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Bookkeeping For Small Businesses

Category:  Bookkeeping Services

Accurate, up-to-date bookkeeping is the cornerstone of every successful small business. Irrespective of any business sector, you must practice regular bookkeeping to run your business smoothly, efficiently, and profitably – now and in the future. Learning the ropes of bookkeeping may sound intimidating, fret not! We are listing down everything that you must know about bookkeeping and how you can play it to your advantage for your small business. What Is Bookkeeping? Bookkeeping is like Read More

cfo services for small business

Category:  Accounting

There is a common misconception that a bookkeeper and an accountant are enough to run the financial aspects of the company.  The role of a bookkeeper limits to maintaining the daily transactions in the organization. In some cases, the bookkeeper can extend their services during the accounting season but with limited expertise.  The role of an accountant is to get the data from the bookkeeper and work at the end of every financial year to Read More

Looking for Accounting Services in Dover? You’d be pleased to know that Velan offers offshore and outsourced Bookkeeping Services to CPA firms, SMEs, Retailers, and Real Estate/Property Management companies, not just in Dover, but at a global level. We strictly adhere to Generally Accepted Accounting Principles (GAAP), International Accounting Standards (IAS issued by IASC), and International Financial Reporting Standards (IFRS issued by IASB). We’re ISO 27001:2013 and ISO 9001:2008 certified, and practice the highest standards Read More

OUTSOURCED-BOOKKEEPING-SERVICE-NEAR-ME

Category:  Bookkeeping Services

13 BENEFITS OF HIRING AN OUTSOURCED BOOKKEEPING SERVICE Precise and up-to-date accounting is vital for a growing business as non-compliance takes a heavy toll on a business, hampering its development. But business owners and executives can gain more value from their time spent on business growth rather than bookkeeping. Though they could employ online accounting software like Quickbooks, they would still need an expert to feed accurate and relevant data. Thus, outsourced bookkeeping services become Read More

how-to-improve-bookkeeping

Category:  Bookkeeping Services

How can you maintain your bookkeeping efficiency while telecommuting? In light of the COVID-19 pandemic, organizations across the world are encouraging their employees to telecommute, thereby preventing the rapid spread of this virus and ensuring employee safety. However, the organizations need to maintain the productivity and efficiency of the employees as most of them have not worked from home before this pandemic. Companies that are equipped with the right hardware, proper bandwidth, sufficient VPN capabilities, Read More

You’ve delivered your services or product(s) right on time, and your client was exhilarated with it, but there’s a twist. The invoice you’ve sent are several days late, and this isn’t the first time that this has happened. Your might not have considered using Outsourced Accounting Bookkeeping Services to get your clients to pay on time. Irrespective of the business you are in, you will experience late-paying clients. As a matter of fact, almost 80% Read More

It is rather an accepted norm to view Accounts Payable as a traditional mandate. However, each passing year we witness fleeting trends that influence and impact the outcomes of Accounts Payable. As we stand midway across 2019, now is as good a time as any to assess and analyse the strategies and trends that have made a difference this year. With trends and tactics evolving every day, it is highly critical to stay abreast and Read More

 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 Read More

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 Read More

The 5 important bookkeeping tasks you should be doing every day

Category:  Bookkeeping Services

“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 Read More

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 Read More

Tax laws have been constantly changing over the years. However, it is safe to say that it’s been over 30 years since there has been any significant change. Tax Cuts and Job Reforms Bill that recently passed is certain to impact everyone from individual taxpayers to business owners. In line with the previous sweeping tax reforms, this new tax act is likely to foster a great deal of business for accountants. The ideal way for Read More

Posted by: Joyce Jeeva

December 04, 2018

Preparing for 2018 Tax Filings

Category:  Tax Preparation , Taxation

With the rush of the upcoming holidays and just weeks away from the New Year’s tax season officially getting underway, it is just about right time to consider your tax preparations. Tax season creeps upon millions of taxpayers every year as a recurring exercise. Instead of being caught off guard towards the end, one can actually follow few guidelines to start preparing for the upcoming 2018 filing season and gain an advantageous head start. 1. Read More

