Bookkeeping Services

Are you having trouble pricing your bookkeeping services?

Posted on 06/03/2019

Have you ever wondered if you’re getting the most out of your bookkeeping service provider? With the hourly rates almost becoming the convention of pricing, have you ever considered that much of this would be at the mercy of the bookkeeper’s skill set and tactfulness. There’s no real pricing panacea when it comes to bookkeeping services. The hourly pricing mechanism may make sense in the case of certain larger firms with enough man power to tussle through the stages after the bookkeeper clocks out. However, if you are just starting up or own a small business, it would rather be sensible to have someone work beyond the hourly confines.

Bookkeeping services

Now that you’ve set up your business and have everything rolling except your books. It would be tempting to try saving a few dollars by swinging your axe at keeping the books relevant. As adventurous as it may sound, it requires a prescribed set of skills. Also, if things go awry, you may end up spending more than what you would have on a bookkeeper.

So how do you tailor the bookkeeping services to your requirements with optimal pricing? There are a multitude of variables that need to be accounted for before deciding upon the type of bookkeeping service you may require. Variables like company size and lifecycle, number of monthly transactions, number of employees and how payroll is processed, number of expense accounts, credit cards, invoices to send out, bills to pay, number of balances sheets to reconcile will help you understand if you require a full-time bookkeeper or if a part-time gig would suffice.

In the early stages, most small businesses are chiefly concerned with compliance – paying bills, getting paid, recording transactions, ensuring payroll accuracy and following state and federal regulations. However, over time they start putting more emphasis on the need for timely, accurate financial reports and intelligence. At this juncture the business will demand more advanced bookkeeping services as the need to make more data-driven decisions will increase.

So, the first question you need to ask yourself is whether you just need compliance – basic bookkeeping – or if you’re ready to upgrade to advanced bookkeeping that will help you drive increased profits improved cash flow and growth. Since both require very different levels of effort and skillset as you can imagine, the cost for advanced bookkeeping services is much higher.

Role of a Bookkeeper in a small Business:

The pivotal role of bookkeepers is maintaining your books closely every day. They generally do all data entry into accounting ledgers or software.

Bookkeepers focus on recording financial transactions of a business through maintaining records, tracking transactions, and creating financial reports. Also, if need be, they also take part in other activities such as

• Entering, Coding and Paying Bills
• Creating and Sending Customer Invoices
• Collecting Past Due Accounts Receivable
• Reconciling Bank and Credit Card Accounts
• Maintaining Vendors for Accounts Payable and Clients for Accounts Receivable

Primarily, there are three choices at your disposal. And knowing how they cater to the various needs of a business will help you cut your coat according to the cloth.

1. Full time bookkeeping services:

According to Glassdoor, listings in cities with high cost of living show that full time bookkeepers charge as much as $70,000, excluding the perks, health insurance, paid vacations and overhead involved. A full-time bookkeeper will handle the day to day accounting functions for your office. Although, keeping your books in order and up-to-date is the foundation of the financial strength of any business, for a small or medium business spending $70K on bookkeeping would be practically pointless.

2. Part-time bookkeeping services:

The rates of part-time bookkeeper vary widely. A rough estimate for internal part-time bookkeeper’s average at around $20/hour largely based around the job description and location. Part-time bookkeepers usually perform basic bookkeeping duties that would require supervision. If you’re one who can manage your job and do some accounting each month but need an extra hand, a part-time bookkeeper would be ideal. They can undertake tasks like inputting receipts and tracking employee time sheets, accounts receivable and accounts payable.

3. Outsourced bookkeeping services:

Outsourcing bookkeeping services is one of the most popular options for small and medium businesses these days. Just as in the case of hiring an internal bookkeeper, defining their roles and functions in a granular way will be key. You’ll have to decide upon the functions you would like to outsource and the functions you’d like to retain. The average price of outsourcing your bookkeeping vary between $500 to $2,500 a month depending on the number of transactions and complexity of services required. A key benefit of Outsourcing is it gives you the ability to customize the services you receive to your bookkeeping needs.

