Bookkeeping Services

Why Outsource Bookkeeping Services To India?

Posted on 23/03/2023

Tables of Content: Outsource Bookkeeping Services To India

  • Cost Savings
  • Quality, Qualified Professionals
  • Use Of The Latest Technology
  • The Lack Of A Language Barrier
  • Favorable Government Policies
  • The Favorable Work Culture
  • Multiple Related Services
  • Operational Efficiency and Productivity Increases
  • Enhanced Brand Image and Value
  • Conclusion

Businesses rise or fall depending on their flow of revenue. A smooth, error-free revenue stream provides the best foundation for a business owner to be confident in their decisions and take the calculated risks necessary for its growth. For this to occur, the money calculations in their account books should be robust in terms of accuracy. A proficient bookkeeper can ensure that accuracy by bringing their vast experience and expertise to every financial calculation. What’s better is to hire a bookkeeper from India.

Outsourcing is a better option for getting bookkeeping professionals than hiring in-house for numerous reasons. Since the job is arduous, requiring constant upkeep of multiple revenue sources and exits, you’d need someone who can keep up with the demands without fail and deliver the expected results. In-house hiring in such circumstances can cost you a lot of investment with uncertain returns. Besides the hiring and maintenance costs of the individual, you have to pay for their equipment, software, and office space, among other conveniences.

You get multiple benefits if you outsource bookkeeping to a developing region like India. They can not only overcome the drawbacks of in-house hiring but add to the advantages you’ll experience. These benefits will skyrocket your profits, improve your brand image, and boost your company’s operational efficiency.

 Outsource Bookkeeping Services To India

Cost Savings:

The most important reason for outsourcing is cost cutting, and in this regard, India has you covered. Two major factors will be working in your favor: the economy of scale and currency exchange value. Outsource Bookkeeping Services to an India, the agency can provide the same quality of work at a fraction of the cost compared to hires in the home countries. The country produces a large number of talented professionals each year, so there is never a dearth of them to work on your accounting needs.

This abundance helps the outsourcing agencies hire professionals in large numbers and pass on the savings to you. And with the currency exchange value always favoring the high-valued currencies, it only adds to the cost-effectiveness. The average per-hour rate for Indian bookkeeping is around $8-$12 compared to $20-$30 in the US.

Quality, Qualified Professionals:

Being the hub of outsourcing for every industry, India has a large pool of qualified talent available who can deliver excellence on every type and scale of workload. India Bookkeeping Services are no different, employing large numbers of capable professionals who can handle the accounting needs of any type of firm from any part of the world.

The country’s demographic dividend and several good educational institutions are behind this situation. The Institute For Chartered Accountants Of India and other such organizations set tough standards for graduates to pass, resulting in good-quality professionals. Every half year, the country gains around 6000-7000 more such graduates, so you don’t have to worry about a lack of required expertise.

Use Of The Latest Technology:

An important factor you should not overlook when outsourcing bookkeeping is the technological tools used by the outsourcing agency. Bookkeeping is laborious, requiring the right tools to keep it error-free and completed on time. India has you covered in this regard because it is renowned for having top-notch IT companies.

The software tools that are necessary for bookkeeping can be sourced by outsourcing agencies right there, saving both costs and time while getting the latest technology. So, you not only get the advantage of quality talent by outsourcing to them but also the latest software helping them achieve your goals. This advantage also extends to security software, as it is vital to keep your financial records safe from attacks and leaks.

On the infrastructure side, the country has reliable, high-speed internet connectivity with low content moderation by the State. This setup makes it easy for any company to outsource their work to India since they can have real-time data exchange between themselves and the outsourcing agency.

The Lack Of A Language Barrier:

India has a large English-knowing populace who can read, write, and speak it at a professional level. This is in stark contrast to other outsourcing destinations like South America, where there is a deficiency in proficiency and the number of English speakers.

  • This skill enables companies from major outsourcing countries like the US, UK, Europe, etc.
  • To communicate with India’s bookkeeping agencies effortlessly and get the intended results.
  • The customer care executives of these companies can also get trained to speak in an accent different from theirs to facilitate better understanding between both parties.

Favorable Government Policies:

The Government of India recognized the need to make it easy for foreign companies to outsource services that can help grow the local economy.