Category:  Tax Preparation , Taxation

Small business owners often find themselves worrying when it comes to filing tax returns. It is generally considered cumbersome for small businesses to collect all financial and business transaction records at the end of every quarter/year and put it across to the CPA to prepare tax returns. Putting of tax preparations until the last minute can not only prove to be an expensive affair but also necessitate the recruiting of seasonal accountants and managing them Read More

Tax Preparation

Category:  Tax Preparation

Small business owners go through a great ordeal during tax preparations. Finding a way to strike a balance between operations to marketing of the product and finding time to do yearly small business tax preparation isn’t easy. Generally small businesses lack the resource to keep a tab on daily accounts. Overtime these accounts add up to a seemingly insurmountable task which would require the assistance of experience and expertise in the concerned arena. Here are 5 tips that can help small businesses be Read More

Plan Ahead to Make Tax preparation Easier for You

Category:  Tax Preparation , Taxation

Planning, in general smoothens the course along every walk of life. And planning ahead provides the added advantage of forecasting possible scenarios down the road. Many perceive taxes as a once-in-a-year exercise, but it has all the elements of being a year round agenda. To exercise precaution, it is highly recommended that you keep receipts for all expenses and possible tax deductions that you consider claiming. Scanning and electronically filing for better accessibility will come Read More

Impact of the New Tax Rates on your Pocket 3

Category:  Tax Preparation , Taxation

As a consequence of the latest tax reform, there are going to be changes in Federal revenue tax charges for nearly all taxpayers. The charges of some of the taxpayers’ are likely to change greater than others. A closer look into the new tax rates and corresponding brackets will help shed some insight into the possible impact that will ensue. The following tables compare and contrast the changes in the Tax rates and brackets for Read More

Why use a professional for your tax preparation service

Category:  Tax Preparation , Taxation

The line of horror movies stacked up for release this year a little ahead of the tax season is highly symbolic of what is to come. Once again, we stand on the brink of another tax season, quite aware of what awaits us. The thought of a myriad of paperwork built around umpteen hours of strenuous study and scrutiny is capable of sending shivers down one’s spine. Redundant obsequious squealing from the coffee machines would Read More

Building a High Performance Bookkeeping Team

Category:  Accounting

What great joy it is to celebrate our own achievements! But what greater joy when share our celebration with others! While individual goals are more straightforward to articulate towards, it takes tremendous effort to mould many minds towards achieving a common goal. All team efforts require voluminous amount of discipline and self sacrificing. In a world driven by “every man for himself”, team players are highly valued for their traits and attributes Building a team Read More

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 Read More

Why Managing Accounts Receivables Could Save Your Business

Category:  Accounts Receivables

For any business firm to blossom and grow, understanding customer demands and meeting their satisfaction is vital. To do this, the firm should maintain a healthy balance between the growing demands of customers and the increase in responsibilities that are bound to follow. This will strike the chords of harmony that will allow for required growth and stability of the firm. And as the customer base expands, so will expand the need for lucid financial Read More

Top 5 Bookkeeping Tips for Small Businesses

Category:  Accounting

With the world having adopted a scientific outlook, there has been immeasurable progress in every area of learning. And with the paradigm shift of technology, the world has grown by leaps and bounds, and with it has grown the competition to make it big in the playground of life. And the rapid flow of progressive ideas has brought to the limelight many entrepreneurs who have changed the global scene with their bold outlook. It’s not Read More

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

Category:  Accounting firms , CPA

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. 1. Extend consultations to existing clients A little twist to an old saying goes, “Make new clients, but keep the old, one Read More

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, Read More

tax returns 2018

Category:  Taxation

Why file your tax returns ASAP? The tax filing season has opened up to individuals. The Internal Revenue Services has shifted the deadline for tax filing to April 17, 2018. The filing deadline was extended by two days (usually, it is April 15 every year) because 15 April 2018 falls on a Sunday. The 16th is observed as Emancipation Day, a holiday in Washington D.C. Just like any other Federal holidays, Washington holidays have an impact on Read More

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. While small business houses, bookkeepers, and CPA accounting firms avail the support of CPA bookkeeping services by outsourcing their work Read More

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. For all small businesses who’re looking to make bookkeeping and accounting a lot easier Read More