With the unfair degree of scepticism associated with bookkeeping, many businesses are concerned about switching over to outsourcing, not understanding how the pieces stitch together. But with today’s advancements in technology, outsourcing has never been easier and safer. Outsourcing can provide advanced and less costly bookkeeping service than a typical in-house bookkeeper.
Outsourcing comes with another added advantage. Besides effective cost cutting, it also enables freeing up resources to take care of other operational roles. Outsource and free up your good employees to help focus on growth!

Velan Bookkeeping:

We at Velan are equipped with skilled accountants possessing over a minimum of 7 years of experience in the domain of bookkeeping. Available round the clock at your disposal, we cater to services with utmost sensitivity and sensibility that the work demands. With encomiums and testimonials speaking for themselves, one needn’t think twice before calling us. Our pricings are highly competitive and guarantee international standards in terms of delivery. We cost less than an in-house accountant’s salary exclusive of his paid vacations, incentives and bonuses. Some of the services we provide are listed below:
a. Bank Reconciliation
b. Statement of Assets and Liabilities
c. Accounts Receivable and Payable
d. P & L Statements
e. Payroll Services
f. Tax Preparation

Call us today!!! And give your business the head start that it deserves!

Topics: Accounting , Bookkeeping Services


Outsourced Bookkeeping Services Basics for Small Businesses

Posted on 09/01/2019

When it comes to running a business, a clear and detailed record of the history of transactions involved would be vital to the seamless and efficient functioning of the overall enterprise. It wouldn’t be an exaggeration to say that the survival of most businesses rely heavily on how these transactions are recorded and managed. Organizing these records can be done on paper, with the help of software or by employing of a hired hand. Without a proper bookkeeping system, a business can become vulnerable are susceptible to legal problems and cash flow issues.

Outsourced Bookkeeping Services Basics for Small Businesses

A smooth tax filing can only be asserted by a proper bookkeeping process. Business records are key ingredients without which sorting through the numbers would become messy and complex. Hence as an exercise of caution, it is important to keep the following information in the books:

Revenues and Expenses

Revenues, in general, refer to the money that the business receives from customers. This makes up the accounts receivables column in the book. Staying on top of the book would imply keeping it up to date and promptly sending out bills and invoices.

Keeping track of expenses is just as critical as keeping track of revenue.

In general, revenue and expenses constitute the most basic information in the book. Keeping a close check on them would prove to be highly critical.

Inventory

Inventories are prone to merchandise misplacement, theft, and other mishaps. It is highly critical for businesses to maintain a clean and clear record of inventories to prevent the occurrence of such events. Keeping inventory holdings to a minimum would help in better tracking of sales and trends. The numbers in the inventory should be periodically tested by physically counting the products.

Accounts Payable

The money that needs to go out to suppliers and the money that is due from customers come under the accounts payable column. Data that includes invoice dates, numbers, amounts, terms, dates and amount paid and/or due, client information and balances needed to be organized and managed properly. A good bookkeeping practice, particularly Accounts Payable, can make payments easier.

Payroll Expenses

If there is one part of the book that needs to be up to date at any given time, this will be it. Besides being up to date, accuracy and precision is also highly critical. All this will come in handy during the tax filing season. Procrastination and sidelining of these activities can result in severe negative repercussions.

Purchases

Purchases are used to track materials of all sorts and kinds that are purchased for the business. It is an essential variable when it comes to calculating the profit of the company.

Velan Bookkeeping:

We at Velan are equipped with skilled accountants possessing over a minimum of 7 years of experience in the domain of bookkeeping. Available round the clock at your disposal, we cater to services with utmost sensitivity and sensibility that the work demands. With encomiums and testimonials speaking for themselves, one needn’t think twice before calling us. Our pricings are highly competitive and guarantee international standards in terms of delivery. We cost less than an in house accountant’s salary exclusive of his paid vacations, incentives and bonuses. Some of the services we provide are listed below:

  1. Bank Reconciliation
  2. Statement of Assets and Liabilities
  3. Accounts Receivable and Payable
  4. P & L Statements
  5. Payroll Services
  6. Tax Preparation

Call us today!!! And give your business the head start that it deserves!