Hence, it has continuously introduced policies that benefit such outsourcing. For instance, there is the option for foreign companies to directly invest in the country via wholly-owned subsidiaries

which gives tax breaks and easy access to bookkeeping talent.

It funds educational institutions to ensure that they always produce quality professionals in the sector. Some educational institutions also have tie-ups with their international counterparts to help students learn about the rules and methods of bookkeeping in other countries. This facility makes it easy for graduates fresh out of education to adapt to a foreign client’s accounting demands easily.

Read More – Bookkeeping for Nonprofit Organizations 

The Favorable Work Culture:

Indian professionals have a reputation for delivering quality work on time and according to specifications. The advent of various outsourcing opportunities in the country has primed the populace to respond positively to its demands. You can hire a bookkeeper in India and expect to get the job done in time and at a low cost.

The general communication tone is friendly, facilitating easy information sharing and establishing good working relationships. Much of the population is young and ambitious, so you can rest assured that attention will always get paid to your work.

Multiple Related Services:

Outsource bookkeeping to India can be accompanied by other accounting-related services that you may need, all under the same roof. These include payroll processing, tax management, liaising with concerned banks and vendors, etc.

You get these services as bundled packages, with separate professionals for each in many cases. You can pick the ones you want and discard the rest, customizing the packages to suit your particular need. And all of these ancillary services also carry the same assurance of quality that bookkeeping does.

Operational Efficiency and Productivity Increases:

Hiring bookkeepers in India doesn’t just give the straightforward benefits mentioned above; it also nets you indirect ones, especially about how your company runs. For instance, you can get an expert from an outsourcing agency to guide your bookkeeping team on improving your internal operations or your raw material sourcing practice to save input costs.

Such optimization measures lead to efficiency gains that stretch beyond related departments into every other aspect of the organization. Your employees will be less stressed and more focused on the work without worrying about budgetary issues. They will know exactly how much they have to spare for the tasks and devise creative ways to utilize the funds.

This stress-free environment leads to lower attrition rates, saving costs and allowing you to focus on the core business aspects and not worry about associated things like turnovers and budget overruns. This overall improvement in internal operations helps improve your efforts outside the market, leading to better customer outreach and increased.

Enhanced Brand Image and Value:

Businesses and individual customers alike don’t just value brands based on the quality of products/ services offered anymore. They also judge a business on the positive impact it is having on society. Younger customers are very particular about the ethical practices of brands they use, especially concerning environmental and diversity/inclusivity factors.

Your brand can gain the appreciation and loyalty of such customers by outsourcing bookkeeping in India as it signals to them that you’re eager to help develop a population that’s part of the global south economically. It can aid your diversity and inclusivity figures, making your brand liked and valued in your native market.

As a bonus, you get to enter the Indian market conveniently since you’ll have the advantage of having your brand already present in the country in some format. All you need is the right marketing strategy, and you’ll gain a foothold there in no time.

Conclusion of Outsource Bookkeeping Services To India

Running any kind of business is hard, so you need to do your best to minimize your workload without compromising the output quality. Bookkeeping, in particular, can be a drain on the resources while being conducted, and more so if done wrong. Going with an in-house team for bookkeeping brings a flurry of issues.

All of which can be solved if you hire bookkeepers in India. The multiple advantages you get by that move will keep your costs low while giving you the timely, accurate bookkeeping you need to maintain high operational efficiency. The cumulative effect of all the benefits is that your brand value shoots up along with your return on investment while keeping your account books tidy constantly.

Topics: Bookkeeping Services

Monthly Bookkeeping & Accounting Services: Understanding the Tasks Involved

Posted on 13/03/2023

Monthly Bookkeeping & Accounting Services: Organization and structure are critical for every firm to ensure that operations function properly. Having correct accounting practices to assist you in measuring the health of your cash flow and operations is part of being a well-managed business.

Bookkeeping is the appropriate recording of financial transactions connected to an entity’s commercial activity. Bookkeeping is the permanent recording of financial transactions in an entity’s books of accounts in a correct manner so that their financial impact on the entity’s company can be understood. There is a distinction to be made between the phrases “bookkeeping” and “accounting.”

When you had a smaller business, monthly bookkeeping and accounting services may have sufficed to preserve accurate financial records and estimates. However, your firm is expanding, and monthly bookkeeping—activities such as creating a monthly cost report—is only one part of bookkeeping tasks that appear to demand daily attention.

