Tag: Bookkeeping For Medium Businesses

Building a High Performance Bookkeeping Team

Posted on 12/09/2018

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 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-today activities and lose sight of bigger picture. Hence, it would be a healthy practise 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 gray areas, if any. Some members may require an addition training session or a refresher session to amp things up a bit. Training sessions to keep the whole team updated with technologies and practises 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 man power 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?

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: Accounting


Simple Techniques To Enhance Your Order-To-Cash Process Efficiency

Posted on 13/04/2017

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.

Accounts Receivables

It is established that there are quite a lot of interactions involved in the OTC/Accounts Receivables cycle. It is significant to note that papers are an inevitable part of the information flow between the company and the third party vendors, thus being responsible for the inefficiencies and challenges in the performance. Computerized receivables have been in use for over 5 decades now yet there is an incorrigible reliance on the paper and manual based processes. This is due to the fact that there is no connectivity between the internal functionalities besides the flow of accounting information and sales, inventory, shipping, and receivables. Things get exacerbated when there is an input is required from the customers or other third party vendors during the intermediate processes.

Manual tasks are still being used in bridging the gap between the Receivables processes and the external parties and this imposes the biggest challenge. Though there are software like ERP (enterprise resource planning) are widely used now to provide the integration that is lacking in the manual processes, manual processes are still being used. So, what is the result? A lot of time and labor are being invested in the OTC process, increasing the costs and operational inefficiencies.

How do we go about increasing the Order to cash/ Accounts Receivables efficiency?

You need to build strong connections between all the internal processes and wire them in an automatic process. The only hitch you might be facing is the expenses. Plus, it would also require some rewriting of the interfaces when you upgrade the systems. Luckily, cloud-based solutions increasingly seem to address the issue at hand. Cloud-based solutions also provide much stronger connectivity links between all the participants, be it internal or external. Now, this is more affordable than any other hosted or licensed solutions out there.

Advantages of Automated processing:

  • Customer payments can be accelerated due to instant accessibility of bills and other data
  • Invoice chasing can be streamlined
  • Customer disputes can be prevented
  • The need to re-key order information can be removed
  • Scanning and filing of invoices can be eradicated
  • Storage costs can be reduced
  • Office space will be freed

Should you require help with enhancing your OTC efficiency, do contact at +1-860-215-4997.

Topics: Accounts Receivables , Outsourcing Accounting


Why Should Businesses Outsource Real-Time Financial Reporting And Accounting?

Posted on 04/04/2017

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.

cashflow

Some benefits of Real-time accounting and financial reporting:

  1. Removing batch processes: Real-time accounting often ensures that information is updated at one point in time. For example, when an approved invoice gets posted, the vendor accounts must be posted, and the same should be updated on the expense account and in the general ledger. Simultaneously, inventory and other activity costing should be kept updated. This will ensure that errors are minimized and all updated information will be made available to all the stakeholders.
  2. Syncing different books: Most businesses today distribute some part or all parts of their accounting operations. This means data redundancy is high. Now, applying real-time accounting can eliminate the need to replicate the data and it also helps the postage of data in more than one database simultaneously.
  3. Informed decisions can be made: Real-time accounting ensures that information is being updated on a regular basis, which is best for the needs of the organization. This availability of the financial information in a timely fashion will facilitate the management to be highly agile in their dynamic business environment.
  4. Information centre: Real-time accounting makes the creation of information hubs possible, thereby allowing access to many users at a given point in time. It also provides the facility for the information to be presented in any format desired.
  5. Enhancing productivity: Visibility to financial information is more with real-time accounting. This helps the organization in being dynamic and re-prioritizing the tasks based on need. This had been found to enhance the compliance, productivity, and accuracy.

So, why should you outsource real-time accounting?

The one challenge that organizations face in implementing real-time accounting is the burden it would place on the existing resources. Outsourcing real-time accounting provides access to a whole new level of the trained and expert team in all aspects of finance and accounting. You can also get access to the latest technology available. All these not only ensure accuracy of data, but also cost efficiency. You will not have to invest on infrastructure or the resources. Plus, when you outsource real-time accounting, paper based reports would become obsolete, which means data can be made available anywhere at any time. By and large this will help the company to stay proactive.

To enjoy all the above mentioned benefits of outsourcing your real-time accounting, do contact at +1-860-215-4997. We can help you figure out the ways to improve your productivity and profitability.

Topics: Accounting , Cash Flow Management , Financial Reporting


In-house Payroll Processing or Outsourced?

Posted on 14/03/2017

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.

Capture

Typically, all in-house software is written and maintained by the in-house IT team.  Statutory calls for annual updates and this can be expensive for the company. This is because the systems employed would be often older ones and upgrading they cannot stay within the budget.

Outsourcing is the best choice for a business, if the business has to propel towards achieving the vision and mission rather fritter away time with payroll activities.

Some other reasons why outsourcing has become the go-to place for many businesses are:

  • Increased complexity
  • Ever-changing compliance requirements
  • Accuracy in payroll
  • Reduced risks
  • Latest technology employment

Nowadays, payroll providers also streamline a business’ processes and constantly deliver industry best practices.