Topics: Accounting , Bookkeeping Services


The 5 important bookkeeping tasks you should be doing every day

Posted on 22/12/2018

“A stitch in time saves nine”

In general, every little thing that you put off until tomorrow, that which can be done today pushes you one step closer to an insurmountable pile of tasks dwindling by a choking deadline. The consequences of procrastination have far more pronounced repercussions in the realm of bookkeeping. Certain bookkeeping tasks require to be taken care of year round. It has rather become a tradition for most people to do their bookkeeping once a year for taxes. To simplify the whole conundrum and decode the fiasco it would be important to understand what bookkeeping tasks you should be worried about on a daily basis.

The 5 important bookkeeping tasks you should be doing every day

The day to day bookkeeping activities that would require top priority would be the transactions that occur in a business’s financial world. Keeping track of money going in and out of a business is very crucial. With regards to the money coming in the customer invoices, payments coming in, and bank deposits need to be closely monitored. Think of the day to day bookkeeping tasks as the things that make the finances of your business tick.

Here is a list of tasks that if done on a daily basis will not only help alleviate a great deal of burden during the tax season but also help establish transparency and clarity on a whole new scale:

1. Monitoring and following up with client invoices:

Paying detailed attention to client invoices is absolutely critical to run a business in the black. Maintaining a track record and having a clear understanding of clients, the dispatch of respective invoices, whether their payments have been received on time, and whether they have an outstanding balance will all add up to the smooth functioning of the business. If the business offers a 30/60/90-day payment terms, it is imperative to monitor which clients have past-due accounts. By attending to client invoices on a daily basis one will be able to understand the clients with whom caution should be exercised, and clients who are genuine assets to the business.

2. Processing payroll and maintaining employee records:

Even when it comes to solo-entrepreneurs, monitoring payroll should be made a daily bookkeeping task. It can be consolidated later on a weekly basis to get a clearer perspective. Understanding how payroll expenditures affect a business and then analyzing the areas where the company could use extra manpower would be very useful n helping the business grow.

3. Recording the financial transactions of a business:

As a profession Bookkeepers provide essential services to businesses by processing and recording everyday transactions and producing financial statements. They are responsible for recording financial transactions, maintaining accurate records and providing reports or statements to managers. These transactions will have to be required to be maintained as a permanent record. Software like MYOB, QuickBooks can be employed to carry out this practice. Digital spaces can only get cheaper. But rental rates can fluctuate. Keeping physical documents not only collect dust but also age and fade with time. You also have to make space in the office to keep these physical documents.

4. Reconciliation of Bank Accounts:

It should come as no surprise that bank statements are one of the most important documents to keep. They are the only business record one can count on. The bank statements are the basis for everything else the business stands on. Bank reconciliation, usually the simplest is also one of the important processes of bookkeeping. Do not thrash your bank statements, at least keep a record of the soft copies.

For Instance, at the end of the month, you realize that there is a difference between your accounting records and the bank statements. Wherein you should expect a cash of $6,600, your bank statement shows only $6160. Having a day on day tracking would help easily pinpoint as to where things went wrong.

5. Reporting any irregularities in data to management:

Any irregularities noticed, should be notified to the management immediately for preventive or remedial measures. If prompt measures and actions are not taken, these irregularities could lead to a more complicated issue that would take a lot of time and effort to sort out. As the saying goes “Nip it in the bud”, it is best to eradicate these problems when spotted.

