5 Ways Outsourced Accounting Services Can Help Your Startup

Posted on 27/12/2022

Time is a precious commodity for small business entrepreneurs. In addition to managing every aspect of their company’s operations, they are experts in the products and services their company provides, managing everything from sales and marketing to staff scheduling and benefits. Along the journey as you strive to expand your firm, there are obstacles at every turn of accounting for startups.

Do you realize that 90% of new businesses fail? Unsuccessful financial and accounting management accounts for a staggering 18% of their failures. Due to their small financial means, accounting for startups is a crucial one, and must manage their money carefully. Even if you have a fantastic company strategy, you still won’t succeed in the cutthroat job market if you don’t handle your money wisely.

Starting a business may be a laborious process. Additionally, you probably don’t have time as a founder to worry about paying bills or keeping the finances balanced. It’s still important to have a basic understanding of accounting principles, though.

To help you with many of these, such as making sure you don’t pay excessive taxes, giving you more time to concentrate on sales and marketing, and enabling you to create complete financial reports for investors, consider using an outsourced accounting firm.

What Is Accounting for Startups?

Accounting for startups entails keeping track of cash inflows and expenditures and compiling this information into financial statements that can then be used to evaluate the performance of the company.

Do not mix bookkeeping with accounting at this time. The actual process of keeping track of all of your business transactions is called bookkeeping. In contrast to accounting, which concentrates more on the in-depth financial analysis of the firm, it doesn’t need a lot of analytical effort.

  • As the founder of a startup, you’ll often have to deal with the following financial activities:
  • Keep books every day. This entails activities like processing payments, keeping a log, producing financial reports, etc.
  • Creating and mailing client invoices.
  • Ensuring that clients are sending payments on schedule by checking payables and receivables.
  • Ensuring that the cash flow can cover impending costs.
  • Determining tax obligations and filing tax returns.

Each of the aforementioned duties involves a substantial amount of paperwork. The aforementioned might be tracked and recorded manually (on spreadsheets and physical files) or automatically using accounting software.

However, we do not advise using the manual approach. Except for extremely small businesses, the accounting process is lengthy and complex, making it inconvenient to write everything down by hand or type it. It may be tiresome and time-consuming, and there’s a lot of potential for accounting mistakes.

In order to automate the majority of the accounting cycle phases, business owners typically invest in accounting software.

Why is an accountant important to a business?

Accountants take into account the whole plan required to maintain and expand your firm. They may respond to your inquiries on cash flow, depreciation, financial reports, and other topics.

They may offer guidance on how to save money on taxes, including when to make capital purchases, what you can deduct, and how to lower capital gains taxes.

They can help you stay compliant, avoiding missed deadlines and noncompliance fines, and they can spot possibilities to increase profit margin and business development.

Hiring an outsourced accountant or outsourced accounting service like Velan can free up your time and give you insights and tips on how to improve your cash flow, strategically prepare for your taxes, and focus on what you do best when you want to expand your business but lack the time or resources to do so.

The Best Ways to Streamline Accounting for Your Startup

Select a Business Entity

Choosing the company structure you want to utilize is one of the first stages of starting a startup. This choice will impact your financial obligations, taxes, and other factors. Great if you’ve already chosen your company’s legal structure! In case you haven’t heard, there are five primary varieties available. To assist you in selecting which is best for your startup, below is a table of their advantages and disadvantages:

Parameters: Sole Proprietorship


  • Easy to manage
  • Easy to manage to Receive all profits


  • Simple to set up
  • The owner suffers all losses
  • Taxed on all your revenue

General Partnership Advantages:

  • Easy to set up and manage
  • Less financial liability than the sole proprietorship
  • Consultation between partners


  • Unlimited financial liability
  • Possible internal conflicts
  • Taxed on all your revenue

Limited Liability Company Advantages:

  • Liability protection Short setup process Members can choose the method of taxation


  • More expensive state renewal and compliance fees.
  • Difficult for investors to contribute.

Establish a Business Bank Account

You need to register a business bank account once you’ve decided what kind of company entity your firm will be. This makes sure that your personal funds are kept separate from the funding for your companies.

Clients will see you as more professional, and the procedure of paying taxes will be made simpler.

Select an accounting system.

Depending on how well you manage your funds, your company may flourish or fail in the marketplace. But let’s face it—running a business is challenging enough as it is, and accounting can be a tiresome process.

