Tag: Accounting firms

Why outsourcing is a must-do for CPA firms?

Posted on 05/03/2022

CPA services for small businesses, CPA firms are comprised of auditors who conduct both public and private audit engagements, In today’s competitive world, outsourcing your CPA firm’s 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 than anybody does. With bookkeeping in your hands, you will have time to focus only on mundane CPA services for small businesses.  This is because bookkeeping demands greater attention and can be a lengthy process.

CPA firm outsourced services

Essentially CPA firms should concentrate on bringing new clients and profits to their business. This requires more energy, effort, and time to be invested in the complex and core areas of the clients. Certain things like planning clients’ taxes, investment planning, wealth planning, and working on strategies to increase the profitability of the client can go a long way to give you a competitive advantage. On outsourcing your bookkeeping activities, you can focus more on providing your clients with these added values for a low or almost no price.

Below are some of the benefits of outsourcing your CPA firms:

  1. Leveraging skilled and efficient accountants at a much-reduced cost. These resources can be billed at much higher rates
  2. No time wasted on hiring and training accountants, according to your needs
  3. Leveraging state-of-the-art technology and infrastructure without having to invest in them
  4. Decreased visits to the clients and travel time, thus increasing the realization rates
  5. No independence is impaired. You can still check the progress of your records online. Online access can be set up using third-party service providers if your outsourcing partner is not able to provide you with online access
  6. No need to suffer downtime as your outsourcing partner will take care of it
  7. Enjoy faster turnaround time and check your files at any point in time
  8. Stay ahead of the competition, plus benefit from colossal savings up to 50%
  9. Get benefited from the stringent QC policies from your outsourced partner to provide seamless services to your clients.

Bear these “things to look for in an outsourced partner” in mind while choosing your partner:

  1. Knowledge and skills of the top management team
  2. Quality procedures and policies followed
  3. Strength of the service provider financially
  4. Length of time of their presence in the business
  5. Years of experience and level of skill of the staff
  6. Check if you will be working with the same person/ team throughout
  7. Reliability and Scalability
  8. Check if they provide online support

CPA Services For Small Business, If you are in agreement with the above-stated facts and in need of a reliable partner, here we are to help. Call at +1-860-215-4997 or visit our website www.velan-bookkeeping.com for more details.

Topics: CPA


Top 5 Bookkeeping Tips for Small Businesses

Posted on 14/02/2022

Top 5 Bookkeeping Tips for Small Businesses

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 enough to initiate anymore, what matters now is the consistency and innovation with which you keep your ideas is running. And for any start-up or small business to consistently grow, financial management is the crux to its pillar of growth. Some of the major constraints that constrict the growth of bookkeeping for small business vertical are:

  1. Affordability of a full-time bookkeeper
  2. Loss of time and money in in-house accounting
  3. Increased overhead and operating cost
  4. Delay in tax filing & resulting penalties

Bookkeeping plays a pivotal role in the functioning of any business enterprise. On the whole, it encompasses various procedures and processes that are as complex as they are critical. So, it would be smart to always have someone competent in this area manage its affairs. Following are some tips that can help mollify the various convoluted intricacies involved in bookkeeping for small business:

1. Maintain Separate Books for Personal and Business accounting:

Mixing both personal and business accounts is never a good idea. Each by itself is poised with varying degrees of challenges. Put them together and you can just forget about it.  Keeping separate accounts will also help you keep things organized, which in turn will help save both time and resources in the long run.

2. Plan and Prepare for Major Expenses:

Always plan ahead and hold a reasonable reserve of revenue for inventory, office supplies, repairs, and maintenance. It is wise to always have a few worse-case scenarios worked out and be equipped with a comprehensive response plan at hand. By forecasting expenses and budgeting accordingly, you can worry less about the future.

3. Log Daily Records and Reconcile Bank Accounts Periodically:

As an old maxim goes, “A stitch in time saves nine”.  Keeping track of your bank records periodically will go a long way in saving time and stress during later stages. Going over your accounts on a daily basis and establishing a regular monthly reconciliation with your bank will give you a clearer perspective of where things stand.

