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


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