Therefore, it is preferable to simplify your bookkeeping using a useful and user-friendly system.

Maintain a Record of All Your Expenses

Knowing what counts as a cost is the first step in keeping track of every expenditure. Some of the most typical company expenditures are listed below:

  • Wages or salaries made to employees
  • Training program fees
  • Equipment and supply purchases
  • Insurance fee
  • Interest payments
  • Maintenance costs
  • Software license purchases
  • Rent

Here are some suggestions for properly tracking expenses now that you are aware of what constitutes an expense:

  • When manually recording, keep each receipt in a binder or file folder that is well-organized.
  • Just save digital copies of your receipts if you use the software.
  • Although the IRS states that receipts under seventy-five dollars do not need to be tracked, it is advisable to save all receipts.

List of outsourcing companies that provide accounting for Startups:

Will you have enough time to take care of the accounting issues for your startup, or would you prefer to focus on the core aspects of your business goals by hiring outside help for these accounting tasks?

Scalable Outsourced Accounting:

The majority of businesses desire to fast expand and flourish, yet many lack the infrastructure or resources to do so. Small businesses may access resources used by major corporations through accounting outsourcing, which enables them to grow more quickly.

Let’s say you have an internal accountant and your company is expanding quickly. Would the expansion be manageable for your internal team? If your internal staff is unable to handle the development, you will have to go through a drawn-out hiring procedure with no assurance that a suitable applicant will be found.

You may have as many accountants available to you as your scaling team needs by outsourcing your accounting staff. Additionally, it assumes that you have the infrastructure required to support your scaling efforts.

Increase your knowledge and focus on the primary objective.

Focusing on their primary business will always be necessary for entrepreneurs. You will save a tonne of time by outsourcing startup accounting services to a reliable group of outsourced accountants, which is unquestionably necessary for an entrepreneur starting out.

Above all, you may focus your abilities and competence more on the accounting for startup’s strategic goals and operational efficiency features. Similarly to this, you may increase your company’s income and growth rather than burdening yourself with the bookkeeping and accounting issues that come with starting out.

You might obtain help from the bookkeeping and controller service in calculating your burn rate.

The phrase “burnout” is used to describe an excessive expenditure pace. Do you know what your business’ burn rate is? This is, in essence, the amount of money you are spending and the length of time you will be able to be in business if you keep spending at that level. This is crucial information to understand, especially if you own a tech startup or similar early-stage business with a protracted wait until you begin making money from sales. To increase their revenue scale, startups must determine their burnout rate. Startups can only receive assistance from one capable accountant in identifying their burnout spots.

You Can Get Finance with the Aid of Outsourced Accountants.

Outsourced accountants are aware of the particular financial difficulties that each sector of business and industry faces. They are aware of where to get reliable financial records and reports, and they create financial presentations and documentation that pique the interest of lenders and investors.

Lenders and investors seek thorough financial reporting that is simple to understand and provides all the relevant data they want to make an informed choice. The advantage of external financial services over internal accountants is their breadth of business sector expertise. Because of their experience, they can provide fair counsel to businesses in any sector.

Outsourced accountants relieve management of pressure.

The ability to assign duties is a crucial trait for business owners or entrepreneurs. Owners of businesses must manage their time wisely. Every second they are on the job need to increase the company’s revenue. They are unable to concentrate on abstract concerns or other high-level activities while they are trying to resolve accounting problems.

Outsourced accountants assist business owners in avoiding concentrating on common problems that may be resolved by regular methods. Business owners shouldn’t take pride in doing tedious back-office work. In fact, it may destroy the company. “Busy is the new dumb,” as Warren Buffet once said.

The Top 10 Accounting Advice for New Startups:

  • Learn the laws that are relevant to your line of work, notably the tax laws. If they are not followed appropriately, the startup risk suffering serious consequences.
  • To ensure you have enough time to complete the tax returns, set reminders for the due dates.
  • Keep your personal and professional costs separate. Instead of utilizing a personal one, open a company checking account and a business card.
  • To automate the process, get cloud-based accounting software.
  • Create and follow a budget to track where your money is going.
  • Establish financial objectives and monitor your progress toward them on a regular basis.
  • All of your receipts and invoices should be saved and retained. including the $75 and under ones! Maintaining copies of transactions makes it simpler to balance your finances.
  • Use just the funds from your company checking account to cover business costs. It will be listed as an owner’s withdrawal in your accounting.
  • Make a separate folder to hold any startup legal contracts and financial data (such as contracts, receipts, and invoices).
  • Acquire a TIN (taxpayer identification number). When requested for verification, you won’t need to provide your Social Security Number if you have one.

