Tag: Bookkeeping for Small Business Owners

Secret to Hiring the right Company for Your Bookkeeping

Posted on 25/08/2018

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 endanger the very existence of the business.

Secret to Hiring the right Company for Your Bookkeeping - Velan Bookkeeping

 

Bookkeeping as it is often misunderstood is not accounting. It, in essence is the process of preparing the information that the accountant will use to prepare financial statements and later interpret them. Two possible solutions to decipher this conundrum would either be paying expensive hourly rates to have an in-house accountant do the bookkeeping work or get one’s hands dirty oneself. Neither is advisable for small businesses. However, as every dark cloud has a silver lining, so does the onerous task of bookkeeping. The answer is plain and simple – Outsourcing!

Though there is an unfair degree of cynicism associated with outsourcing, there are instances where outsourced bookkeeping services have literally been game changers in the growth of many businesses. Balancing the books is the age-old trick to keeping a business afloat, and finding the right bookkeeper is the trick to having the books done right. Few conditions and criteria, when kept in mind can help deciding pick the right firm. Some of which include:

1. Suggestions and References:

This is pretty much straightforward. Referrals from friends, family and business associates can be a great place to start when hiring a bookkeeper. Business owners with outsourced bookkeeping services will also be able to point you in the direction. Generally, making a list of the referred resources would be the right start down this road.

2. Line of Business and Industry Relevance:

Hiring someone experienced and well versed along the lines relevant to your business is very important, especially when you work within a specific niche industry. This can save you a lot of time and resource from having to train them before actually deploying them.

3. Coherent and Compatible Technologies :

Cross compatibility is the key when it comes to transitioning. Using same software packages and allied technologies will go a long way in making things easier at both ends. Anyone you hire should be using software that is accessible to you at any time, from anywhere. Nothing they do should be a secret.

4. Consider a firm vs. an individual:

There are benefits to having a team on your side. If you think you only need an individual because you’re a small company, think again. A firm can offer you greater availability and continued oversight by more than one individual. The right firm provides greater security and fraud prevention, and a wide range of expertise and guidance when it comes to your bookkeeping and accounting needs.

5. Resource reserve and work volume:

The size of the firm and the manpower it holds is an important aspect to factor while choosing a firm to outsource your business to. Firms with sufficient headcounts will be able to provide the option of dedicated seats that would in turn help polishing the level of commitment and precision. However, to get a clearer picture, an idea of the work volume would come be necessary.

One Stop Solution: Velan Bookkeeping:

Looking to outsource your bookkeeping? Look no further!
We, at Velan bookkeeping are equipped with experienced bookkeepers at your disposal round the clock. With safety and security benchmark of international standards, we have etched a name for ourselves in the realm of outsourced bookkeeping services. Some of the services we offer include:

  • Bank Reconciliation
  • Statement of Assets and Liabilities
  • Accounts Receivable and Payable
  • P & L Statements
  • Payroll Services
  • Tax Preparation

Despite the exhaustive list of accolades and encomiums testifying the services we render, our prices are unbelievably competitive. So hang up on your fears and scepticisms and call us today to give your business the smooth sailing it deserves.

 

Phone: +1-860-215-4997
E-mail: reachus@velan-bookeeping.com

Topics: Accounting , Bookkeeping Services


10 Things to do this Christmas!

Posted on 15/12/2017

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.

10 things to do this Christmas!

It isn’t realistic to say holidays can be stress-free. Anyone who has been through caroling, greeting cards, shopping, eggnog, stockings and lighting, knows for a fact that holidays are anything but stress-free.

But the point here is, what kind of stress do you prefer these holidays – planning Christmas, or working long hours at the office? Honest to God, we hope you said “planning Christmas”, because that kind of stress is bittersweet. The memories and happiness Christmas brings, lasts an entire year! Although, if you’re about to spend the holidays in front of your computer, we really do feel sorry for you.

How can CPAs and Accounting Firms, steer clear of workload this Christmas?

The simple answer to this is to outsource your accounting and bookkeeping to Velan Bookkeeping. We can help you tackle the entire workload with dexterity. We set realistic expectations with our clients when it comes to delivery times and rest assured you get the highest quality output. So this holiday season, if you want work to be completed while you’re spending time with your family, call Velan Bookkeeping at  +1-860-215-4997 or email us at  info@velaninfo.com  and we’ll make sure that you get enough time off from work to decorate the best Christmas tree ever!

Here are 10 things you absolutely need to do this Christmas

10. Sing Christmas Carols

Here are 5 most popular Christmas Carols to sing this year.

  • Silent Night
  • Good King Wenceslas
  • Once in Royal David’s City
  • Hark! The Herald Angels Sing
  • God rest you merry, Gentlemen.

9. Send Christmas Greetings

Missed it last year? Prep up for the perfect family picture and log in to one of the many online portals for sending Christmas Greetings. Make sure everyone in your family knows that this CPA is sipping warm cocoa with his family this Christmas, and not working late!

8. Shopping

No more last minute gifts. Thanks to outsourced bookkeeping and accounting, you’ve got more time on your hands and that means a better shopping experience! No more rush hour shopping – pick the best and plan your budget. You can do budgets like no one can!