4. Closely Monitor your Accounts Receivable:

Account Receivables is a metric that can both build and break businesses. Having a close eye on the inflow of revenue (A/R) is highly crucial for any business. Having clients owe you money by the end of a cycle is not the same as the money sitting in your account. So, monitoring account receivables and having in place a calendar like a system that can track dues, deadlines and schedule follow-ups will help to streamline the flow of Account receivables.

5. Go Cashless:

Paying in cash may seem pretty straightforward, but it has a number of drawbacks that can add more complexity to online bookkeeping services. Among other things, cash payments are more difficult to trace so it will be hard to keep track of company spending, and you run the risk of overstating your income. Additionally, without any records of purchases, monitoring write-offs will also be a challenge. Online banking, credit/ debit cards are preferable options.

The world is a global village that now offers various dimensions of unimaginable help required to stay afloat. And while outsourcing is sometimes viewed with negative connotations, it has gained pace with the fast-growing companies of this world. One of the perks of global networking is the choice of seeking outsourced help, which has its many upsides. And with the availability of outsourcing of Bookkeeping firms, small companies should certainly consider it as an option to staysail in the rapid current of growth. They help keep track of the amount spent, where it was spent, and when it was spent. The benefits of outsourcing are manifold. Some of them are as follows:

  1. They help overcome financial challenges
  2. They help shift focus towards business growth
  3. They reduce the staff & setup fees
  4. They help in delivering on time, error-free records
  5. They help to stay on top of the books.

Velan Bookkeeping Services:

We at Velan are equipped with skilled accountants possessing over a minimum of 7 years of experience in the domain of bookkeeping for small business owners. Available round the clock at your disposal, we cater to services with the utmost sensitivity and sensibility that the work demands. With encomiums and testimonials speaking for themselves, one needn’t think twice before calling us. Our prices 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!

Phone: +1-860-215-4997

E-mail: info@velaninfo.com

 

Topics: Bookkeeping Services


How to Build a High Performance Bookkeeping Service Team

Posted on 28/01/2022

Velan Outsourced bookkeeping services Building a team is a continuous process that does not happen overnight. What great joy it is to celebrate our own achievements! But what greater joy when sharing our celebration with others! While individual goals are more straightforward to articulate, it takes tremendous effort to mould many minds towards achieving a common goal. All team efforts require a 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 is a continuous process that does not happen overnight. The values, commitments, responsibilities and deadlines involved must be shared by all the members of a team equally. Like a car in motion wherein the wheels work in unison towards a direction, so should a team drive towards its goal. Some of the practises that can be followed are discussed below:

Building a High Performance Bookkeeping Team

1. Conduct huddles and team building exercises to ensure collective responsibility:

As a leader, it is your responsibility to be on the watch out for signs of burnout among your team, especially during peak seasons. To avoid individual exhaustion, it would be highly critical to ensure that the team performs as a cohesive unit and the roles and responsibilities are uniformly distributed. Scheduling regular face-to-face sessions with your team will also help. Taking the team out for lunch or dinner as a token of appreciation can work wonders to boost their morale and spirits. A team huddle at the beginning of the shift can help remind o targets and goals and can also be used as a platform to share best practices.

2. Summon Periodic Review for Revision of Goals and Targets:

It’s easy to get caught up in a whirlwind of day-to-day activities and lose sight of the bigger picture. Hence, it would be a healthy practice to break down the goal into smaller and quickly achievable targets. This would instil a sense of accomplishment that would in turn drive towards the bigger picture. A clear integration of the smaller targets to goal would be vital to provide a roadmap.

Weekly assessment of targets and recalibration accordingly would help plot one’s position on the map and help forecast the following steps accordingly. Appreciation and encouragement when small targets met will help inspire more productivity.