From the beginning, the business system has been efficient and well-organized.

It will be easier to maintain a well-organized and efficient company system during the course of the business if startup accounting services are outsourced from the beginning. Companies may also provide shared CFO services for new businesses, which can greatly benefit your company.

Hire an accounting team to simplify the day

Accounting and financial records that are current can help business owners determine if startups are financially viable. As a consequence, the generated reports, budgets, forecasts, and statements can assist owners in making timely decisions and speed up business growth. Therefore, Velan thinks you must have heard the response to the initial inquiry.

  • Your accounting team being outsourced may appear worrisome.
  • However, it’s a sensible choice if you’re looking to scale and expand your organization.
  • Accounting may be outsourced so that business owners can concentrate on their overall business operations and the big picture: their bottom line.
  • Accounting for startups is highly analytical and mechanized.

Focusing on the crucial aspects of your business while an adept accountant handles your books is crucial. For clients who want to outsource their accounting responsibilities, there are important benefits. Cost-effectiveness comes first, followed by flexibility in terms of contracts or reducing the number of functions.

With clients from all around the world, Velan is a trustworthy accounting service supplier to small and medium-sized businesses.


Topics: Accounting

Best Practices for Effective Budgeting and Forecasting

Posted on 12/08/2022

Tables of Content: 6 Practices for Effective Budgeting and Forecasting- One Must Need to Know

  1. Start by creating a budget and sticking to it
  2. Plan for both short-term and long-term expenses
  3. Anticipate changes in your income and expenses
  4. Use forecasting to predict future trends
  5. Review your budget regularly and make adjustments as needed
  6. Seek professional help if you need assistance creating or managing your budget


If you’re like any other business owner or entrepreneur, you’re always looking for working solutions to improve your bottom line. One of the best possible solutions to do this is by effectively budgeting and forecasting your expenses. By doing this, you can ensure that your business is on track to meeting its goals, both in the short and long term. In this blog post, we’ll discuss some best practices for effective budgeting and forecasting. We’ll also provide a few tips on how to get started. So read on if you’re interested in learning more!

Effective Budgeting and Forecasting


1. Start by creating a budget and sticking to it

When it comes to budgeting and forecasting, there are a few best practices that can help you stay on track. First, start by creating a budget. This will give you a road map to follow and help you track your progress. Once you have a budget in place, stick to it as closely as possible.

2. Plan for both short-term and long-term expenses

Another most important aspect of effective budgeting and forecasting is to plan for both short-term and long-term expenses. Doing this will ensure that you have the resources necessary to meet your financial obligations both in the present and in the future.
Start by creating a list of all of your current expenses, both fixed and variable. This will give you a clear picture of where your money is going each month. Then, take a close look at your long-term goals and objectives. Are there any big-ticket items that you will need to save for? For example, if you are planning to buy a house or start a family, you will need to factor these costs into your budget.
Once you have a clear understanding of your current situation and future goals, you can begin to formulate a plan to reach them. Begin by setting realistic financial goals for yourself and your family. Then, develop a budget that takes into account all of your income and expenses. Finally, stick to your plan! Review your progress regularly and make adjustments as needed, but don’t be afraid to celebrate your successes along the way.

3. Anticipate changes in your income and expenses

In order to make sure that your finances are on track, you need to be able to anticipate changes in your income and expenses. This can be a challenge, but there are a few best practices that can help. First, it is important to Review your financial statements on a regular basis. This will give you a good idea of where your money is going, and it will also help you to identify any potential problems.

Second, don’t be afraid to adjust your budget as needed. If you find that you are consistently spending more than you anticipated, or if your income fluctuates, it is important to make adjustments so that your budget remains accurate. Finally, remember that forecasting is not an exact science. There will always be some uncertainty, but by following these best practices you can minimize the risk of making major mistakes in your financial planning.