7. Watch Movies

Yes! Spend time with your loved ones and watch all the movies you missed the entire year! Or if you’d rather, cuddle in and check out this list of top-grossing holiday films complied by CNBC.

6. Attend Parties

Go on and meet all your friends & relatives or just take your special someone to that happening nightclub, because after outsourcing to Velan, you’re going to have a relaxed winter knowing for a fact that we’re already working on delivering terrific quality in a commendable TAT!

5. Drink that eggnog

If you’re out of the “love it or hate it” dilemma, take a look at George Washington’s very own recipe for Eggnog – just remember that he forgot to record how many eggs he used! A dozen sounds likely to us though.

4. Make cookies

Or stock them up and start munching. We’re serious.

3. Hang stockings

Santa can drop by you know.

2. Bring out the lighting

Show some Christmas love to your home. Bring out the lights and get down to decorating. What’s Christmas without lights and a makeshift snowman?

1. Decorate the Tree

Decorate your Christmas tree with stars, turtle doves, candy canes, and what not. While some Americans get to have a real tree, an artificial indoor tree is a great option too! So put your DIY skills to good use and decorate a mind-blowing tree this time!

Outsource bookkeeping and accounting to Velan Bookeeping and find time to do all that’s listed on the “10 things to do this Christmas” list! Call us @ +1-860-215-4997 or email to info@velaninfo.com and we’ll ensure your work continues as usual while you get time to enjoy Christmas.

Topics: Accounting


Outsourcing Issues? 3 Minutes to Ace Outsourcing

Posted on 04/12/2017

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 reporting Services etc.? We’re going to reveal in this post how the biggies have aced outsourcing – in 3 minutes.

Now that we have your precious 3 minutes, we’re going to tell you about the top 3 problems that plague the outsourcing industry by no real fault of the outsourcing provider. No, we’re not clearing the air but outlining the responsibilities of businesses that choose to outsource. More often than not we’ve seen businesses walking away from the benefits of outsourcing with the “grapes are sour” feeling. Most of such businesses have associated reluctantly with Velan but have ever since, been long-term clients of Velan. Identifying problems are the first step to overcoming them – we’re going to help you with the former and expect you to mitigate effectively.

Bookkeeping Services For Accounting Firms

1. Understanding the Contract and the post-contract processes

While enrolling in a contract, not just first-timers but even old-timers may go wrong. When old-timers sometimes bring in a notion of “this is how we worked with my last association”, they fail to fathom what the outsourcing provider has currently outlined in the contract and worse yet, fail to communicate their granular expectations to the outsourcing provider. A few questions worth asking:

  • With the new outsourcing model in place, who in the client entity are eligible to make requests to the provider?
  • Does the client entity have an established workflow of sending tasks to the outsourcing provider?
  • Are new software tools/systems required? Who pays for those?
  • What kind of services can be availed?How to educate the client-side employees?
  • How are “emergency” change requests handled? What constitutes an “emergency”?

When it comes to ill understanding of the contract, it often happens that both parties dig their heels in and be reluctant to bend (e.g., the client feeling “Why is your contract different?”& “You have to deliver because I’m the customer” and the service provider feeling “we are delivering everything promised in the contract”).

2. Lack of support and failing to identify a Spoc on Client side

A significant problem in outsourcing implementations is lack of support from the client side. When an implementation is underway, it is imperative that the senior management at the client side has an active role and displays sufficient buy-in into the handshake. The case deteriorates when clients fail to identify a Single Point of Contact (SPoC) who will and is responsible to communicate regularly and delegate tasks to the outsourcing provider. This results in opt-out situations and the following may arise:

  • The outsourcing provider will shuttle deliveries of all tasks handed out and will be passive when the basket is empty.
  • The client is unprepared when they hit a roadblock.
  • Both the above cases pose a threat of “expectations not met”.

3. A pent-up demand for services

Let’s face it – outsourcing comes along ONLY after requirements have spent a long time without getting addressed! Requirements sit right in front of you but firms don’t outsource until the requirements go from desks to their seats and start pinching where they’re not supposed to. This can happen for two reasons:

  • The client is waiting for the right kind of expertise and experience to come along in the form of a reliable outsourcing provider or organization.
  • The client has designated limited funds for that function or outsourcing in general.

Both cases give rise to a pent-up demand which starts to look like a bunny being pushed through a hose when it reaches the outsourcing provider. You guessed it – the outsourcing provider struggles to fulfill this demand. This comes last on our list because we believe the outsourcing provider has a responsibility to set realistic expectations, timelines and service agreements prior to undertaking a contract. But even in cases where the outsourcing provider has clarified these nuances, the client feels unsatisfied because they’ve simply waited too long.

We hope your three minutes were put to good use and thank you for trusting us and reading this far. When outsourcing to Velan, we understand the above and strongly believe in educating the client beforehand. Rest assured, the “bunny through a hose” scenario rarely happens in Velan since we’re 500 employees strong and have the ability to quickly ramp up teams on short notice. We know high-volume demands like the back of our hands and have surprised many a client by exceeding their expectations.

If you’re looking to Outsourced Bookkeeping Services, Accounting, Financial Statements, Payroll, Accounts Receivables, Accounts Payables and taxation, Velan Bookkeeping can help you gain a competitive edge in the market with our steadfast and high-quality output.

Try us! Call  +1-860-215-4997

Topics: Accounting