Tag: Outsourced Bookkeeping Services

Are you having trouble pricing your bookkeeping services?

Posted on 06/03/2019

Have you ever wondered if you’re getting the most out of your bookkeeping service provider? 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 pricing mechanism may make sense in the case of certain larger firms with enough man power 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 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 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 bookkeeper vary widely. A rough estimate for internal part-time bookkeeper’s average at around $20/hour largely based around 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 time sheets, 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 vary 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 scepticism associated with bookkeeping, many businesses are concerned about switching over to outsourcing, not understanding how the pieces stitch together. But with today’s advancements in technology, outsourcing has never been easier and safer. Outsourcing can provide advanced and less costly bookkeeping service 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:

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 utmost sensitivity and sensibility that the work demands. With encomiums and testimonials speaking for themselves, one needn’t think twice before calling us. Our pricings 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:
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: Accounting , Bookkeeping Services


Outsourced Bookkeeping Services Basics for Small Businesses

Posted on 09/01/2019

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 rely 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 of 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.

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.

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 Bookkeeping:

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 utmost sensitivity and sensibility that the work demands. With encomiums and testimonials speaking for themselves, one needn’t think twice before calling us. Our pricings 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: Accounting , 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: 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