4. Use forecasting to predict future trends

Forecasting is a critical component of effective budgeting and financial planning. By understanding past trends and using them to predict future patterns, businesses can make more informed decisions about where to allocate their resources.

There are a number of different methods that can be used for forecasting, and the most important approach will depend on the data type which is being considered. In general, however, the best practices for forecasting include collecting accurate data, using multiple methods of analysis, and continually revisiting and revising forecasts as new information becomes available. With careful planning and execution, forecasting can be an invaluable tool for making sound financial decisions.

5. Review your budget regularly and make adjustments as needed

It’s important to Review your budget regularly and make adjustments as needed in order to ensure that you are on track to meet your financial goals. A budget is a tool that can help you track your income and expenses so that you can make informed decisions about how to allocate your resources.

Get budgeting and forecasting services to help make growth projections

There are a few best practices that can help you create an effective budget:

  • First, identify your financial goals and priorities. What are you trying to achieve with your budget?
  • Second, track your income and expenses for at least one month so that you have a clear picture of where your money is going.
  • Third, create a realistic budget based on your income and expenses. Be sure to include room for unexpected expenses.
  • Fourth, review your budget regularly and make adjustments as needed. This will help you stay on track and adjust your spending as necessary.
  • Fifth, be creative when it comes to finding ways to save money. There are many ways to cut costs without sacrificing the quality of life.

Following these best practices can help you create an effective budget that will help you meet your financial goals.

6. Seek professional help if you need assistance creating or managing your budget

Budgeting and forecasting are critical tools for any business, large or small. Having a clear understanding of your financial picture can help you make informed decisions about where to allocate your resources. If you’re not sure where to start, or if you’re struggling to manage your budget effectively, seek out professional help.

A qualified accountant or financial planner can provide guidance and expertise that can make a big difference in your bottom line. With their assistance, you can develop a budget that works for your business and gives you the clarity you need to make sound financial decisions. Don’t be afraid to ask for help – it could be the best decision you ever make for your business.

Benefits of Effective Budgeting and Forecasting

One of the most important aspects of financial planning is creating an effective budget. A budget provides a roadmap for how you will allocate your income and expenditures over a period of time. It can also help you to track your progress and ensure that you are on track to meet your financial goals. Budgeting can be a valuable tool for both individuals and businesses.

An effective budget can help you to save money, as it forces you to be mindful of your spending. It can also help you to forecast future expenses and income, which can give you a better idea of when you may need to tighten your belt or make adjustments to your spending. In business, forecasting is critical for making informed decisions about investment, expansion, and other strategic moves. Effective budgeting and forecasting can help you to make the most of your resources and keep your finances on track.


At the end of the day, forecasting is about being realistic and making sure that your business has a plan for every potential outcome. By using the best practices we’ve outlined in this blog post, you can create a budgeting and forecasting process that is both accurate and helpful in steering your company toward success. Have you tried any of these methods before? What has been your experience? Let us know in the comments below!


Topics: Accounting

Select The Right Accounting Firm To Take Your Business To The Next Level

Posted on 10/06/2022

The right accountant should know your business very well, be able to offer suggestions at the right time, and identify the areas for improvement. If your accountant isn’t doing this, then you may need to consider looking for a professional accounting firm that does.

There are several accounting and CPA firms in the marketplace. Selecting the right one that suits your business is the biggest challenge ever.

CPA Accounting Firm

People normally get suggestions/recommendations to identify the right fit. Nevertheless, the right choice for one business may not be the right choice for another.

Onshore / Offshore:

In this technology-driven world, it is not cumbersome to identify the right firm that exclusively suits your business even if they are sitting thousands of miles away.  Here is the comparison of onshore and offshore benefits:

Offshore Onshore
Chats/emails/Phone calls to meet everyday Face-to-face meetings on daily basis.
A process-based approach to winning the competition in the global market No unique or distinct approach.
Availability of secondary contact. Team-based delivery model Individual dependency.
Lowers capital requirements. The cost involved is minimal The cost involved is high.
Round-the-clock availability  Availability is only during your business hours

Selection Criteria:

For a variety of reasons, the offshore world is successful because of the cost and quality they bring into the international market. Few factors to be considered while selecting the outsourced bookkeeping for CPA firms companies irrespective of their location:

  1. What is their level of expertise in your specific industry and what can they offer your company?
  2. Are they proficient in software?
  3. Does the company have the resources available to grow along with you?
  4. Do they have redundancy for all critical resources? What is their backup plan in case of an emergency?
  5. What is their reporting mechanism?
  6. Are they reliable, and proactive?
  7. How long are their services available? Do they provide round-the-clock services or just business hours?
  8. Have they got appropriate Asset Protection policies in place?
  9. Are their policies transparent? Can they be trusted?
  10. What about their Professional and Process Oriented Certifications and Practices? Does the service provider have anything as such?
  11. Do they render trial runs?