Velan Bookkeeping:

We at Velan are equipped with skilled accountants possessing over a minimum of 7 years of experience in the domain of bookkeeping. Available round the clock at your disposal, we cater to services with utmost sensitivity and sensibility that the work demands. With encomiums and testimonials speaking for themselves, one needn’t think twice before calling us. Our pricings are highly competitive and guarantee international standards in terms of delivery. We cost less than an in house accountant’s salary exclusive of his paid vacations, incentives and bonuses. Some of the services we provide are listed below:

  1. Bank Reconciliation
  2. Statement of Assets and Liabilities
  3. Accounts Receivable and Payable
  4. P & L Statements
  5. Payroll Services
  6. Tax Preparation

Call us today!!! And give your business the head start that it deserves!

Topics: Bookkeeping Services


What Are Bookkeeping Services, Exactly?

Posted on 17/12/2018

Businesses, regardless of size will at some point require bookkeeping services. All business owners would have come across the term “bookkeeping” number of times. From the very first instance, a business opens its doors and collects its very first dollar, the role of a bookkeeper would generally commence. Advisors, partners, and other well-meaning associates would have undoubtedly recommended and suggested bookkeeping services to help keep a company’s books and finances on track. Bookkeepers help produce financial records that give business accurate information about its financial activities. These records are critical to the future success of any business.

What Are Bookkeeping Services, Exactly

Bookkeeping Services and what they do:

Generally, bookkeeping service proposes a three-tiered approach to developing and maintaining the overall financial processes and management. The first tier is made up of the accounting software specialist, who tailors data to the specific needs pertaining to the business. Access to the software and reports will be accordingly provided.

The next tier is the full-charge bookkeeper. The basic roles and responsibilities of a bookkeeper are pretty straightforward: to track payables and receivables and help keep the business’s financial transactions documented. A full-charge bookkeeper can also manage payroll, handle deposits, create and maintain monthly financial reports, manage the ever-changing world of sales taxes as well as quarterly taxes and withholding.

Bookkeepers also reconcile bank statements to internal accounts and come in very handy during an internal or IRS audit. Between the accounting specialist and the full charge bookkeeper, there will be the need to create a set of checks and balances for the business.

Scrutiny and analysis of individual department spending will be carried out by the bookkeeper. This is where the third tier of bookkeeping comes in to play– the controller. The controller increases the company’s overall financial accountability and checks and balances. A controller reviews the bookkeeper’s ledger for accuracy while also maintaining the integrity of the accounting data file in the future so that adjustments can’t be made without approval.

Benefits of Bookkeeping Services:

The underlying structure bookkeeping services apply is what really makes will eventually make a difference in the end, regardless of their primary objective of ensuring the financial health of a business. Bookkeeping services implement—and sustain—an unswerving financial process that strengthens the health of a business and facilitates creating and encouraging uniformity in tracking, paying and reporting. The significance of this is immeasurable as it insulates a business from many costly and dangerous risks.

Another major the benefit of the bookkeeping process comes into play when the bookkeeper coordinates with the management of the business in order to sanction purchases and gather expense reports. This activity requires extreme organizational, management and math and interpersonal skills.

Bookkeepers also reduce the overall expenses of a business. Besides ensuring that the books are maintained properly they also help keep a close eye on waste and mismanagement of supplies and inventory. All these benefits come along with the extra time the business can save since internal resources will no longer need to try and perform these tasks.

Though there’s no doubt that a bookkeeping service can save a business both time and money, it must also be noted that the processes and consistency introduced by the service offered can increase the longevity and efficiency of a given business, rendering the organization profitable for decades to come.

Velan Bookkeeping:

We at Velan are equipped with skilled accountants possessing over a minimum of 7 years of experience in the domain of bookkeeping. Available round the clock at your disposal, we cater to services with utmost sensitivity and sensibility that the work demands. With encomiums and testimonials speaking for themselves, one needn’t think twice before calling us. Our pricings are highly competitive and guarantee international standards in terms of delivery. We cost less than an in-house accountant’s salary exclusive of his paid vacations, incentives and bonuses. Some of the services we provide are listed below:

  1. Bank Reconciliation
  2. Statement of Assets and Liabilities
  3. Accounts Receivable and Payable
  4. P & L Statements
  5. Payroll Services
  6. Tax Preparation

Call us today!!! And give your business the head start that it deserves!