Posted by: Joyce Jeeva

December 15, 2017

Category:  Accounting

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. It isn’t realistic to say Read More

Category:  Accounting

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 Read More

Posted by: Joyce Jeeva

November 07, 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 Read More

Category:  Accounting

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 Read More

Category:  Bookkeeping Services

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 Read More

Posted by: Joyce Jeeva

October 05, 2017

Category:  Accounting

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 Read More

Category:  Cash Flow Management

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 Read More

Gartner has released its first-ever Magic Quadrant for Core Cloud Financial Software Management Suites! Concentrating solely on Cloud-based ERP which serves mid-sized, large and global organizations. At the onset, Gartner has excluded all players serving SMBs niche. This report revolves around the bigger ERP players. While we’re waiting for the Critical Capabilities report which Gartner promised to deliver in the third-quarter of this year, join us in rehashing this first-of-its-kind report from Gartner. Some surprising Read More

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 Read More

The order-to-cash/Accounts Receivables cycle in businesses is full of complexities. There are too many interactions that take place in the OTC/Accounts Rceeivables cycle and there is always room for Cash Process Efficiency enhancements in the process. True setback comes from the reliance on the hackneyed manual processes and the absence of a smooth transactional information flow. These are the major impediments that contribute to the inefficiencies and the increased operational costs. It is established that Read More

Real-time Financial reporting basically means that an event must be reported as and when it occurs rather than in the later stage. In this same context, real-time accounting means retrieval of information that is stored in the accounting system by reducing the lag between the recording time of accounting and the time of availability. Real-time accounting is used to make accurate information available as soon as possible. Some benefits of Real-time accounting and financial reporting: Removing Read More

Adequate cash-flow is significant to running a healthy business and anybody running their own business will know it. It is a taboo that healthy cash flows in any business come from equity funding or income from other investment and not their original business operations. The OCF or Operating Cash Flow unfolds what revenue is generated by ongoing business operations like sale of goods or services. Importance Of Tracking Cash Flow There are quite a lot Read More

Is outsourcing the right solution to get your payroll sorted? Payroll is one of the major costs for most of the businesses plus there is no assurance of ROI. Outsourcing is increasingly available for all parts of the business. There are umpteen off-the-shelf payroll software packages available. Many businesses take the bait and often find that one-size-doesn’t-fit all.  Therefore, it is imperative to look at what values do the outsourcing company deliver. Typically, all in-house Read More

Accounting software these days is considered as a must-have to meet the requirements of small business mainly. Plus, it also acts as a vital tool facilitating your decision making process since you get regular updates of your finances and there are tools to analyze your budget. Not only do they provide you with all the details you require but also most importantly, they provide the same on-the-go. But the question is in a sea of Read More

Posted by: Joyce Jeeva

February 25, 2017

Have you started your tax prep for your small business yet? It’s about time you started prepping and it’s not very late to hire a tax preparer to help you out with it. There can be umpteen questions to start like who can be your my preparer? Am I choosing the right person? Can I still prepare taxes on time? So on and so forth. Before you think through all these, if you think that Read More

In today’s competitive world, outsourcing your CPA firms bookkeeping is one of the wisest choices to stay ahead of the competition by focusing on your core business. If you would like to stay ahead of your competitors consistently then you need to offer more values more than anybody does. With bookkeeping in hands you will have time to focus only on mundane CPA activities.  This is because bookkeeping demands greater attention and can be a Read More

Account Reconciliation is very important for CPAs and accounting firms. If they are not handled effectively, they can be time consuming and exhaustive.  Below are some of the practices for you to handle account reconciliation in a whole new perspective: 1. Prioritizing the Balance Sheet Strategically planning your priority is the key approach. This method is also called “risk based prioritizing.” You need to identify the accounts that have high chances of becoming erroneous essentially. Read More

Category:  Accounts Payables

One of the most popular and favorite segment that is Outsourcing Your Procure To Pay Processes or Accounts Payable processes. It’s pretty simple, why companies do that- P2P processes are completely a transnational one, hence most of the companies would like to free up the time and resources engaged in the P2P process and engage them more in strategic planning for their growth and development. Not only do the companies benefit from the labor arbitrage Read More