In this blog, we will discuss the significance of accounting for your business. The following is a list of critical jobs that we believe should be completed once a month.

What exactly are monthly bookkeeping and accounting services?

You may determine that specific bookkeeping duties should be completed daily, weekly, or monthly, depending on the size of your firm and your personal preferences. Monthly bookkeeping activities typically entail documenting and tracking financial transactions, reconciling all accounts, and generating all required reports. All of these responsibilities help to ensure that your books are correct and up to date, as well as demonstrate the financial health of your firm.

The following is a simple monthly bookkeeping and accounting checklist of things you may do to keep your business functioning smoothly on a monthly basis.

Invoices must be prepared and sent. You are paid through invoices! Keeping track of your invoices is beneficial to both your company and your consumers. An invoice delivered when your services are still fresh in the minds of your customers is more likely to be paid. In practice, the earlier you send out bills, the sooner you’ll be paid because the clock starts ticking.

  • Keep track of consumer billings.

Maintain the accuracy of your spreadsheets and accounting software. Make a record of all billing statements and invoices you send to clients so you can readily examine the status of their account balance. Small-business entrepreneurs have numerous additional responsibilities in addition to running a firm. Failure to record billing statements and invoices on time and retain an appropriate balance can lead to misunderstandings, a bad customer experience, and eventually damaged cash flow.

  • Keep track of consumer payments.

Recording a customer payment, like recording customer billing statements and invoices, is equally as vital as updating a client’s outstanding amount. Spreadsheets and accounting software may become your favorite tools for documenting payments, but mistakenly billing a customer twice owing to poor bookkeeping may be unpleasant.

  • Review of Payroll and Tax Payments.

If you have employees, go over the paycheck summary once a month to avoid mistakes. Ensure that all payroll tax obligations (federal, state, and local) are satisfied. Income tax, social security, Medicare, and disability payments must be examined at least once a month, and correct withholdings must be paid within each payroll period.

  • Keep track of vendor bills and payment data.

File all vendor invoices and payment data in an easy-to-search, discover, and update format. Have everything in one place, whether you construct an internal file structure on your computer or upload everything to accounting software.

Velan also recommends printing e-bills if you save physical copies of items or scanning paper bills so you may file them so you have everything in one place in the same format. You don’t have to go back and forth between the computer and the file cabinet, trying to remember who sends e-bills and who sends paper invoices.

If you’re more tech-savvy, scan your vendor bills and payment records and save them in your accounting software and/or on your computer.

  • Examine the inventory and the status.

If you have inventory, you should inspect it and monitor its status at least once a month, if not frequently. Maintaining accurate records will ensure that you retain the appropriate quantity of inventory and minimize waste or delayed turnover. Inventory includes not just the products you sell but also the purchases necessary to supply your services, such as office supplies, condiments, and so on.

  • Payroll processing and review

This is a chore that you may have to perform more than once a month, but it is critical since you have employees that rely on you for a living. They will continue to expand your company. Go, squad!

  • Examine the projected cash flow.

You should always be aware of your cash flow and where you stand in relation to your cash flow goals. Remind yourself once a week and make modifications as needed. We recommend that you create weekly, monthly, and yearly cash flow projections. This provides you with a quick and comprehensive insight into your cash flow objectives.

What Is the Purpose of a Monthly Accounting Checklist?

  • It aids in the detection of errors.

Regardless of the industry in which your company works, it is likely that it conducts a large number of transactions in a given month. The more transactions that occur, the more likely it is that one of them may be recorded improperly or forgotten completely. Unrecorded costs might pose issues for your company when measuring its profitability and when it comes time to submit taxes.

A month-end closure checklist will assist you in rapidly identifying and correcting any differences, remembering items you might otherwise forget, and spotting potentially costly errors.

  • It assists you in making better selections.

When it comes to running a business, it’s difficult to overestimate the value of precise accounting reports. These reports enable you to assess your company’s financial health, discover difficulties, and make the best decisions for your company’s future. Furthermore, accurate reports provide outside parties such as lenders, investors, and analysts with a comprehensive view of your company’s status and performance.
Implementing a monthly accounting checklist provides higher financial reporting accuracy—and all the benefits that come with it.

