Tag: bookkeeping services for accounting firms

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


Seasonal Business & Low Cash-Flow? Quick Tips to Help!

Posted on 28/09/2017

You’re not alone on the seasonal Business & Low Cash-Flow roller-coaster! More importantly, if you’re running a seasonal business, you’re not alone on the cash-flow roller-coaster. The cash-flow for a seasonal business is quite unlike the others and a very imperative aspect of sustenance. A seasonal business is very common if you’re in a region where travel and tourism are popular. If you are well acquainted with the holiday highs and bad weather lows, there are few things you can do radically change the situations of uncertainty and predicament. Since a season peak is right around the corner(Christmas), we decided to roll out these tips which can help you prepare for the next months.

Finance-Money-Arrow-Sum13

Cash flow in all kinds of businesses can be a reason for anxiety and rightly so. But when it comes to running a seasonal business almost every business owner knows that while sometimes cash flow could be at pleasant peaks, it also drops swiftly and sometimes suddenly, leaving business owners wondering what’s next!

As stressful as it is to ride the seasonal cash flow roller coaster, it is a part of every business but it pays to be smart when thing are running perfectly. That way, you’re ready for the sudden shift from greener times to leaner times.

5 Techniques Businesses like yours employ:

  • Alternative business options: Not easy but a very practical option would be to find a business alternative for the slower part of your year. The change could be a welcome move for your brain and your lifestyle. This could help cash-flow remain at balanced levels.
  • Flexible employee hiring patterns: While this isn’t a great idea for the economy, it certainly would do well for you. Hire employees on-contract and during the season only. The aftermath of this could be that you may get incessantly stuck in the hiring process, every season.
  • Robust banking relationships: Some banks are flexible and provide great support for seasonal businesses.
  • Save for the rainy days: Save a part of your revenue during the greener times, to cover up for the leaner times.
  • Flexible vendor agreements: To your vendors, request for a flexible payment pattern wherein you pay larger chunks of the outstanding amount during season and smaller chunks in off-season.

Tried, Tested & Proven Cash Flow Tips For Seasonal Businesses

Here are some cash flow tips to implement into your business so you can weather any type of storm that comes your way throughout slower periods:

  • Forecast, review & revise– Tracking your business is a good practice and it could also help you determine the slow periods.Most businesses know for a fact that holiday sales directly mean peak cash-flow. January and February generally show a dip in business. Planning ahead for these slow periods and employing the aforementioned techniques can help in balancing your cash-flow crisis.
  • Stay on top with savings– We’ve heard quite often that we should save for a rainy day. A seasonal business stands testimony to the worth of this proverb. You know your fixed monthly business expenses and the delta required to sustain – don’t get caught in a slow period with no money to spare for expenses you always knew about.
  • Boost peaks – Peak season is when you can boost your cash flow without much effort. So go the extra mile, hire that extra staff, build that extra inventory and give that extra coupon/discount! This will help you propel sales and push beyond expected margins.

Every business is a sine-wave. Highs and lows are never a surprise and all a part of the game. Stay on top and build better cash flow with these useful tips. Are you a seasonal business owner? Did you find these tips useful? Do you have tips that we should include in this list? Let us know in the comments and let’s together educate the troupe of seasonal business owners. Meanwhile, prepare yourself for the holidays! May this post help you in the right time!

Topics: Cash Flow Management


Financial Softwares: What does Gartner’s MQ say?

Posted on 15/09/2017

Gartner has released its first-ever Magic Quadrant for Core Cloud Financial Software Management Suites! Concentrating solely on Cloud-based ERP which serves mid-sized, large and global organizations. At the onset, Gartner has excluded all players serving SMBs niche. This report revolves around the bigger ERP players.

Financial Software

While we’re waiting for the Critical Capabilities report which Gartner promised to deliver in the third-quarter of this year, join us in rehashing this first-of-its-kind report from Gartner.