Topics: Accounting , Bookkeeping Services


Secret to Hiring the right Company for Your Bookkeeping

Posted on 25/08/2018

Small businesses sail through a sea of scathing conditions, especially during their initial stages. With limited manpower, and agendas spewing way past business hours, it almost always is a full plate. Ideally yet ironically, bookkeeping happens to be one of the most critical and least favourite activities of small business owners. Many would prefer a root canal sitting with a dentist over balancing their books. Sidelining bookkeeping can result in adverse repercussions that can even endanger the very existence of the business.

Secret to Hiring the right Company for Your Bookkeeping - Velan Bookkeeping

 

Bookkeeping as it is often misunderstood is not accounting. It, in essence is the process of preparing the information that the accountant will use to prepare financial statements and later interpret them. Two possible solutions to decipher this conundrum would either be paying expensive hourly rates to have an in-house accountant do the bookkeeping work or get one’s hands dirty oneself. Neither is advisable for small businesses. However, as every dark cloud has a silver lining, so does the onerous task of bookkeeping. The answer is plain and simple – Outsourcing!

Though there is an unfair degree of cynicism associated with outsourcing, there are instances where outsourced bookkeeping services have literally been game changers in the growth of many businesses. Balancing the books is the age-old trick to keeping a business afloat, and finding the right bookkeeper is the trick to having the books done right. Few conditions and criteria, when kept in mind can help deciding pick the right firm. Some of which include:

1. Suggestions and References:

This is pretty much straightforward. Referrals from friends, family and business associates can be a great place to start when hiring a bookkeeper. Business owners with outsourced bookkeeping services will also be able to point you in the direction. Generally, making a list of the referred resources would be the right start down this road.

2. Line of Business and Industry Relevance:

Hiring someone experienced and well versed along the lines relevant to your business is very important, especially when you work within a specific niche industry. This can save you a lot of time and resource from having to train them before actually deploying them.

3. Coherent and Compatible Technologies :

Cross compatibility is the key when it comes to transitioning. Using same software packages and allied technologies will go a long way in making things easier at both ends. Anyone you hire should be using software that is accessible to you at any time, from anywhere. Nothing they do should be a secret.

4. Consider a firm vs. an individual:

There are benefits to having a team on your side. If you think you only need an individual because you’re a small company, think again. A firm can offer you greater availability and continued oversight by more than one individual. The right firm provides greater security and fraud prevention, and a wide range of expertise and guidance when it comes to your bookkeeping and accounting needs.

5. Resource reserve and work volume:

The size of the firm and the manpower it holds is an important aspect to factor while choosing a firm to outsource your business to. Firms with sufficient headcounts will be able to provide the option of dedicated seats that would in turn help polishing the level of commitment and precision. However, to get a clearer picture, an idea of the work volume would come be necessary.

One Stop Solution: Velan Bookkeeping:

Looking to outsource your bookkeeping? Look no further!
We, at Velan bookkeeping are equipped with experienced bookkeepers at your disposal round the clock. With safety and security benchmark of international standards, we have etched a name for ourselves in the realm of outsourced bookkeeping services. Some of the services we offer include:

  • Bank Reconciliation
  • Statement of Assets and Liabilities
  • Accounts Receivable and Payable
  • P & L Statements
  • Payroll Services
  • Tax Preparation

Despite the exhaustive list of accolades and encomiums testifying the services we render, our prices are unbelievably competitive. So hang up on your fears and scepticisms and call us today to give your business the smooth sailing it deserves.

 

Phone: +1-860-215-4997
E-mail: reachus@velan-bookeeping.com

Topics: Accounting , Bookkeeping Services