Tag: Bookkeeping For Small Businesses

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


Bookkeeping Services For Small Business | Everything You Must Know

Posted on 19/01/2022

Why bookkeeping for small businesses is important, Separating business and personal finances ensures that you’re not personally held liable for any debts or issues related to your  Small businesses. 

Accurate, up-to-date Outsourced 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 services?

Bookkeeping is like a financial journal. Similar to how you record your day and its series of actions and happenings in a journal, bookkeeping, and accounting is similar but you will record every financial transaction that happened in a day. It is a continuous process and you must do it religiously every single day.

  • It is the process of recording and categorizing a business’s financial transactions.
  • It is the responsibility of a bookkeeper (or an accountant sometimes!) to maintain the books.
  • It is the first step in discovering if the business is actually making any profits sailing through or just experiencing losses.
  • If the condition is latter, then with the insights of your numbers from bookkeeping, you can save the last-minute crisis.

Besides, bookkeeping also gives you insights on how you can expand your profits – specific areas where your finances are drowning and where your finances could actually do good. You could interpret your financial reports easily with regular and accurate bookkeeping.

Generally, the bookkeeper monitors and documents transactions, send invoices, makes payments, handles accounts, looks after payroll, prepares financial statements, collects bank and credit card statements, and files tax forms and returns. Bookkeeping and accounting are somewhat similar, and bookkeeping forms the foundation for a perfect accounting process.

Accounting focuses on analyzing the data – that was provided by the bookkeepers – to drive decisions for business growth.

The Importance of Bookkeeping For Small Businesses

+ Monitoring profitability

Closely following your company’s profitability allows you to track your earnings over time and plan for improvisation. Profitability measures let you quickly and easily monitor transactions and calculate how much your business makes on inventory. The profitability ratios listed below will help you assess your company’s efficiency.

  • Gross margin ratio
  • Profit margin
  • Return on assets ratio
  • Return on equity
  • Return on capital employed

+ Maintaining cash flow and improved financial management

As a small business owner, you should be vigilant of your revenue streams. Accurate bookkeeping will exactly tell you how much your business is spending and earning, and if you have enough cash to run the business. Maintaining proper financial statements will help you to analyze the financial condition of your business and determine areas of improvement.

+ Bookkeeping keeps you tax-ready

Running a start-up or a small business is both hectic and straightforward in terms of managing and handling daily operations. By recording every financial transaction on a daily basis, you will save a lot of time and be prepared for taxation at the end of the fiscal year. Besides, bookkeeping will help you determine the type of tax and amount you need to pay, in advance.

+ Straightforward reporting

As a business owner, it is your duty to record and report important financial data about your firm to prospective investors and other stakeholders. Bookkeeping programs that incorporate charts, graphs, and other visuals to make it easier to improve data precision and enhance communication when you’re pitching to the investors.

You are also responsible to keep your staff informed about the company’s financial status. It is important because they will understand if the company is making progress and their areas of improvement to contribute to the overall growth.

+ Assess performance and future planning

Detailed bookkeeping aids you track down your business’s financial records and assessing its performance levels. Bookkeeping gives you a larger and clear perspective of your business’s expenditure. With those details, you can look back, understand spending patterns, and analyze details. You could re-strategize to stay on top of your business’s finances.

Moreover, as a small business owner, you must clearly define projections and determine benefits from financial improvements. That is achievable with bookkeeping.

Before we jump onto the important tips to get your bookkeeping right, here is a list of the bookkeeping terms you must know.

Important Bookkeeping for Small businesses Terms You Must Know

  • Accounts Payable: It is the account that holds all the details of all the money that you owe to your vendors – like suppliers, bank loans, and anyone you have borrowed money from. It is mostly on a retainer basis.

  • Accounts Receivable: Accounts Receivable is opposite of the Accounts Payable. It is the account that holds all the details of the money you need to receive from others. It could be your customers, companies, banks, or anyone that has purchased a service from your business.

  • Asset: Assets are the resources that your company owns. They are cash, buildings, hardware and software, tools, vehicles, furniture, etc., that help you to successfully run your business.

