Tag: bookkeeping services

10 Tips to Finding a Good Bookkeeper

Posted on 11/04/2022

We’ve seen a plethora of tips posted online about how to find a good bookkeeper. Being trusted and experienced bookkeepers ourselves, we decided to release a real set of 10 functions of a  bookkeeper. Coming up is the mother of all tip lists you’ve seen on finding a well-certified bookkeeper.

Offering offshore accounting services for more than a decade now, Velan bookkeepers have been serving some of the biggest accounting firms and CAs at a global level. We know our clients love our offshore accounting services, considering each one of us has stayed with us ever since. So this list is going to be much closer home for us and we’re going to tell you what we do right, to always stay in the good books of our clients – get the wordplay?

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Here’s how you find a good bookkeeper:

  1. Make sure you’re dealing with a reputable organization: More often than not, individual bookkeepers lack the reliability and sense of accountability that you’d expect.
  2. Sense of ownership: A good bookkeeper is proactive in assisting you with foresight and helping you make the right decisions at the right time.
  3. Deep domain expertise: A bookkeeper who has handled multiple clients across varied industries is most often the best bet.
  4. Cloud-ready accountants: Accountants with dexterous experience or certification in Cloud-based accounting software will make a great future-proof investment.
  5. Flexible payment methods: Now this is more in terms of outsourcing and offshore accounting services, but nevertheless a useful tip.
  6. Training & accreditation: A good bookkeeper must have some accreditation to present. Velan is ISO 9001 and ISO 27001 certified to indicate a highly robust business process and highly secure offshore accounting services.
  7. Experience in years: For bookkeepers who work better and significantly faster, a minimum of 2 years of multi-industry bookkeeping experience is preferred – such is the experience offered by Velan.
  8. A business process: Not only when you avail of offshore accounting services from organizations such as Velan but even when considering an individual bookkeeper, you need to identify what the business process is. Every good bookkeeper has a standard set of procedures and a rigorous process workflow or at least a checklist in place when they do the books every month.
  9. Cost: A bookkeeper should charge by industry standards. However critical they may be to your firm, an exorbitant fee is not justified. Offshore accounting services can help you zero in on a bookkeeper with a price tag, just about right for your organization.
  10. Location: A major thing to remember is that for a bookkeeper to work efficiently, unlike other professions, location isn’t an important factor. Bookkeepers can be in-house, within the state, or anywhere on the Earth for that matter. Does your bookkeeper require constant supervision? If yes, then you should see the warning sign right away. Remote is best since it would cost you a lot lesser and a remote organization would be an added advantage since the sense of ownership will be heightened.

If you’re still looking for the right bookkeeper then allow us to put an end to your search. Hire Velan QuickBooks certified Bookkeepers for exemplary offshore accounting services. Hire one or hire a team; hire hourly or hire monthly – to inquire about the flexible packages and engagement models of our offshore accounting services,  call us at  +1-860-215-4997

Hope you enjoyed reading this post. Let us know in the comments if you need more advice on finding a good bookkeeper! Or signup for a free 30-minute consultation session with our expert.

Topics: Bookkeeping Services


What Are Bookkeeping Services, Exactly?

Posted on 29/01/2022

Businesses, regardless of size will at some point require bookkeeping services. All business owners would have come across the term “bookkeeping” a number of times. From the very first instance, a business opens its doors and collects its very first dollar, the role of a bookkeeper would generally commence. Advisors, partners, and other well-meaning associates would have undoubtedly recommended and suggested bookkeeping services to help keep a company’s books and finances on track. Bookkeepers help produce financial records that give businesses accurate information about its financial activities. These records are critical to the future success of any business.

What Are Bookkeeping Services, Exactly

Bookkeeping Services and what they do:

Generally, the bookkeeping service proposes a three-tiered approach to developing and maintaining the overall financial processes and management. The first tier is made up of the accounting software specialist, who tailors data to the specific needs pertaining to the business. Access to the software and reports will be accordingly provided.

The next tier is the full-charge bookkeeper. The basic roles and responsibilities of a bookkeeper are pretty straightforward: to track payables and receivables and help keep the business’s financial transactions documented. A full-charge bookkeeper can also manage payroll, handle deposits, create and maintain monthly financial reports, manage the ever-changing world of sales taxes as well as quarterly taxes and withholding.

