices to improve accounts payable efficiency (in no particular order), keeping in mind the organizations where the AP function primarily relies on paperwork submissions. We know some companies have already adopted EDI and we’re going to keep this as generic as possible.

  1. Defined Roles and Responsibilities: Assign access rights, or assign specific employees the capacity to add/delete/modify vendors in the vendor master files. Especially in systems that lack the ability to print changes made to the files, this practice can be pivotal in avoiding theft.
  2. Use default settings to your advantage: It is recommended that you default the AP master file configuration to a Vendor Type used most frequently. If your system allows for multiple vendor categories, set access rights in a way that users only above a certain security level are allowed to change the GL code.
  3. Avoid batch entries: Entering each invoice individually, allows for a separate audit trail and that would greatly help in keeping track.
  4. Check the Invoice Dates: Do not let your AP clerks use older invoice dates. Try and understand how your system assigns GL month/year as well. When you generate reports on financial reports for a time period, correct dates will alleviate unexpected results.
  5. Review and reconcile: Compare charges to purchase orders while paying out and perform a monthly reconciliation.
  6. Automation is better: Manual processes such as expense reporting, data entry should be automated for better utilization of your accounting resources. This will also minimize risks and errors.
  7. Try an ERP system: Most of the auditor’s time is consumed in reviewing manual postings owing to an elevated risk factor. This can be eased with the help of an ERP system.
  8. Always compare with original: It is advisable to try and pay against the original invoice but if paying from a copy, compare the invoice number and charges indicated.
  9. Verify W-9: In the year’s end when you organize 1099s, you don’t want to be stuck in a rut. Before initiating payment, verify the vendor has a W-9 file for them.
  10. Invoice number rules: If all your clerks starting entering invoice numbers in the format they please, you’ll be lost for eons; especially if you don’t have an invoice number in hand. Instead, have a policy and educate your clerks on how to enter invoice numbers.
  11. Accountability: Assign and authorize separate people for entering the invoice, approving the invoice and signing the check.
  12. Logging is key: All invoices should compulsorily be addressed to the Accounts Department – this way they can be logged.
  13. Define Budget: It is safer to know your AP team know what the declared budget is, if you are among those who run a lot of cash transactions.
  14. Audit trail is imperative: Even if you don’t plan on paying the entire invoice amount, it would help the audit trail to mark it as billed. At these instances, use credit memos.
  15. Free is good: Discounts and free goods being offered by your vendors is something that could greatly help your accounts. Watch out for these festive promotions and make the best use of them.

Go the extra mile with these best practices, and watch your AP process go above and beyond maintaining operating margins. Velan is a trusted and seasoned Accounts Payable services providers. Velan AP process takes extra care on available free credits, payable days, purchase order mandates, and Accounts Payable cycle efficiency. Accurate Accounts Payable reconciliation plays a vital role in clearing unpaid bills within the stipulated time. Outsourcing your Accounts Payable management to Velan will help you effectively mitigate fines for late bill payments and ensure that you have a streamlined Accounts Payable process flow leading to optimized of profit for your business. Call @ +1-860-215-4997 to know more.

Topics: Accounting , Accounting firms , Accounts Payables , Financial Reporting , Outsourcing Accounting