  • Accruals: Accruals are the accumulation or increase of something over time, especially revenue, payments, and benefits. It also includes the expenses and revenue that are not yet invoiced but the provision is made. The net income should be documented before the financial statements are issued.

There are three types of accrual accounts. They are accounts receivable, accrued interest, and accounts payable. Companies track accrued expenses before receiving goods and services invoices. Businesses exhibit accrued revenue for goods and services, for which they expect to receive the payment later.

  • Balance Sheet: A balance sheet is a comprehensive report that condenses the financial state of your business. In the balance sheets, you will encounter terms like assets, liabilities, and the capital of your business. The objective of a balance sheet is to show what your business owns and owes.

  • Capital: It refers to an individual’s or company’s financial assets. It includes the funds in deposit accounts or the funds from financing sources. Working capital indicates the business’s liquid capital, which caters to everyday spending.

  • Cash Flow: It is the total amount of money that your business receives and spends. It is the sum of all money a business generated from operations, investments, and financing.

  • Cost of Goods Sold: It is all the money you spend on services and products that you would sell to your customers later.

  • Credit: Credits are records that either increase an equity or liability account or decrease an expense or asset account. Credits are made on the right side of an account.

  • Debit: It is the opposite of credit. A debit is an accounting entry that is made on the left side of the account. Debits must equal credits for balanced accounts.

  • Depreciation: Depreciation is when an asset loses value over time. It can happen through wear and tear. The decreased value is measured as depreciation.

  • Equity: Equity is all the money you invest in the company as the owner plus all the accumulated profits. As a small business owner, your equity is shown in a capital account.

  • Expenses: Expenses are all the money that you spend to run your business. It is not squarely related to the sale of goods or services.

  • General Ledger: A general ledger account is an account that you use to document financial transactions and data of your company. It includes credit and debit account entries.

  • Gross Margin: It is the difference between revenue and cost of goods sold, divided by revenue. It is usually expressed in percentage. Generally, it is calculated as the selling price of an item, less the cost of goods sold, then divided by the same selling price.

  • Income Statement: It is another financial statement that summarizes your financial activity over a certain period of time. After working out the revenue earned, the costs of goods sold, and the expenses, it works out your net profit or loss.

  • Journals: Journals are where the bookkeepers store their records of daily transactions. You will use a separate journal for every active account you use, like the cash, accounts payable, and accounts receivable.

  • Liabilities: Liabilities are basically all of the debts you owe. This can range from loans you have taken to any unpaid bills you might have yet to pay.

  • Overhead: Overhead refers to ongoing costs of doing business, other than those related to directly creating goods and services. The income statement includes information about overhead expenses.

  • Payroll: Payroll is the way you pay your employees. It is a huge part of bookkeeping and involves reporting a lot of payroll aspects to the government. It covers taxes that need to be paid on behalf of employees, compensation, and more.

  • Revenue: Revenue is also known as sales. It is the gross income that the business makes through daily operations. There are a few companies that accumulate revenue in other ways, like selling assets their business doesn’t need.

Sales Revenue = Sales Price * No. of units sold

  • Trial Balance: Trial balance is ensuring your books are balanced in the credit and debit columns. It is used to ensure the mathematical accuracy of the bookkeeping entries. You will achieve this before submitting all the financial reports and closing the books for the accounting period.

The Basics Of Bookkeeping Services For Small Businesses

Now that you are fully cognizant of the important terms in bookkeeping, we have listed the basic tips on getting bookkeeping right for your small business.

1. Set up a new business account

Always maintain your personal and professional records separately. There is nothing worse than holding the same account to manage your personal and professional transactions. The statement will be a never-ending list, and it will consume a lot of your time in understanding every expense line.

Having a separate account for your business will help you save a lot of time, be a great resource while validating your books, accounting season, and all the other financial details that can be understood easily.

2. Allocate budget for tax purposes upfront

Always allocate some emergency funds and funds for your budget every month or upfront. Doing so will save you shocks when your accountant knocks on your door with a huge amount at the end of the fiscal year. Set aside some of your income as the funds of tax, so at that time you can save a lot of stress.