Bookkeepers also reconcile bank statements to internal accounts and come in very handy during an internal or IRS audit. Between the accounting specialist and the full charge bookkeeper, there will be the need to create a set of checks and balances for the business.

Scrutiny and analysis of individual department spending will be carried out by the bookkeeper. This is where the third tier of bookkeeping comes into play– the controller. The controller increases the company’s overall financial accountability and checks and balances. A controller reviews the bookkeeper’s ledger for accuracy while also maintaining the integrity of the accounting data file in the future so that adjustments can’t be made without approval.

Benefits of Bookkeeping Services:

The underlying structure bookkeeping services apply is what really makes will eventually make a difference in the end, regardless of their primary objective of ensuring the financial health of a business. Bookkeeping services implement—and sustain—an unswerving financial process that strengthens the health of a business and facilitates creating and encouraging uniformity in tracking, paying, and reporting. The significance of this is immeasurable as it insulates a business from many costly and dangerous risks.

Another major benefit of the bookkeeping process comes into play when the bookkeeper coordinates with the management of the business in order to sanction purchases and gather expense reports. This activity requires extreme organizational, management math and interpersonal skills.

Bookkeepers also reduce the overall expenses of a business. Besides ensuring that the books are maintained properly they also help keep a close eye on waste and mismanagement of supplies and inventory. All these benefits come along with the extra time the business can save since internal resources will no longer need to try and perform these tasks.

Though there’s no doubt that a bookkeeping service can save a business both time and money, it must also be noted that the processes and consistency introduced by the service offered can increase the longevity and efficiency of a given business, rendering the organization profitable for decades to come.

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. 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!

Topics: Bookkeeping Services


Outsourced Bookkeeping Services Basics for Small Businesses

Posted on 28/01/2022

One of the most significant benefits of Outsourced Bookkeeping Services is that you can radically scale your operations up or down without impacting the personnel directly employed by you. When it comes to running a business, a clear and detailed record of the history of transactions involved would be vital to the seamless and efficient functioning of the overall enterprise. It wouldn’t be an exaggeration to say that the survival of most businesses relies heavily on how these transactions are recorded and managed. Organizing these records can be done on paper, with the help of software, or by employing a hired hand. Without a proper bookkeeping system, a business can become vulnerable are susceptible to legal problems and cash flow issues.

Outsourced Bookkeeping Services Basics for Small Businesses

A smooth tax filing can only be asserted by a proper bookkeeping process. Business records are key ingredients without which sorting through the numbers would become messy and complex. Hence as an exercise of caution, it is important to keep the following information in the books:

Revenues and Expenses

Revenues, in general, refer to the money that the business receives from customers. This makes up the accounts receivables column in the book. Staying on top of the book would imply keeping it up to date and promptly sending out bills and invoices.

Keeping track of expenses is just as critical as keeping track of revenue.

In general, revenue and expenses constitute the most basic information in the book. Keeping a close check on them would prove to be highly critical.

Outsourced Bookkeeping Services for Inventory

Inventories are prone to merchandise misplacement, theft, and other mishaps. It is highly critical for businesses to maintain a clean and clear record of inventories to prevent the occurrence of such events. Keeping inventory holdings to a minimum would help in better tracking of sales and trends. The numbers in the inventory should be periodically tested by physically counting the products.

Outsourced Bookkeeping Services for Accounts Payable

The money that needs to go out to suppliers and the money that is due from customers come under the accounts payable column. Data that includes invoice dates, numbers, amounts, terms, dates and amount paid and/or due, client information, and balances needed to be organized and managed properly. A good bookkeeping practice, particularly Accounts Payable, can make payments easier.

Payroll Expenses

If there is one part of the book that needs to be up to date at any given time, this will be it. Besides being up to date, accuracy and precision is also highly critical. All this will come in handy during the tax filing season. Procrastination and sidelining of these activities can result in severe negative repercussions.

Purchases

Purchases are used to track materials of all sorts and kinds that are purchased for the business. It is an essential variable when it comes to calculating the profit of the company.

Velan Outsourced Bookkeeping Services:

We at Velan are equipped with skilled accountants possessing over a minimum of 7 years of experience in the domain of Outsourced Bookkeeping Services. 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!

Topics: Bookkeeping Services


Are you having trouble pricing your bookkeeping services?