About Velan:

Backed by a team of certified and skilled accountants, Velan has a decade of experience in not just working with small businesses but also with mid-sized businesses and CPA firms. Processes practiced at Velan are ISO 9001:2008 certified for quality, and necessary controls are in place to ensure data security and confidentiality.  The best part is their ability to understand your needs and their innovative approach to handling the same. They add value to any business by providing customized solutions rather than offering services to the current needs. For more information, visit or contact them at +1-860-215-4997 or [email protected]

Thanks for reading my post. Hope this is useful.

Get the high-performing accounting department you deserve.

Topics: Accounting


Posted on 20/01/2022

Outsourced virtual CFO Services will oversee your current bookkeeping and controller staff in the startup.

There is a common misconception that a bookkeeper and an accountant are enough to run the financial aspects of the company. 

The role of a bookkeeper is limited to maintaining the daily transactions in the organization. In some cases, the bookkeeper can extend their services during the accounting season but with limited expertise. 

The role of an accountant is to get the data from the bookkeeper and work at the end of every financial year to tally the accounts and help the company save from paying a huge tax. 

The roles mentioned above contribute to the successful daily operations of the organization. However, when it comes to the bigger picture to sustain the organization for a longer period, a financial expert is required to manage the cash flow, create budgets, analyze expenses, understand profitability, predict financial risks, and devise a winning financial strategy. 

And who plays these roles? A Chief Financial Officer, a.k.a. A CFO. 

Business owners who wear multiple hats often sideline these tasks for the end and endeavor at the last minute to fix things. But, little did they realize that the financial department is the lifeline of an organization. It needs attention and planning daily. 

Regardless of the company’s size, the CFO is mandatory if you want to maintain an organizational balance. From ensuring compliance to financial planning and deciding investments, your company needs a CFO to scale the growth. And a CFO will require a hefty compensation. However, if you do not have the budget to compensate the CFO’s monthly salary requirements, we recommend hiring a virtual CFO (v CFO) and getting the best virtual CFO services for startups.

Who is a Virtual CFO? 

A virtual CFO (or a vCFO) is a financial service provider, an operational and financial professional that executes the duties of a conventional CFO. The only difference between a traditional CFO and a virtual CFO is that the latter works remotely, on a contractual, part-time basis. 

Working with a virtual CFO is like outsourcing your finance department to an expert outside your company. 

Virtual CFOs are a great option for companies that may not be able to match the salary demands of a dedicated, full-time CFO. A virtual CFO works no lesser than the in-house CFO. Your company will benefit equally as your virtual CFO will stand at the helm of your financial department.

Benefits of Outsourced Virtual CFO services 

Today, with new technologies booming often, data is easier to accumulate. It has quite loosened up the time of accountants to draw multiple interpretations of the data and produce reports for each. The accountant’s expertise ends there. For the financial well-being of the company, a CFO has to step up and work on the insights to drive the business forward and make operational decisions. No other executive other than the CFO could see the story behind the numbers and arrive at a decision that will serve the welfare of the company. Only a (virtual) CFO can generate value in strategic and operational ways. 

Here are a few of the services a virtual CFO might provide:

• Assistance with determining annual financial and strategical goals

• Communicating financial goals to the stakeholders

• Financial planning that will entail

  • forecasting and cash flow management
  • analyze and identify opportunities 
  • scenario modeling
  • planning and annual budgeting

• Opportunity identification

• Forecast creation

• Financial statement creation, evaluation, and reporting

• Financial risk management that will contain

  • cost-benefit mapping
  • contingency planning

• Cost management that includes

  • productivity and talent evaluations and direction
  • supply chain analysis and insights
  • capital-investment review and due diligence

• Funding calculation and management

• Debt minimization and administration

• Organizational transformation

• Fundraising support

Does My Business Need a Virtual CFO?