3. Always organize your records

Although it may sound simple, it is a huge deal. Keeping your records organized by maintaining different bank accounts for personal and professional usage, daily doing your books, maintaining clean records of the past will help you a lot with accurate bookkeeping.

Having your records neatly organized in a good shape will give you access to all the important information instantly and save you a lot of time. Besides, during the tax seasons, your business will run smoothly, you can pay your taxes in time by maintaining clean and organized records.

Maintaining your records should be a continual process and not a one-off.

4. Track your expenses

Monitoring your daily expenses is mandatory. Any amount that you spend on and for your business must be tracked and maintained. You can either allocate funds for daily expenses or use a business credit card. Either way, remember to track every single expense and categorize it. Another advantage of categorizing your expenses will give you an idea of how much you are spending on things and where you can avoid extra expenditure.

5. Maintain your records daily

A simple yet valuable tip is to regularly maintain your records. Maintaining records daily will give you great financial insights about your business and will be a savior if you are undergoing any financial crisis.

Put this system into practice religiously to maintain precise records. It will also eliminate any errors while calculating your taxes.

6. Leave an audit trail

If you are manually doing your books without software, then you must leave an audit trail. Your record keeping will be a lot more beneficial and productive if you can go back over your financial activities. However, using software to do your books is a good option as all this will be handled by the software effortlessly.

An audit trail means having your invoices in sequence appropriately so you can retrace your steps easily, even if there is a small error or a mismatch.

7. Keep your account receivables intact

If your account receivables are not cleared on time, you will have a negative impact on your cash flow and revenue management. Be straightforward and upfront about the amount your customers and vendors owe you. If the payments are overdue, act right away and don’t wait until your finances are sinking. Automate the process of reminding your customers in advance about the payments they owe you. As long as you keep your account receivables intact, your cash flow will be in good health.

8. Keep tax deadlines in mind

A tax deadline is stressful for most individuals and most businesses. Keep small reminders in advance so you could fill the forms and file your taxes without any errors until the eleventh hour. By maintaining accurate records, you can send taxes, file your taxes well in advance, and allow room for corrections without anyone chasing you till the deadline.

One of the most important, you will avoid penalties.

9. Switch to bookkeeping software

“Making Tax Digital” is the new way of maintaining and easing your bookkeeping efforts. Digital is the new approach to file your taxes as it avoids the need for you to pile stacks of papers, receipts, maintain fat journals, and eliminate stationary.

Unlike physical format bookkeeping, a digital app is quick and accurate. It completely washes away errors. A digital app will let you store every little detail – income, expenses, transactions – and organize your records clearly and precisely. Your financial management will be a breeze. The bookkeeping software will handle everything about the books and give you great insights anytime you want to understand your business’s present financial conditions. It makes the whole process painless and worthwhile.

So, avoid feeling overwhelmed while doing your books with bookkeeping software.

10. Outsource

As the last step, we recommend you outsource your bookkeeping and accounting processes. As a small business owner, you already have a lot of different caps to wear, and worrying about maintaining your books accurately is the last thing you would want, especially if you are not from an accounting background.

Outsourcing your bookkeeping to the experts will save you a lot of time and energy. You can concentrate on your core business and use your entrepreneurial prowess to bring in more sales and create more revenue for your small business.

Bookkeeping and accounting mistakes are costly and jeopardize success.

For example, if you were under the impression that you made a lot of money last month and when your bank statements showed the opposite, then it is a direct cue that you need bookkeeping help.

As a small-business owner, you could either

  • Hire an in-house bookkeeper or accountant
  • Invest in bookkeeping and accounting software
  • Outsource your bookkeeping to a bookkeeping expert company

In every angle, outsourcing your bookkeeping to outsourcing experts like Velan will give you access to experienced and skilled professionals, the latest software and technology, error-free books, filing error-free taxes on time, and ensuring overall revenue management.

Did we mention that our bookkeeping experts will also help you with defining your financial route towards the success of your organization?