Posted on 18/01/2022

Have you ever wondered if you’re getting the most out of your bookkeeping services pricing? With the hourly rates almost becoming the convention of pricing, have you ever considered that much of this would be at the mercy of the bookkeeper’s skill set and tactfulness, There’s no real pricing panacea when it comes to bookkeeping services? The hourly bookkeeping services pricing mechanism may make sense in the case of certain larger firms with enough manpower to tussle through the stages after the bookkeeper clocks out. However, if you are just starting up or own a small business, it would rather be sensible to have someone work beyond the hourly confines.

Bookkeeping services

Now that you’ve set up your business and have everything rolling except your books. It would be tempting to try saving a few dollars by swinging your axe at keeping the books relevant. As adventurous as it may sound, it requires a prescribed set of skills. Also, if things go awry, you may end up spending more than what you would have on a bookkeeper.

So how do you tailor the bookkeeping services to your requirements with optimal pricing? There are a multitude of variables that need to be accounted for before deciding upon the type of bookkeeping service you may require. Variables like company size and lifecycle, number of monthly transactions, number of employees and how payroll is processed, number of expense accounts, credit cards, invoices to send out, bills to pay, number of balances sheets to reconcile will help you understand if you require a full-time bookkeeper or if a part-time gig would suffice.

In the early stages, most small businesses are chiefly concerned with compliance – paying bills, getting paid, recording transactions, ensuring payroll accuracy and following state and federal regulations. However, over time they start putting more emphasis on the need for timely, accurate financial reports and intelligence. At this juncture, the business will demand more advanced bookkeeping services as the need to make more data-driven decisions will increase.

So, the first question you need to ask yourself is whether you just need compliance – basic bookkeeping – or if you’re ready to upgrade to advanced bookkeeping that will help you drive increased profits improved cash flow and growth. Since both require very different levels of effort and skillset as you can imagine, the cost for advanced bookkeeping services is much higher.

Role of a Bookkeeper in a Small Business:

The pivotal role of bookkeepers is maintaining your books closely every day. They generally do all data entry into accounting ledgers or software.

Bookkeepers focus on recording the financial transactions of a business through maintaining records, tracking transactions, and creating financial reports. Also, if need be, they also take part in other activities such as

• Entering, Coding and Paying Bills
• Creating and Sending Customer Invoices
• Collecting Past Due Accounts Receivable
• Reconciling Bank and Credit Card Accounts
• Maintaining Vendors for Accounts Payable and Clients for Accounts Receivable

Primarily, there are three choices at your disposal. And knowing how they cater to the various needs of a business will help you cut your coat according to the cloth.

1. Full-time bookkeeping services:

According to Glassdoor, listings in cities with a high cost of living show that full-time bookkeepers charge as much as $70,000, excluding the perks, health insurance, paid vacations, and overhead involved. A full-time bookkeeper will handle the day-to-day accounting functions for your office. Although, keeping your books in order and up-to-date is the foundation of the financial strength of any business, for a small or medium business spending $70K on bookkeeping would be practically pointless.

2. Part-time bookkeeping services:

The rates of part-time bookkeepers vary widely. A rough estimate for internal part-time bookkeepers averages at around $20/hour largely based on the job description and location. Part-time bookkeepers usually perform basic bookkeeping duties that would require supervision. If you’re one who can manage your job and do some accounting each month but need an extra hand, a part-time bookkeeper would be ideal. They can undertake tasks like inputting receipts and tracking employee timesheets, accounts receivable, and accounts payable.

3. Outsourced bookkeeping services:

Outsourcing bookkeeping services is one of the most popular options for small and medium businesses these days. Just as in the case of hiring an internal bookkeeper, defining their roles and functions in a granular way will be key. You’ll have to decide upon the functions you would like to outsource and the functions you’d like to retain. The average price of outsourcing your bookkeeping varies between $500 to $2,500 a month depending on the number of transactions and complexity of services required. A key benefit of Outsourcing is it gives you the ability to customize the services you receive to your bookkeeping needs.

With the unfair degree of skepticism associated with bookkeeping, many businesses are concerned about switching over to outsourcing, not understanding how the pieces stitched together. But with today’s advancements in technology, outsourcing has never been easier and safer. Outsourcing can provide advanced and less costly bookkeeping services than a typical in-house bookkeeper.
Outsourcing comes with another added advantage. Besides effective cost-cutting, it also enables freeing up resources to take care of other operational roles. Outsource and free up your good employees to help focus on growth!

