Tag: Bookkeeping For Retail Businesses

5 Tips To Securing Payroll Data

Posted on 07/11/2017

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 got to take some strong steps and implement some robust practices if you are to avoid falling victim to cybercrime. In today’s berated cybercrime landscape, data breaches to hackers is what coffee is to us! Notwithstanding how perplexing that sounds, it pretty much real and our first line of defense against such breaches is proper training and careful oversight.

From human errors to outdated virus protections, we’re going to discuss 5 ways liabilities find a way inside our system. This post will outline how we can effectively tackle these common yet terrifying threats. As an outsourced payroll service provider, we stay up-to-date and consistently work with an upper hand on information security when dealing with clients’ data. It goes without saying that Velan Bookkeeping is your perennial partner when it comes to protecting your payroll data, thanks to years of experience in CPA bookkeeping services!

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 5 way to protect Payroll Data

  1. Most organization offer greater ease of access to employees when it comes to Payroll information. Does your organization offer mobile access to Payroll Data? If yes, then you need to thoroughly check and determine whether that’s secure enough. If you offer access using a mobile app, run it through testing to ensure security. Features like mobile passcode, fingerprint scan, OTP, encryption etc., are imperative.
  2. To ensure that payroll data is secure, you need to ensure that all the involved personnel are well-trained on the proper use of Payroll Software. When updates to the software happen, deploy trainings that will enable the users understand the changes and their impacts. New employees and old employees, both should receive induction and refresher trainings respectively.
  3. Review your company policy for sharing passwords and confidential information of all sorts. Consider automation of data entry whenever possible, to significantly reduce the chances of data entry errors.As an employer, you should know how service providers authenticate the identities of those who are allowed access. Appointed personnel(s) must ensure that multifactor authorization is in place.
  4. Keeping your software up-to-datewith the latest security patches and protections, is one way of steering clear of potential threats. Perform routine checks on your software for to determine glitches and identify available upgrades. New updates from your software vendors, more often than not, are responses to newly identified viruses and threats. Refraining from updates could leave your software, and payroll data, vulnerable.
  5. Even while outsourcing payroll to Velan, most of our clients do have certain stakeholders (such as HR) who continually access payroll data. We ensure they have secure processes and policies in place. Encryption is imperative in establishing secure and safe data transmission in these cases. A secure portal for uploading and downloading documents is a good safe practice and can be helpful where EDI is not in place. Regular accuracy checks in such cases are vital and prove greatly beneficial.

If you are looking to outsource Payroll, Velan Bookkeeping can help you! We provide outsourced bookkeeping services to CPAs and have reliable experience in handling, Payroll, Taxation, AR, AP, Bookkeeping, Financial Reporting etc., using established secure processes. We are ISO 27001 certified for Information Security and rest assured, we practice the highest standards of secure data transmission! Reach out to us @ +1-860-215-4997

Topics: CPA , Outsourcing Accounting , Payroll Services


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.

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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


Simple Steps To Curb The Time Wasted On Bookkeeping

Posted on 23/09/2016

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.

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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 are essential during audits by eradicating the papers. In today’s world, we get electronic receipts for almost all the transactions we do and in some cases we won’t have a choice but get that piece of receipt. In such cases you can always scan the receipt and maintain a soft copy in your PC and use cloud storage as well.  This way you get to save the time you spend on searching for THAT receipt. Plus, you know, it is very simple to search for things online.

2. Maintain separate bank accounts for your personal use and business

Maintaining a common bank account for both personal and professional use will eat so much of your time. This is because you will have to rummage the statement to categorize each transaction. This is one of the most common mistakes that people do. More often than not, they don’t realize that they waste a colossal amount of time categorizing transactions.

Not just that, maintaining a separate bank account for your business also comes with other perks such as:

  • You will know how well your business is doing
  • You will start curbing your expenditures and start saving up

3. Use the technology available

You very well know how technology is now playing a part in day to day life of human beings. Why not employ it in bookkeeping? You can automate invoicing and generate invoices which can be emailed and printed. The same can be fed into your accounting system.  This way you get to reduce the data entry work and also keep track of all the invoices. There is no way you would miss out on invoices which is money. So, go for it! Make use of the resources available online.

4. Outsource bookkeeping

We know, bookkeeping is a hectic job which requires a lot time and effort plus you can’t afford to make mistakes in here. Once you outsource your bookkeeping, you will realize that you have so much time left to do some productive work like acquiring new clients and bringing new business. Outsourcing is also one of the best ways to reduce the bookkeeping costs as it requires a CPA/ Accountant to work for you full-time. For your dismay, these accountants would not provide round the clock services to you. Fret not, help is at hand.

Visit http://www.velan-bookkeeping.com/ or contact @ +1-860-215-4997 for all your outsourcing needs.

Topics: Bookkeeping Services