3. Perform Assessment, Audit and Call for Training sessions:

Periodical assessment of employees and an audit on the quality of work will help flag down grey areas if any. Some members may require an additional training session or a refresher session to amp things up a bit. Training sessions to keep the whole team updated with technologies and practices across the world will help in staying relevant. A report of the assessment should be able to help in the direction of moving towards the goal.

4. Device Democratic Decision Making in Special cases:

Generally, it’s practical for the decision-making to take place up the hierarchy and trickle down the pyramid. However, when the decision taken is to impact the whole team, it would be sensible to let the team have a say in it. This would not only employ delegation but also make the employees feel important. Being made part of the decision-making process promotes a sense of significance. However, this exercise can only be carried out in special case scenarios. 

5. Advocate Knowledge Transfer and Learning:

In the fast paced world we live in today driven by innovation and technology it is very important to be constantly updated. Investing in just manpower would eventually render the assets obsolete.  Encouraging learning and promoting training sessions to keep abreast with trending technologies will keep the resources from losing relevance. Knowledge transfer is also critical as it delivers a certain edge to the less experienced in handling certain scenarios.

Why Velan Outsourced bookkeeping services team?

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 that otherwise generally slow you down.

Call us today! And be rest assured that your business needs will be taken care of with the utmost sensitivity and sensibility the work demands.

Phone: +1-860-215-4997
E-mail: info@velaninfo.com

Topics: Bookkeeping Services


How can outsourcing CPA Accounting Firms Step-up Revenue Post-tax Season

Posted on 19/01/2022

Certified public accountant (CPA) and Bookkeeping services for Accounting Professional Clients in the USA. Outsourced CPA Accounting Firms help clients with a wide array of services.

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

In this article, you can find out how a CPA firm’s bookkeeping services can gain revenue effectively post-tax season.

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

1. Extend consultations to existing clients with CPA and bookkeeping services

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

Clients who approach you for tax filing consultation may have issues in financial accounting too. The IRS Oversight Board says, about 60 million taxpayers, constituting 37% of the total filers for income tax, contact the IRS for various reasons. Clients will come back to you when they receive a notice or email from the IRS. So, it is important to stay connected with them and offer your extended Bookkeeping Services. You can then charge them on an hourly basis for expert support, whenever necessary.

2. Extend advisory services and asset management services

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

3. Make the customer experience a priority

Generally, customer retention and customer service are not the core focus of accounting firms. It is the customer experience that needs more focus. When your satisfied customers have a pleasant experience in resolving their issues, they automatically spread the word around. Such referrals are bound to bring you more customers. Hence, don’t forget to request regular feedback from your clients to improve and enhance your customer service.

4. Extend other accounting servicesPayroll, Remote bookkeeping, and Bank Reconciliation

You can offer your clients of Outsourced CPA bookkeeping services with additional services such as payroll, bank reconciliations, and bookkeeping for CPA. For this, the clients must also trust you enough to try other services.

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

5. Extend professionalism

You can develop a strong bond with your clients by being proactive and understanding their inherent financial situation. Therefore, build a niche for your firm by providing services to a target group. Clients like to approach, skilled accountants in their specific field of business. Hence, it is important to stay updated constantly on changes in regulations and policies announced by the Government.

Thus, extending bookkeeping services to existing clients would help you gain business all throughout the year. You will invariably be hiring more accountants for your firm. A better option would be to outsource your work to specialists. Look for accounting professionals who are imbibed with qualities to be updated, consistent, and compliant. Contact us today and we would be pleased to share our expertise in bookkeeping services. We would be happy to work with you.

Topics: CPA


Why Managing Accounts Receivables Could Save Your Business

Posted on 16/08/2018

Why Managing Accounts Receivables Could Save Your Business

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 the required growth and stability of the firm. And as the customer base expands, so will expand the need for lucid financial accounting that will have to be competently dealt with. An effective system of managing accounts will strengthen the financial base that will serve as the crux of the company’s foundational advancement.