Some surprising results

At Velan, we took a quick gasp when we first saw it. In the niche players’ quadrant, there lies SAP! SAP is not going to take this lightly especially considering the fact that ERP & Finance are its core strengths and S/4HANA is doing the rounds. I mean, when was the last time you saw SAP in the niche players’ quadrant? I can’t place a single MQ (except this one) where SAP wasn’t a visionary or more often, a leader. Can you?

Velan has served quite a few European clients who favor SAP over all others, while the Americans lean towards Oracle. For the record – regardless of the tools our clients use, we have the ability to dexterously handle GL, AR, and AP in an offshore model.

Oracle is way ahead in this game! Cheers to that license-ridden beast. Considering our experience with clients so far, we sincerely believe SAP should’ve been positioned right next to Oracle in the top-right quadrant, but here’s what Gartner notes as reasons for placing SAP in the lower-left:

  • Only SAP Business ByDesign fits the inclusion criteria set for this report. May include SAP S/4Hana is a possible candidate for future inclusion.
  • ByDesign targets SMBs with 1500 employees or lesser.
  • SAP Business ByDesign is primarily sold as a suite solution; SAP has limited focus on line-of-business finance marketing and sales.”+
  • According to Gartner, ByDesign risks being overshadowed by SAP S/4HANA Cloud since SAP is focusing considerable marketing effort in the HANA direction.

Gartner also notes that:

  • SAP Business ByDesign is most often used as a standalone financials system.
  • It can scale to support upper-midsize organizations.
  • Gartner is aware of organizations using SAP Business ByDesign that have revenue in excess of $1 billion+

Do you feel that Gartner never got around to dissecting the SAP ERP solution as a whole? Shaun from SCMFocus sure finds this “niche player” tag quite strange.

Some Expected Outcomes

It’s nice to see Sage Intacct reigning as a visionary, followed closely by Microsoft, FinancialForce, and Accumatica. We’ve not seen many clients using Accuamtica and this fact has been outlined by Gartner as well, in the Cautions section for Accumatica – Gartner notes that Accumatica lacks brand awareness and its marketing, focusses more toward the suite as a whole and loses out on the professionals and prospective clients in the financial realm.

With a good share of our clients using Workday, Intacct, and FinancialForce, we hope to see a lot more clients adopt these tools owing to their position on the quadrant.

The only two giants who’ve managed to position themselves in the leaders’ quadrant are Oracle and Workday. Between Oracle and Workday, the market footprint is oceans apart i.e. while Oracle boasts of a market cap of 209.97 billion and spreads across 7 continents, Workday only has an approximate market cap of 20.5 billion. Workday leaves behind giants like Epicor, Deltek, Microsoft and SAP (debatably, unless SAP wanted the industry to move on to S/4HANA & the upcoming quarter’s report may perhaps include it).

Intacct’s completeness of vision means this tool is in for the long haul – we can almost see it hitting the top right quadrant very soon.

Whatever the tool, rely on Velan

Velan offers exemplary outsourced accounting and bookkeeping services for CPAs and firms. Whatever be the ERP of your choice, Velan’s resources are adept and experienced in a wide range of Cloud-based ERP systems! We’ve worked with clients big and small. Whether you’re an SMB or a larger-than-life enterprise, Velan can offer you a team of accountants like no other.

For all your outsourced accounting & bookkeeping needs, all you need to do is call us @ +1-860-215-4997. Velan handles everything, right from bookkeeping to full-fledged accounting using any and every ERP software – General ledger (GL), Accounts Payables (AP), Accounts Receivables (AR), reports and analysis. Velan can help you cut down on your staffing, training & infrastructure costs by providing an extended cost-effective offshore team.

Reference:

  1. https://www.gartner.com/doc/reprints?id=1-43I9UCB&ct=170619&st=sb
  2. + marks direct excerpts from the report

Topics: Accounting , CPA , Financial Reporting