Posted by: Joyce Jeeva

January 25, 2017

Category:  Accounting , Taxation

Find out what you can and what you cannot deduct.. New Year 2017 has just begun. It does not only mean a new beginning; it also marks the Tax Tips For Small Business Owners season. It’s about time you started prepping your files. We know at this point in time you will be handling plethora of papers and bills. It can get over the top to handle both business bills as well as personal ones. You Read More

Happy New Year everyone! Can you believe it’s already 2017? Many of you would have come from vacation feeling all motivated and Interesting Ways to Gear Yourself geared up to strike 2017. Now is the perfect time to plan and implement your new ideas. Below are some simple and highly effective tips for you to make your work life a lot less stressful and much easier. 1. Lay your roadmap It’s about time you prepped Read More

Category:  Taxation

New Year is around the corner; and in a jiffy, your tax season will be here too! All you need is a little knowledge and preparation to stay calm and composed when you file for the taxes next year. Whether you are electronically filing your returns or traditionally mailing your paper returns, below are the necessary information that you need to know. 4 THINGS YOU SHOULD START DOING RIGHT NOW TO WELCOME THE TAX SEASON Read More

Posted by: Joyce Jeeva

December 01, 2016

Category:  Taxation

So, HOW CAN YOU PAY LESSER TAX AND SAVE MORE FOR YOUR RETIREMENT? Have you ever wondered about this? And then thought Super contributions could be the best way to start saving more for retirement rather than paying the humongous amount of tax. If you have not, think now! For, Super gives you incredible tax benefits. At some point in time, everyone would ask this one question to their accountant which is “How can I save Read More

Category:  Taxation

Are you a single owner or an active member of an LLC (Limited Liability Company)? Are you looking to transform your company to a multi-member LLC?  Whatever it is, you will have some questions on the tax part of your business. Below are a few things you need to know as an LLC owner: Tax laws for LLC- Basic: Firstly, it is very important to know the way in which an LLC is structured as Read More

cash flow management

Category:  Cash Flow Management

Have you just started up your own business? Are you looking for tips to manage your cash flow? Does the cash flow management intimidate you? Worry not and Read through…. Keep track of your cash flow: This would be the easiest tip of them all. Everything you need to do is constantly monitor and measure your cash flow. Here are some tips you can follow to do the same: Start measuring your cash flow Make Read More

Would you like to focus on your core business, concentrate on the client base, and be more productive? Yes? We know right? Everyone running their business would love that. Business owners would at some point in time feel that Accounting is hogging his time and it is not a very productive job but an essential one. In this era, with internet in hand the world has shrunk so much that you can contact anyone you Read More

Outsource bookkeeping

Category:  Accounting

QuickBooks, a product of Intuit, is one of the best selling software for bookkeeping and accounts. QuickBooks is very easy to install and use – as it does not have any prerequisites to start using it. QuickBooks outsourcing is incredibly useful for small business accounting as it provides top-notch professional services. There are plethoras of benefits on using QuickBooks, some of which are mentioned below: Time saving: It saves a lot of time for small Read More

Are you having troubles managing your payables and receivables? We have been there done that! As you know, managing your payables and receivables is the most significant aspect of your business in all stages. You may get overwhelmed with the kind of cash you’d have to handle, and keep everything intact and going. Fret not, below are some really simple techniques you can adopt to disentangle yourself from all the payables & receivables hassles. Payables: Read More

Category:  Bookkeeping Services

You might feel bookkeeping is one dreadful job, and it hogs a lot of your time. Well, you are not alone. Below are some simple steps you can follow to save your time and ensure seamless bookkeeping. 1. Go paperless You may not be an expert in bookkeeping. You might find yourself frantically searching for that bill you know you kept in some place. You can avoid this most daunting task of maintaining papers which Read More

Category:  Accounting

The right accountant should know your business very well, be able to offer suggestions at the right time, and identify the areas of improvements. If your accountant isn’t doing this, then you may need to consider looking for a professional who does. There are several accounting and CPA firms in the marketplace. Selecting the right one that suits your business is the biggest challenge ever. People normally get suggestions/recommendations to identify the right fit. Nevertheless, Read More