As tempting as outsourcing may sound, there are due pros and cons associated with it. Taking this into consideration, we bring to you some important points to ponder on to conclude what’s the best fit for your business

  1. Flexibility- Change is a constant in payroll processing. Do you have enough resources available in your organization to make the eleventh hour amendments?
  1. Confidentiality– payroll is one of the most sensitive areas of the business. So discretion at all times is advised. Indiscretion can cost a fortune for the company.
  1. Time- does your business possess the time and knowledge to shift their focus anything but away from the business? Payroll requires constant updates. Do you have the time and resources to handle payroll in-house?
  1. Cost- cost is one of the major considerations any business may have when they consider payroll outsourcing. On one hand it is thoroughly beneficial to have staff in-house to handle your payroll. On the other hand, the cost involved in employing staff may not be as great. Besides costs will also include the cost of the software, maintenance, and the yearly mandatory updates.
  1. Reliability- needless to say, your employees would like to get paid on time every time. Your payroll has to be accurate and processed on the due date irrespective of the holiday or any other contingent situation.

What now?

If you have seen anything that might be advantageous for your business, contact at +1-860-215-4997 for more details. We’ll be glad to help you out.

Topics: Bookkeeping Services , Outsourcing Accounting


7 Questions You Must Ask Before Purchasing Accounting Software

Posted on 02/03/2017

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 accounting software available online, how you can choose the right accounting software suitable for your business.

Accounting firms - Velan

Below are some of the questions you must ask the service provider before signing up for the product.

1. Can the software meet all your requirements?

First of all, you must be clear and precise in what you want in your accounting software; second of all, you must know what you don’t want your software to do. This self-understanding will put you on the right perspective in deciding your vendor.

To understand your requirements better you can start asking questions like:

  • What are the features that I need? For example, payroll processing, bookkeeping, invoicing, customer information, inventory, etc.
  • Is the software scalable based on your requirements?
  • What would work for you? Cloud based online setup or local?
  • Is this software compatible with your computer and other software in use?

2. What is the potential of the software for ROI?

Once you have fixed the functionalities you require, the next thing you should do is think about the pricing of the product. You would like to have accounting software only reduce some of your operational costs and not hinder them. Plus, you should also ensure that you don’t spend much on this so-called solution for your problem. One main thing you should understand besides your requirements is what is the most you can spend on this software.

Bear in mind, you are looking for functionality and not how slick this application is. The application must be two things

  • Serve the purpose and cost and
  • User-friendly

3. What do the reviews say about this software?

Today, the rate at which information reaches many people is very high. Thanks to the technological advances. Online forums and social media play a vital role in delivering information to the needy people. Online forums do talk about products and their reviews. These forms are straightforward and it is where the credibility of the product or software lies. It is imperative to know what these customer reviews and other third party websites tell about the software you are planning to purchase.

There are third parties who would examine the product and give an unbiased review.

4. How does their customer support work?

Technological failure is unavoidable. But what if this failure, for instance – account inaccessibility, or a software malfunction occurs at an inopportune moment? What you can do is, find out the customer support services they provide. Some of the things you may consider knowing are:

  • Support included: you need to inquire what kind of services are covered. Some companies charge you for providing one-on-one support or for providing 24/7 support.
  • Expertise: a problem can be identified by experts who have comprehensive knowledge in the field. How quickly they resolve becomes imperative when you are dealing with a customer on live.
  • Forums: do they maintain any forums where any frequently occurring problems are discussed by other users. This will give you some knowledge on resolving the issues without the help of the support team.

5. Is the software customizable to cater your needs?

Before purchasing software, you must ensure if they provide customizable solutions. We all know, requirements keep changing and if you do need some customizations, you cannot pay more than one-third of the total price of the software. Negotiations are inevitable. Make sure that both the parties are benefiting out of the deal. Sometimes it is good to talk to the top managers rather than go through gate keepers who will drag their feet most of the times.

6. How secure is your data?

Most software is available online. Though the online availability of all your records may sound fancy, remember it comes with a price. The major price you would have to pay for this convenience is compromising your data security. Even a minor breach in data can cause a major threat to the small business owners. This may come in terms of theft of credit card details and customer details, and other vital information.

One way to be alert is to read the customer review about the software’s security, find out if there are any complaints on data breach, and finally check the company security policies to know if there are any vulnerabilities.

7. Is migration of your data and customer’s data possible?

Anybody can have the necessity to upgrade their older computer or for some reason change their system. The last thing you would want to deal with is the unavailability of data migration option. Truly, it is time-consuming to enter all the data all over again. Hence, data migration is one of the important aspects you will have to make sure that it is available in the software you would like to purchase. Plus, there are vendors who can lend you a hand with migration. This will come in handy when you don’t have time for data migration.

It is imperative to look for vendors who provide you all the above said things and at competitive prices.

Call @ +1-860-215-4997 to know more about the best fit for your business and also to handle your accounting needs.

Topics: Accounting , Accounts Payables