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. 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 s bookkeeping services price is 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:

a. Bank Reconciliation
b. Statement of Assets and Liabilities
c. Accounts Receivable and Payable
d. P & L Statements
e. Payroll Services
f. Tax Preparation

Call us today!!! And give your business the head start that it deserves!

Topics: Bookkeeping Services


Benefits of outsourced bookkeeping services

Posted on 12/01/2022

13 BENEFITS OF HIRING AN OUTSOURCED BOOKKEEPING SERVICE

Precise and up-to-date accounting is vital for a growing business as non-compliance takes a heavy toll on a business, hampering its development. But business owners and executives can gain more value from their time spent on business growth rather than bookkeeping. Though they could employ online accounting software like Quickbooks, they would still need an expert to feed accurate and relevant data. Thus, outsourced bookkeeping services become indispensable for any business and here are some benefits which you could derive from them.

ABUNDANT TIME

Velan’s bookkeeping services help businesses in freeing up valuable time which can be utilized for business development and betterment of the organization. Frequent distractions in the form of day-to-day accounting are eliminated, thereby improving the efficiency of the business. Customer satisfaction then gains prominence for executives, resulting in improved customer retention and referrals

RESOURCE MANAGEMENT

Resources locked in non-core Finance Accounting Statement activities can be then utilized in tasks that achieve vital business growth objectives. Executives who save money by doing their bookkeeping or doing them using non-finance employees lose out on valuable time which could be employed productively.

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REDUCED COST

Outsourcing your bookkeeping helps you save significant money as often they could be hired at just a fraction of the cost of an in-house bookkeeper. As the service can also be customized according to your needs, you could also save up lots of idle time of an in-house bookkeeper. Velan’s bookkeeping service helps its clients save up to 40-45 % of the standard cost.

ACCESS TO EXPERIENCE AND SKILL

Hiring an outsourced bookkeeping service like Velan gives businesses access to rich experience and knowledge, without the need for hiring them full-time. Efficient and streamline accounting becomes possible as your books are handled by experts with accounting experience in a variety of industries.

LATEST TOOLS AND TECHNOLOGIES

Technology is progressing at breakneck speed and businesses have an urgent need to be in sync with them to compete in the volatile business environment. Velan’s bookkeeping experts keep up with the latest bookkeeping software and trends, thereby offering the client the best possible service.

LESS SCHEDULING

As business accounting demands consistent updates, businesses without a bookkeeping partner have to spend much of their efforts on proper scheduling and compliance. Whereas a dedicated bookkeeping partner like Velan can augment your existing infrastructure, streamlining the entire system for better efficiency without your inputs.

EXPONENTIAL GROWTH

As mentioned before, an outsourced bookkeeping partner can substantially reduce your operational costs, delivery time and personnel employed. Thus, an outsourced bookkeeping service can maintain your books and can also provide a strong base for your growth by enhancing profits and accelerating cash flow.

PRIVACY

The financial records of business require maximum confidentiality and must be handled with the utmost secrecy. Thus, trust between partners becomes vital and a certified bookkeeping partner maintains the highest level of privacy as they have to deal with multiple clients and a single blemish can become fatal.

SECURITY

Continuing from the privacy benefit, a virtual bookkeeping partner will employ highly encrypted web servers and strict security guidelines within their office premises. This your data can be more secure with a virtual bookkeeper than with a local bookkeeper who may know about your personal finance.

SCALABILITY

One major advantage of experienced bookkeeping service providers like Velan is that they have a standard process that can be scaled and customized according to the requirements of the client. This a small business can hire them at a much lesser cost and scale the service as they grow, thus making it suitable for a business of any size.

TAX AND AUDIT

When a business grows, it becomes difficult for a local bookkeeper to keep their books as different regions and countries have different tax compliance regulations. Whereas a virtual bookkeeper will have experience dealing with clients from different countries and can help you navigate the myriad tax and audit processes.

ACCURACY

Error-filled business accounts can prove to be a hindrance to business growth as they can lead to penalties and even investigations. An experienced virtual bookkeeper can maintain accuracy by using the latest and high-quality accounting tools and automating error-prone manual tasks wherever possible.

MOBILITY AND REMOTE ACCESS

Access to your accounts using a mobile device or laptops is one important benefit of hiring an outsourced bookkeeping service. Multinational organizations with offices in different locations involve a lot of travelling for their executives and they may not have the option to present in a single location all the time. This the remote access to your books is a vital factor in outsourcing your bookkeeping.

Topics: Bookkeeping Services