Tag: Payroll 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


The 5 important bookkeeping tasks you should be doing every day

Posted on 22/12/2018

“A stitch in time saves nine”

In general, every little thing that you put off until tomorrow, that which can be done today pushes you one step closer to an insurmountable pile of tasks dwindling by a choking deadline. The consequences of procrastination have far more pronounced repercussions in the realm of bookkeeping. Certain bookkeeping tasks require to be taken care of year round. It has rather become a tradition for most people to do their bookkeeping once a year for taxes. To simplify the whole conundrum and decode the fiasco it would be important to understand what bookkeeping tasks you should be worried about on a daily basis.

The 5 important bookkeeping tasks you should be doing every day

The day to day bookkeeping activities that would require top priority would be the transactions that occur in a business’s financial world. Keeping track of money going in and out of a business is very crucial. With regards to the money coming in the customer invoices, payments coming in, and bank deposits need to be closely monitored. Think of the day to day bookkeeping tasks as the things that make the finances of your business tick.

Here is a list of tasks that if done on a daily basis will not only help alleviate a great deal of burden during the tax season but also help establish transparency and clarity on a whole new scale:

1. Monitoring and following up with client invoices:

Paying detailed attention to client invoices is absolutely critical to run a business in the black. Maintaining a track record and having a clear understanding of clients, the dispatch of respective invoices, whether their payments have been received on time, and whether they have an outstanding balance will all add up to the smooth functioning of the business. If the business offers a 30/60/90-day payment terms, it is imperative to monitor which clients have past-due accounts. By attending to client invoices on a daily basis one will be able to understand the clients with whom caution should be exercised, and clients who are genuine assets to the business.

2. Processing payroll and maintaining employee records:

Even when it comes to solo-entrepreneurs, monitoring payroll should be made a daily bookkeeping task. It can be consolidated later on a weekly basis to get a clearer perspective. Understanding how payroll expenditures affect a business and then analyzing the areas where the company could use extra manpower would be very useful n helping the business grow.

3. Recording the financial transactions of a business:

As a profession Bookkeepers provide essential services to businesses by processing and recording everyday transactions and producing financial statements. They are responsible for recording financial transactions, maintaining accurate records and providing reports or statements to managers. These transactions will have to be required to be maintained as a permanent record. Software like MYOB, QuickBooks can be employed to carry out this practice. Digital spaces can only get cheaper. But rental rates can fluctuate. Keeping physical documents not only collect dust but also age and fade with time. You also have to make space in the office to keep these physical documents.

4. Reconciliation of Bank Accounts:

It should come as no surprise that bank statements are one of the most important documents to keep. They are the only business record one can count on. The bank statements are the basis for everything else the business stands on. Bank reconciliation, usually the simplest is also one of the important processes of bookkeeping. Do not thrash your bank statements, at least keep a record of the soft copies.

For Instance, at the end of the month, you realize that there is a difference between your accounting records and the bank statements. Wherein you should expect a cash of $6,600, your bank statement shows only $6160. Having a day on day tracking would help easily pinpoint as to where things went wrong.

5. Reporting any irregularities in data to management:

Any irregularities noticed, should be notified to the management immediately for preventive or remedial measures. If prompt measures and actions are not taken, these irregularities could lead to a more complicated issue that would take a lot of time and effort to sort out. As the saying goes “Nip it in the bud”, it is best to eradicate these problems when spotted.

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: Bookkeeping Services


Did You Know Why Outsourcing Your Accounting Is Good For You?

Posted on 01/11/2016

Would you like to focus on your core business, concentrate on the client base, and be more productive? Yes? We know right? Everyone running their business would love that. Business owners would at some point in time feel that Accounting is hogging his time and it is not a very productive job but an essential one.

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In this era, with internet in hand the world has shrunk so much that you can contact anyone you want at any time. So, why not use the same technology to outsource your Accounting and focus more on your core competencies? Let’s see some good 5 reasons why you should outsource your Accounting ASAP:

1. More focus on your core competencies

It goes without saying, if you outsource things like accounting then you have nothing to care about but concentrate on what is more important and revenue yielding in your business. Outsourcing accounting will save your time of checking the books time to time and let you focus more on what is necessary for the business and your core competencies. This will obviously grow your business multifold.

2. Save money

Usually, a business involves hiring and training your staff for the accounts department and it takes 2-5 percentage of the revenue. This may not seem like a huge difference but you actually reduce your costs by getting rid of the expenditure on employee training, employee benefits, and the infrastructure which you will require to have your accounting department in house.

Not just that, imagine some mishap happens with your financial figures; it might end up costing you a fortune. You can rather outsource accounting to an expert outsource provider.

3. Gain access to accounting experts

If you are running a small business and if you have your own accountant, you are more likely to have someone who is not an expert. If you are lucky enough, an existing employee will have knowledge in accounting but that’s all you get as it is not their core competency.

When you outsource, you gain access to a team of experts in accounting who would possess a lot of experience in the field. This would ensure that your papers are up to date and there’s no chance of facing penalties due to bad bookkeeping.

