Accounting

10 Small Business Accounting Trends to Kick-start 2018

Posted on 16/01/2018

10 Small Business Accounting Trends to Kick-start 2018

2018 is here and just like every other year, we’re mopping our brows thinking the previous year went down way too fast. But the New Year is not about moping on bygones but learning from the past and looking forward to the future! So here are 10 Small Business Accounting Trends for the year 2018.

Small Business Accounting

For all small businesses who’re looking to make bookkeeping and accounting a lot easier this year, your first thought should be to approach a reliable outsourcing partner. Not only SMEs but CPAs and accounting firms should ideally look to increase workforce as well. We all know – “that” time of the year is pretty near! After the lull of the holidays, it is time to spring back to action with a lot of holiday workload piled over – the best way to keep up is to avail outsourced bookkeeping and accounting.

What went by in 2017

Automation process gradually replaced manual work in accounting during 2017. We hope in 2018 accounting will continue traversing the path of further innovations and keep up the trend of automation. CPAs, accounting firms, & business owners have started concentrating on the key areas of analysis and forecast. It was evident in 2017 that CPAs, accounting firms and business owners were able to achieve more returns on their time and investment, all thanks to nifty insights, analysis and forecasts.

2018 Small Business Accounting Trends

Without further ado, we’re going to delve into the predicted trends for 2018.

  1. As we have seen in 2017, we believe 2018 will also see automation gradually work towards reducing the paperwork. A paperless environment will prove highly conducive to outsourced bookkeeping and accounting.
  2. 2018 will take business owners to the point where there will not be any requirement to manually categorize the transactions.
  3. Accountability has drawn a lot of focus from business owners and rightly so. 2018 will see business owners, CPAs, and accounting firms focus on the positive impacts that an accountability-driven work culture can have, on retention, service, profitability and growth.
  4. AI in 2018 is going to play a fairly big role in driving accountability.
  5. 2018 will see an upraise in the demand for reporting nonfinancial information as well – something the CPAs and accounting firms need to pay close attention to.

Know More..

  1. Intangible assets of the S&P 500 were 17 percent in 1975 and 84 percent in 2015. It’s a trend that the accounting profession simply can’t ignore and 2018 will also demonstrate the same.
  2. The trend of hiring outsourced bookkeepers and paraprofessionals will be on the rise.
  3. You didn’t have to hear us say it but here goes – blockchain technology will continue trending. How it affects us – we will save that for another post.
  4. The timing of tax reform is an area that could impact tax season for accountants.
  5. The need for informed business decisions using business insights will be on the rise with the increased availability of expertise. Business owners, CPAs and accounting firms will look forward to having extra time to focus on accounts analysis, thereby improving quality.

If you’re looking to increase time on hands using reliable outsourcing services, give us a call at +1-860-215-4997 or email us at info@velaninfo.com and our executives will be happy to assist you.

Topics: Accounting , Bookkeeping Services


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 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


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.

small business accounting

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:

infographic crop

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