  • It aids in the agility of your business.

The sooner you receive the previous month’s financial reports, the sooner you can study them, identify problems, and make the required modifications to avoid financial loss.

Due to the complexities of the closure process, it is frequently a time-consuming procedure. A monthly accounting checklist may help you boost the efficiency of your closing by offering a logical list of things to execute as well as the order in which they must be completed. Furthermore, you may be able to modify your company’s month-end closure procedure to receive the information you need with fewer delays.

  • It keeps you prepared for audits.

You can make sure your business is prepared for an audit at the end of every month by creating a well-thought-out month-end closure checklist, spotting and fixing issues early, and increasing turnaround time for reporting. It will also take less time, effort, and money to prepare your year-end financial statements because your monthly reports are accurate and well-organized.

We’ll go a bit more into the month-end closure procedure now that you have a broad understanding of the benefits of employing a monthly accounting checklist.

Accounting and bookkeeping

Accounting and bookkeeping are not the same things. Accounting relies heavily on bookkeeping. Accounting encompasses more than just bookkeeping. Accounting encompasses the design of accounting systems that bookkeepers use to prepare financial statements, audits, cost studies, income-tax returns, and so on.

It also makes accounting information easier to comprehend for internal and external users making company choices. It needs the expertise and experience of an accountant.

There is a distinction between the terms “bookkeeping” and “accounting.” Let us examine what bookkeeping and accounting are, their methods, and the distinction between the two.

We must adhere to basic accounting ideas and accounting rules when performing bookkeeping.

Bookkeeping is a clerical job. Bookkeeping is frequently done by junior employees of the organization. Nowadays, most businesses utilize computers for bookkeeping rather than physically documenting them. An entity’s accounting is dependent on its bookkeeping system.

Accounting is founded on bookkeeping. It is because it is in charge of properly documenting financial transactions. Accounting, on the other hand, comprises the classification, summarization, and reporting of financial transactions. It entails preparing source papers for all of the entity’s financial activities.

Bookkeeping Procedure

  • Recognizing financial transactions
  • Financial transaction recording
  • Accounts ledger preparation
  • Trial balance preparation
  • Accounting

Accounting entails properly documenting, categorizing, and summarising financial transactions. It is concerned with conventional monetary measurement. As a result, it is a larger idea than accounting. Accounting includes bookkeeping.
Only financial transactions that can be stated in monetary terms are documented. Accounting so allows stakeholders to understand an entity’s financial situation for the period. It is focused on summarising the financial transactions that have been documented. It also allows managers to create various sorts of reports.

  • Accounting Methodologies

  • Recognizing financial transactions
  • Financial transaction recording
  • Making ledger entries
  • Trial balance preparation
  • Financial statement preparation
  • Financial statement analysis

Pricing Packages for Bookkeeping

Bookkeeping services assess the time and difficulty of maintaining your books based on a variety of criteria, which is reflected in their price packages. When looking for bookkeeping solutions for your business or starting a new one, there are three major aspects that influence pricing:

  • Account Number

What number of bank accounts and credit cards do you have? This covers payment processing accounts such as Stripe and Square.

  • Amount of Transactions

In a typical month, how many bank and credit card transactions does your business make?

  • Monthly outgoings

What are your monthly costs on average? How much money does your company typically spend on merchandise, services, and payments? Every firm needs bookkeeping to keep track of transactions and protect cash flow. Accurate accounting is essential for tracking business spending and streamlining taxes. Regardless of your budget, you can choose an accounting pricing plan that is right for your business.

Weekly and monthly bookkeeping packages are available.

Your bookkeeping keeps your business operating smoothly by providing you with financial insights that allow you to avoid difficulties and capitalize on opportunities. We provide ordinary bookkeeping as well as vital services such as monthly QBO file maintenance, bank and credit card account reconciliation, receipt bank transaction coding, basic financial reports, sophisticated financial reports as needed, and financial video reviews as needed.

  • Review of monthly QBO files

Error is human, and it applies to both bookkeeping and the rest of the human experience. As a result, we offer businesses a monthly assessment of their QBO file. When you find and correct errors in your bookkeeping files, they do not compound and produce bigger difficulties later on. Stay ahead of the mistake accumulation problem, and your financial reports will deliver correct information, your forecasts will be accurate, and your firm will function smoothly. This is the first of our monthly bookkeeping and accounting services packages to pay for itself.