Now that you understand who is a virtual CFO and what are the best virtual CFO services, it is time to identify if your business needs one. It is a direct answer, however, we will get to the specifics and tell you when your business needs virtual CFO services. 

– Your business is intensifying

When it was just a handful of you, probably your finances would have been manageable. 

Eventually, when your resources, contacts, and administration are intensifying, financial components will add to it. It is an indication that your bookkeeper or an accountant wouldn’t suffice to provide you a financial solution to handle the complexity. 

– Your business is growing 

Planned growth is one, and rapid growth is another. When you are growing as planned, you have everything in your control. With rapid growth, your finances will be at a breakneck speed. Getting the best virtual CFO services will help you navigate in control through unprecedented growth. Besides, a virtual CFO will also help you plan the next episodes of your business in a streamlined manner. Your business’s pulse and cash flow will be in control to handle the revenue influx. 

– You want to explore untapped areas of your business

The economy is on a roller coaster. There are changes every day, and it depends on how you want to utilize that change for your business’s growth. A virtual CFO will help you understand if you should utilize that volatility or bolster your present situation during economic distress. 

– Your financials are undergoing apocalyptic proportions

Financial catastrophes are inevitable. The solution is to be cognizant of the situation and comprehend why it is happening. And, if you don’t have an answer for it, a virtual CFO will be able to address that gap. He will also help you sail through the financial distress safely. 

– You lack financial comprehension 

A business is all about making decisions and eventually growing to make informed decisions. A virtual CFO can help you control your business’s decision-making handgrip from the beginning. From managing your books and ledger transactions to guiding your mergers, virtual CFO services will help. 

11 benefits of virtual CFO services

1. Flexibility and customized services

When you outsource virtual CFO services, you are defining the terms, time, and cost only for the work hours. You can scale it either up or down based on your requirements. In the end, you will only pay for the deliverables and time spent for your business. 

2. Broad Experience

Virtual CFOs work with diverse industries. They would have more knowledge, experience, expertise, and insights on different business scenarios. That knowledge will translate into a custom perspective for your business. 

3. Accounting Expertise

You can be demanding in hiring a virtual CFO that holds an accountant degree. In addition to their CPA degree requirements, they would have a myriad of knowledge and expertise working with other businesses. Besides, they will be updated about the latest market trends because their profession demands so. 

4. A Different Perspective

As a business owner, you will be laser-focused, unknowingly limiting yourself to seeing things from a different perspective. 

Hiring a virtual CFO for your business can give you new ideas that will overhaul your finance departments and also identify other growth opportunities. 

5. Ability to handle challenges

A virtual CFO with an accountant degree can bring the knowledge, expertise, and also problem-solving skills required for managing complicated accounts. You can hit the brief of two jobs with a virtual CFO.

Virtual CFO: Get Access to the Expertise of a CFO at an Affordable Cost

6. Expert reporting

An experienced virtual CFO knows to create streamlined and well-organized reports. In addition, his accounting skills will serve as an auxiliary to create customized client reports that will give comprehensive deets required to make informed and well-thought-out business decisions. 

7. Software and systems recommendations

There is a lot of financial software available in the market for organizations today. The choices are plenty which only an expert can decide what is best for the company.

A virtual CFO will have had his hands-on on diverse products and systems. They should be able to give you experiential advice on which systems, software, and products will match your business requirements. It will save you from making the expensive mistake of engaging with a wrong choice.

8. Well-established reputation

Onboarding a virtual CFO means you are bringing in an expert who has established his expertise in the market with diverse clients. This way, you are finding means to gain access to your virtual CFO’s other clients. Besides, he will be the right person to connect you with business leaders if required. Refine your hiring process right to enjoy the benefit.

9. Better problem-solving skills

Every business will have its share of problems as they expand. A virtual CFO can help you deal with financial catastrophes and emergencies in a way you could not have solved. The problem-solving abilities will be a lot better, refined, and efficient to bounce back sooner, if not immediately.

You can enjoy the advantage of skipping a few grave mistakes by leveraging the virtual CFO services.

10. Faster resolutions

Virtual CFOs are known for bouncing back quickly from issues and providing quicker, yet intellectual resolutions to the problems. Over years, they will have built the experience to enter a crisis mid-way and take it to resolution from there. From a financial point of view, they will be able to quickly assess the problem, gather information, refine financial reports, implement efficient accounting practices, scale towards completion, and forecast the results.