Topics: Bookkeeping Services


9 TOOLS TO IMPROVE BOOKKEEPING EFFICIENCY WHILE WORKING FROM HOME

Posted on 16/01/2022

How can you maintain your bookkeeping efficiency while telecommuting?

Bookkeeping services for telecommunication 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, and secured web servers have a smooth transition from traditional office space to a home environment.

Successful bookkeeping organizations like Velan, also have a secure and accurate infrastructure with sufficient capabilities to manage the workload of its entire workforce who are telecommuting. Tools and technology can further streamline this transition and here are some tools that could have a major impact on your Outsourced bookkeeping services and efficiency while working from home

HIGH-SPEED INTERNET

Professional bookkeepers distinguish themselves from mediocre ones by employing high-speed internet with sufficient bandwidth to avoid delays and buffers in their work. As they also deal with sensitive information, the usage of a secured web server can also give an edge over their competitors. The last thing you want is a slow internet connection in the middle of a meeting with your client.

Bookkeeping-efficiency-wfh
9 TOOLS TO IMPROVE WFH

SLACK

Slack is a highly popular team management tool that helps team leaders to manage their subordinates using text, audio, and video communication. Though it is sophisticated enough to have a feature to build online communities, it also has simple features like file sharing where the users can share any type of file ranging from images to PDFs. It also eliminates the hassle of maintaining complex email chains by allowing users to leave the channel, once their work is done in the project

TRELLO

One of the best project management tools around, Trello is highly visual allowing its users to access powerful features with a simple user interface. It allows managers to handle multiple projects simultaneously using a feature called “Boards”. Each board has multiple “Lists” which are equivalent to various divisions in a project and each list can have many “Cards” which are the tasks performed. Thus, Trello offers flexibility and simplicity which could provide useful for managers to handle remote teams

ASANA

Asana is also a project management tool with comparatively more features that could prove useful Bookkeeping services for telecommunication but with a complex interface. Similar to Trello, it has the “Boards” and “Lists” features, but in addition to that, it also has “Timeline” and “Calendar” features to integrate your tasks with the calendar and assign them a priority. It is also equipped with project templates and pre-determined workflow which makes it easier for beginners as they can input their data and follow the process

GOOGLE FORMS AND SPREADSHEET

One major advantage of Google tools is their popularity which makes them compatible with various software tools and products and simple enough to be used transparently with your clients without much fuss. For example, you can easily manage your inventory using google spreadsheets by logging it if anything moves in or out while keeping your client in the loop at all times ensuring accuracy and transparency.

TODOIST

While Trello is an executive-level software giving you a bird’s eye view of the whole project, Todoist is an employee-level software with minimalist features. Bookkeepers working from home can improve their efficiency by using this software as it gives them options to prioritize their tasks based upon importance, create reminders and even delegate tasks to colleagues if needed. It is more of a personal software but can also double up as a project management tool seamlessly

GRAMMARLY

Working from home involves a lot of writing and editing work as bookkeeping services for telecommunication mostly involve texting through various tools and emails. Grammarly is an online writing assistant tool that can clear most of your grammatical errors and can further improve the tone of your writing. The ability to communicate clearly with your clients is vital and Grammarly ensures that your document is clear and easy to read. Hence Grammarly is a must for every employee whose work involves writing and editing

DROPBOX

Sharing large files over email can sometimes become difficult and hence Dropbox can be your primary content sharing platform, particularly for employees working remotely. Employees working from home can easily share work-related presentations, documents, and video files with their colleagues thereby collaborating efficiently

SKYPE

Skype is a commonly used free communication platform which supports audio, video and text communication and can be used in your computer as well as a mobile device. The major advantage is its cost efficiency and offers high-quality video and audio chats. With an array of features, Skype is a highly affordable communication tool with an easy-to-use interface

CONCLUSION

Most employees make the mistake of working from their kitchen or dining table, thereby making them susceptible to a lot of distractions. Though some manage to work efficiently like that, most people need a dedicated workspace. A proper workstation, high-speed internet, relevant tools, and good vibes can make your work highly productive and provide you with a successful telecommuting experience.

Topics: Bookkeeping Services


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: Bookkeeping Services