Here, understanding the ebbs and flows of receivables will help in resourcefully identifying the various sources of revenue from which they are either generated or choked. This will also help in classifying the strengths and challenges of the company, providing kaleidoscopic insights to assess and channelize the productivity variants. The need to manage accounts receivable (A/R) only validates itself with these factors. An accounts receivables report can be used as a barometer to assess the financial health of a company in conjunction with accounts payable. It is not only about maintaining a record totally income generation but a system that can competently tackle dimensional issues of productivity is the key to strengthening your financial hold. Some of the perks and perquisites of timely management of accounts receivable are:

  • It can help build stronger bonds with clients and customers.
  • It will help sustain a healthy cash flow.
  • It will help avoid delay in settling suppliers’ dues.
  • It will earn interest in the respective bank account, as an added bonus.
  • It will help in better prediction of cash flows.
  • It will help ward off unforeseen expenditure without much hassle.
  • It will help plan ahead and sketch prospects for the future,

The aforementioned points make up some of the crucial cornerstones that help build and sustain successful businesses. Cash flow management is highly critical for small businesses.

According to a study cited in Entrepreneur Magazine, a bank found that as many as 82 percent of businesses fail due to cash flow management issues. As obvious as it may sound, one of the most effective ways to establish sustainable cash flow for your business would be to proactively manage your accounts receivable. Here are few tips that can help avert cash crunch and ease cash flow:

1. Assessment of Customer’s Credibility:

As much as it is important for a company to bring in new customers, it is also important for the company to study and assess the credibility of the customers.  Before extending credit, a company should have a mechanism in place that is both preventive and curative in nature and helps:

  • Assess the credibility/creditworthiness of the customer.
  • Provide conditions that clearly define the terms for A/R.
  • Setup repayment timing and options as per remedial conditions.
  • Plan around A/R patterns, with available customer patterns.

2. Prompt and Punctual Invoices:

Prompt and punctual invoices are a pleasure to the eye. Customers dread lingering amidst the uncertainty between the payment gateway and the acknowledgment of payment for a certain service.  On a basic level, promptly sending your invoice reinforces the image of your company as professional and thorough. It also subtly notifies the seriousness you attach to payments. Customers are less likely to delay payments to a company that takes accounts receivable seriously.

3. Monitoring Accounts Receivable:

Generally, upon the reception of the invoice, customers are given a certain window to settle the due. Setting up a robust calendar-like mechanism that not only tracks individual deadlines but also alerts for appropriate follow-up actions will help forecast the incoming cash flow better. Follow-ups can help reveal oversights, payments lost in the mail or other issues. It can also flag a problem early in the process so that you can determine the best way to move forward with collecting payments.

4. Collections and Corrective Actions:

With a proper follow-up mechanism in place, foreseeing an account heading towards trouble becomes easy. In such a scenario, preventive or corrective measures can be initiated accordingly. There are numerous ways in which delayed payments can be handled. For example, granting a brief grace period in exchange for a minimal interest or a convenience fee. There can be a multitude of scenarios that may ensue along these lines. An early understanding of these issues will help reduce unnecessary ramifications.

Auto-Pilot: Velan Bookkeeping

Caught in a myriad of impending deadlines that have you reeling under pressure? With so many lines of records to keep track of, losing sight of the bigger picture? Sit back, hit the “Auto-Pilot” button, and grab that coffee you never could make time for.

Velan bookkeeping, with highly experienced accountants at your disposal round the clock, we cater to all your accounting needs.  From notifying you at the earliest onset of any account heading south, all the way to drawing up sensitive, concurrent remedial measures, we’re in for the long haul. Breaking it down, some of the services we offer are:

  • Timely generation of invoices and effective distribution;
  • Follow-ups and Co-ordination with collections team when necessary;
  • Generation of reports, predictions, and forecasts;
  • Receiving and logging payments;
  • Maintaining efficient archives.

Call us today! And unshackle yourself from the cataclysmic commitment of chasing deadlines.

Phone: +1-860-215-4997
E-mail: info@velaninfo.com

Topics: Accounts Receivables