4. Lessen the risks

Almost one in five small businesses has their hard-earned money stolen by the employees they trust. Plus it gets difficult to probe each employee without enraging the honest employees. By hiring an outsourced accounting expert, you do not just save time, money, and improve your operational efficiency but also keep the internal fraudulent at bay.

5. You are in charge still

You do not have to worry about outsourcing the most crucial part of your business to a third party. There are chances that you may think you do not have control anymore. On the contrary to what you think, you have the entire control in your hands. You get an update of your financial status on a timely fashion and you are well informed of your cash flow. When your business is scaling up and you are occupied with other things, your accounting is still taken care of.

If you are wondering where to look for an outsourcing partner, search no more and contact at +1-860-215-4997

Topics: Outsourcing Accounting


Managing Your Payables And Receivables

Posted on 05/10/2016

Are you having troubles managing your payables and receivables? We have been there done that! As you know, managing your payables and receivables is the most significant aspect of your business in all stages. You may get overwhelmed with the kind of cash you’d have to handle, and keep everything intact and going. Fret not, below are some really simple techniques you can adopt to disentangle yourself from all the payables & receivables hassles.

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Payables:

Managing your payables can be a tricky business. For one, pay all your bills; do not let your unpaid bills linger any longer. The more prompt you are in your payments, the more reliable you become to your suppliers and lenders. Plus, there’s nothing like an unpaid bill that’s a dire threat to the business.

You can take complete advantage of the credit time limit given to you. For example, if your bill is due in the next 20 days, you do not have to pay the bill ahead of your time; rather you can use the cash for something else and pay this bill when it is due.

One other imperative thing you must do is to choose your suppliers wisely. Watch out for the ones that can offer you flexible payment options or that the ones that give you good discounts to pay upfront.

Receivables:

Nobody would have any problem running a business if they get paid for their products/ services on time. But that’s the hitch. Not everyone is prompt in their payments. Yet, you can do several things to collect the receivables efficiently:

  • Invoice your customers promptly. Do not procrastinate in sending your invoices, as it is quite obvious that your payment will be procrastinated too.
  • Do not give credit limits to your customers unless they are trustworthy. Enable COD (cash on delivery) for the customers; this will wipe out the painstaking process of following up for payments.
  • Offer lucrative discounts for the customers who are regular with payments. This will also give them a chance to make the payment then and there.
  • You must entail your customers to pay a deposit amount to use a product/ service if the invoice amount is huge.

Managing your payables and receivables can be easier if you outsource this to somebody who is experienced at the same time cost effective; on outsourcing to reliable hands, you can make use of the opportunity to concentrate on better things like working towards expanding your organization. Contact at +1-860-215-4997 to seek more information on Account Payables and Receivables.

Topics: Accounts Payables , Accounts Receivables


Simple Steps To Curb The Time Wasted On Bookkeeping

Posted on 23/09/2016

You might feel bookkeeping is one dreadful job, and it hogs a lot of your time. Well, you are not alone. Below are some simple steps you can follow to save your time and ensure seamless bookkeeping.

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1. Go paperless

You may not be an expert in bookkeeping. You might find yourself frantically searching for that bill you know you kept in some place. You can avoid this most daunting task of maintaining papers which are essential during audits by eradicating the papers. In today’s world, we get electronic receipts for almost all the transactions we do and in some cases we won’t have a choice but get that piece of receipt. In such cases you can always scan the receipt and maintain a soft copy in your PC and use cloud storage as well.  This way you get to save the time you spend on searching for THAT receipt. Plus, you know, it is very simple to search for things online.

2. Maintain separate bank accounts for your personal use and business

Maintaining a common bank account for both personal and professional use will eat so much of your time. This is because you will have to rummage the statement to categorize each transaction. This is one of the most common mistakes that people do. More often than not, they don’t realize that they waste a colossal amount of time categorizing transactions.

Not just that, maintaining a separate bank account for your business also comes with other perks such as:

  • You will know how well your business is doing
  • You will start curbing your expenditures and start saving up

3. Use the technology available

You very well know how technology is now playing a part in day to day life of human beings. Why not employ it in bookkeeping? You can automate invoicing and generate invoices which can be emailed and printed. The same can be fed into your accounting system.  This way you get to reduce the data entry work and also keep track of all the invoices. There is no way you would miss out on invoices which is money. So, go for it! Make use of the resources available online.

4. Outsource bookkeeping

We know, bookkeeping is a hectic job which requires a lot time and effort plus you can’t afford to make mistakes in here. Once you outsource your bookkeeping, you will realize that you have so much time left to do some productive work like acquiring new clients and bringing new business. Outsourcing is also one of the best ways to reduce the bookkeeping costs as it requires a CPA/ Accountant to work for you full-time. For your dismay, these accountants would not provide round the clock services to you. Fret not, help is at hand.

Visit http://www.velan-bookkeeping.com/ or contact @ +1-860-215-4997 for all your outsourcing needs.

Topics: Bookkeeping Services