11. An experienced team player

Virtual CFOs possess emotional intelligence, leadership skills, and exhibit team-player qualities that will help them work with various individuals. They put forward financial expertise and assist your team members to achieve success as an entity. 

How to get started with a virtual CFO?

We can give you the best virtual CFO services, best practices, and excellent results. Our virtual CFO services entail budgeting and forecasting, financial reporting and analysis, strategical goal alignment, and service provider relationships.

Engagements with our virtual CFOs can range from one day a week to 4-5 days a week with the versatility to stop the contract any time, we recommend at least six months. Ideally, this time frame will be required for a business to understand the progress it makes.

Outsource your finance department to us and let us help you grow your business. Contact us today to learn how we can alleviate your financial burdens and help you understand your business’s growth potential.

Topics: Accounting

Outsourced Accounting Services for small business

Posted on 15/01/2022

What are Accounting Services in Dover?

Common accounting services include tax preparation and consultation, tracking expenses and revenues, accounting is about producing accurate financial records and maintaining efficiency for small and medium businesses.

You’d be pleased to know that Velan offers offshore and outsourced Accounting and Bookkeeping Services to CPA firms, SMEs, Retailers, and Real Estate/Property Management companies, not just in Dover, but at a global level. We strictly adhere to Generally Accepted Accounting Principles (GAAP), International Accounting Standards (IAS issued by IASC), and International Financial Reporting Standards (IFRS issued by IASB).

We’re ISO 27001:2013 and ISO 9001:2008 certified, and practice the highest standards of compliance and security.

What do we offer?

 Setup of accounts

 Cleanup of books

 Recording of all expenses and income

 Maintaining various ledger, and sub-ledger accounts

 Fixed assets accounting

 Reconciliations – Bank accounts, Credit cards, Vendor and Customer Statement, Inter-company, Ledger and Sub-Ledger

 Month-end and year-end closing

 Consolidated financial reporting

MIS reporting

Why should you outsource Accounting Services inc?

A significantly lower cost compared to a traditional in-house bookkeeper or a local accountant is one of the major advantages of outsourcing your bookkeeping. Customization is another benefit as the bookkeeping solution can be tailored according to the specific needs of the client while this flexibility cannot be expected from a traditional accountant.

Scalability which is available in an outsourced solution becomes vital for every growing business. Service providers like Velan often have tonnes of experience dealing with multinational clients and can help businesses navigate complex tax regulations and compliance requirements.

Is this secure?

Bookkeeping service providers like Velan employ high-security encrypted web servers and foolproof user-based access levels for all their employees. By utilizing quality bookkeeping tools like QuickBooks, they ensure a secure pathway for all your transactions and guarantee accuracy and privacy. Almost all of their servers are located in highly secure compounds, thereby offering maximum security for sensitive client data.

Why not a traditional bookkeeper?

An outsourced accounting and bookkeeping service can offer you their services throughout the day with consistent support and maintenance. We can solve your technical and functional problems seamlessly. As mentioned before, you can hire an outsourced service provider at just a fraction of the cost of an in-house permanent bookkeeper, significantly reducing your operational cost. Equipped with a robust infrastructure, we can seamlessly complete a process or a task faster than any traditional bookkeeper.

Hire an accounting team to simplify the day

What are the technologies involved?

Equipped with the experience and proficiency in handling the latest tools available, Velan’s bookkeepers can offer customized solutions, depending upon the size of the business. Here are some tools we are proficient in.

  • QuickBooks
  • Peachtree
  • Quicken
  • Caseware
  • Master Builder
  • MYOB and SAGE
  • Intuit ProSeries
  • Intuit Lacerte
  • Simply Accounting
  • Business Vision
  • Business works
  • Creative solutions accounting
  • Net Suite

Why Velan?

Velan primarily focuses on offering uninterrupted and seamless bookkeeping and Accounting solutions at an affordable price. Equipped with a comprehensive array of solutions with frameworks to assist businesses of all sizes and industries, Velan has amassed lots of experience dealing with clients in various countries. We have built up a solid infrastructure with the best people available to offer personalized solutions, where the client can customize the services according to the needs and wants of the business. Choose Velan and values will be delivered.

Topics: Accounting

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