  • Reconciliation of Monthly Accounts

Businesses often retain separate accounts for regular bookkeeping, credit cards, and banking transactions. While you may be keeping errors out of your QBO file, the values in these other accounts may be different. Monthly account reconciliation is essential because it maintains all of your accounting files on the “same page.” This is another of our monthly bookkeeping products that pay for itself by detecting and correcting errors before they proliferate and harm your business.

Our Bookkeeping Experts are here to help.

Our basic pricing for this service is determined by the size of your company and the complexity of your operations.

  • Coding of Receipt Bank Transactions on a Weekly Basis

If your company isn’t utilizing Receipt Bank, it should be. Paper receipts accumulate over time, taking up storage space and making it difficult to recover outdated information. Receipt Bank software allows you to digitally photograph each receipt and enter the data into your bookkeeping system. This is known as “transaction coding.” Your employee photographs the receipts and uploads the images to Receipt Bank. We are in charge of transaction coding. You may then toss away the receipts, solve your storage problem, and stop worrying about how to discover outdated information stashed in boxes in a closet.

Why should you schedule monthly accounting and bookkeeping via Velan?

Normally, businesses must spend a significant amount of time locating and obtaining quotations from several service providers.

Velan saves you time by evaluating and negotiating rates for all of your business’s monthly bookkeeping and accounting services on one platform with various recognized Service Providers.

Velan also allows you to arrange services with these experts with 100% return protection, the ability to pay in installments, tracking service delivery, and dedicated assistance, resulting in complete trust and transparency.

Topics: Bookkeeping Services

An easy-to-use guide to hiring the best QuickBooks bookkeeper

Posted on 16/02/2023

Hiring the appropriate individual for the job is essential if you’re looking for a professional Quickbooks bookkeeper for your business. The individual you select will be essential in assisting your firm in keeping track of its money because your bookkeeper will need to record all business transactions.

Many things can hurt your business if you hire the incorrect person. If you choose the improper bookkeeper for your firm, some of your business transactions could be inaccurately recorded in addition to the financial reports being inaccurate.

Examining candidates’ proficiency with QuickBooks, one of the most well-known accounting programs used by small and medium-sized businesses can be a crucial step in choosing a top bookkeeper.

Searching for a QuickBooks bookkeeper accountant near me? With the help of your local list of QuickBooks-certified ProAdvisor accountants, choose one close to you that you can trust. A ProAdvisor may offer qualified counsel and direction especially suited for your company. So that you don’t have to, your ProAdvisor keeps up with the most recent accounting regulations.

How to find a QuickBooks accountant?  They put forth a lot of effort for your clients. For you, QuickBooks Online Accountant works diligently. For improved convenience and insight, manage everything in one location using tools exclusive to accountants. Thus, you have more opportunities than ever to expand your business as well as your clients.

  • Offer individualized advice-Quickly evaluate the company performance of your clients and compare them to businesses of a similar size for personalized, useful information.
  • Scale your processes-With the new month-end review, you can close your customers’ monthly books with more accuracy and in less time.
  • Add customers and knowledge-Gain customers by utilizing our extensive, varied network of small businesses, and develop your abilities through in-depth training.

What is Quickbooks?

In 2022, one of the most popular accounting software for small businesses will be QuickBooks.

QuickBooks may be a solid solution without breaking the bank, whether you wish to abandon manual bookkeeping, your spreadsheets have become multi-headed hydras, or you seek a better alternative to your present software.

Although QuickBooks is most well-known for its bookkeeping software, it also provides small companies with a variety of accounting and financial solutions.

Using QuickBooks Online:

Using QuickBooks Online, you can save your accounting records on the cloud and have access to them whenever and wherever you are.

Additionally, this service provides billing capabilities. Numerous third-party add-on apps are available for the QuickBooks Online cloud accounting software (QBO), extending its built-in capabilities and operational procedures.

With integrated add-on applications, QuickBooks Online offers users a straightforward, reasonably priced experience resembling an ERP system.

Training and certification for QuickBooks

Upskilling an existing member of your team who already has an accounting skill set or something comparable is an excellent choice if you don’t want to employ a QuickBooks bookkeeper.

A training course is available from QuickBooks to show users how to use the tool. Someone who is inexperienced with it or who is familiar with the fundamentals but wants to learn everything so they may handle bookkeeping duties may find this beneficial.

The curriculum comprises online classes that cover the following topics, and self-paced versions of these are also available.

  • Fundamental subjects
  • Daily interactions
  • Exclusive transactions
  • Hints and techniques
  • Automation
  • Customization
  • Reporting ideas
  • Accounting ideas
  • Setup for payroll

If you are unable to hire a new team member to handle the books, this is a viable alternative. However, if you hire someone with prior QuickBooks experience, you’ll save time and money.

Prior to employing a bookkeeper:

  • Don’t be afraid to call references and check them out. Trust referrals from trustworthy, nearby businesses that you are familiar with.
  • Make sure the independent bookkeeper you choose for QuickBooks is a QuickBooks Pro-Advisor. This indicates that they take their work seriously and have achieved certification by passing the Intuit exams. Visit the website for the QuickBooks ProAdvisor recommendation to confirm their accreditation.

How can you be certain a bookkeeper is competent once you’ve engaged them? Here are some doable recommendations for monitoring your books:

  • The first recommendation is to routinely have your books checked by a CPA or trustworthy accounting company once you hire someone. Do this within 60 days of hiring a new employee; do not wait until the end of the year.
  • Embrace your gut feeling. Let’s face it, most of the time there seems to be far less money left over than we believe there should be. However, if we carefully review the check register or the Income and Expenses, we can generally determine where the money went. However, quickly follow up with a recommendation number if something genuinely appears odd. You have had owners rectify their errors a thousand times in addition to averting fraud or tragedy. You instinctively know where things belong, and your advice improves how we bookkeepers carry out our duties.
  • Create logical controls. NEVER give your bookkeeper the power to sign checks. ALWAYS go over your credit card and bank statements, paying close attention to each transaction. Verify that your bank includes copies of the checks in the statement it provides you and go over each one.

Additionally, verify the vendor invoices and bills again before signing any checks. Ask your bookkeeper to provide you with a list of all the invoices they have planned to pay online if you utilize online bill payment. Every week, check the online bill payment area to see whether bills have been paid or are due. If at all feasible, assign various employees to handle payroll, payables, and incoming payments in your office.

What skills does a QuickBooks Bookkeeper require?

  • Accounting

The practice of documenting financial transactions and creating financial reports is known as accounting. Accounting knowledge is used by bookkeepers to record transactions, match up accounts, and create financial statements. Bookkeepers need to be proficient in accounting since they utilize it daily in their jobs.

  • Entering data

Entering information into a computer system is known as data entry. Data entry is a common method used by bookkeepers to keep track of financial transactions and maintain financial records. Bookkeepers should be proficient in data entry as it needs both accuracy and speed.

  • Institution

A key component of a bookkeeper’s job is maintaining orderly records and files. They must be able to swiftly sift through vast volumes of information to discover what they need. Their ability to find the information they want quickly might also help them save time.

  • Information exchange

Another crucial competency for bookkeepers is interaction since they frequently collaborate with other financial sector experts. Bookkeepers may communicate with their co-workers and clients in a clear and succinct way by using effective communication techniques. Additionally, it may assist them to comprehend the requirements of their clientele and give them the data they want to make sensible commercial judgments.

Work Environment for Bookkeepers in QuickBooks

Although some bookkeepers may work from home, the typical work environment for QuickBooks bookkeepers is an office. Even while they normally work regular business hours, they might have to put in extra time at hectic times like the conclusion of the fiscal year. The ability to pay great attention to detail and strong organizational abilities are prerequisites for becoming a QuickBooks bookkeeper. Given that much of their job is performed without supervision, they also need to be able to operate independently and be self-motivated.

Trends for QuickBooks Bookkeeper

Three trends that affect how QuickBooks bookkeepers operate are listed below. To keep their knowledge current and maintain a competitive edge at work, QuickBooks bookkeepers will need to be informed of these advances.

Increase in Online Accounting

The development of internet accounting is a development that is rapidly altering the bookkeeping sector. Bookkeepers will need to adapt as more companies go to online accounting by learning new software and gaining experience with internet banking.

Due to the prevalence of online accounting services among organizations, bookkeepers will also need to be able to operate remotely as a result of this trend. By doing this, they are able to reduce their costs for office space and other expenses, which they can then pass along to their clients in the form of cheaper prices.

Increased Attention to Financial Reporting

Businesses are emphasizing financial reporting more and more as they get more sophisticated. This implies that in order to give management accurate and timely information, bookkeepers will need to have a solid grasp of financial accounts.

Bookkeepers should concentrate on enhancing their analytical abilities and being knowledgeable about the most recent accounting software in order to stay ahead of the curve. In order to predict where businesses are heading in terms of their financial reporting requirements, they need also keep an eye on developing trends in business.

An increase in technology use

Because more and more firms rely on QuickBooks for their accounting requirements, the usage of technology in the accounting industry is expanding quickly.

Our QuickBooks Certified Bookkeeping Experts are here to help

Consider hiring the Computational Bookkeeping Accountant
Since they can streamline procedures and boost productivity, bookkeepers who can use technology efficiently will be in great demand. Additionally, by being reachable after regular business hours, businesses will be able to offer greater customer service.

Why is it crucial to employ a top bookkeeper?

An essential component of any organization is bookkeeping. To focus on other goals, such as seeing customers and completing customer orders, among other things, it is simple to neglect this crucial component, though. It makes sense because such things enable your company to function, but bookkeeping is crucial.

Delays in bookkeeping might wind up costing you money. For instance, you will waste time and get behind when it comes to paying your taxes if you prioritize, you’re accounting over operating your business. As a result, you could have to pay an accountant to sort things out in time for tax season at the last minute.

  • Ensure prompt bill payment.

During the course of your regular company operations, anything may be overlooked. These may be the outstanding invoices. Nobody wants untimely or late payments to harm their credit.

Due to the fact that they don’t always keep thorough records of their business operations, certain small enterprises and independent contractors are viewed as riskier clients. The likelihood of securing financing will also rise if you hire a bookkeeper to make sure that records are maintained and everything else is taken care of on time.

  • Concentrate on the most crucial company requirements.

A business needs the focus of its creator to develop its concept into a useful service or good. This implies that as a founder, you should spend your time concentrating on marketing, strategy, fundraising, and other crucial areas that require your attention as part of the ongoing operations of the organization.

In order for the founder to concentrate on other crucial aspects of expanding the business, a bookkeeper assumes the time-consuming task of managing the company’s accounts.

  • Find a way to balance your personal and professional lives.

It can take a lot of time to run your business, the time you might rather be spending with your loved ones. Your personal life-work balance might be impacted, which is bad for your health.

Employing a bookkeeper will relieve some of your workloads, allowing you to concentrate on other vital pursuits.

  • Stay away from things you don’t know or comprehend.

Not every business owner is knowledgeable about accounting, taxes, accounts payable, and receivable. Hiring a qualified expert in those fields to manage those business-related issues is crucial.

You’ll be less likely to make costly errors this way. Your business credit may suffer if you forget to pay a payment or an essential debt.

  • Consider your company from a different perspective.

Despite having a solid understanding of your business throughout the development stage, it’s crucial to have a second opinion. A bookkeeper can organize your accounts and provide reports that show you how your company is performing each month, where your money is going, how you are benefiting from your efforts, and where you need to make improvements.

A bookkeeper can provide you with a broad overview of how the finances behave and whether your objectives are being met.

How an accountant differs from a bookkeeper

Simply said, bookkeeping is the process of documenting and arranging financial information. The examination, interpretation, categorization, and summarising of the aforementioned data are all part of the slightly more sophisticated accounting process.

Both jobs essentially deal with financial data and rely on fundamental knowledge and comprehension of accounting and finance, although accountants have more specialized abilities and frequently participate in decision-making. Sometimes, an accountant will supervise the work of a bookkeeper.

There are several bookkeepers that work independently and are available as needed. Depending on the size of your company and whether you engage them directly or through a firm, accountants can perform comparable tasks.

Velan Accounting Has to Offer

We recognize that operating a small business is difficult. Your financial situation should not be. Take the uncertainty out of accounting and let us assist you in creating your plan for success.

Contact us today for a free consultation to see how Velan Accounting may help your business

Topics: Bookkeeping Services

Benefits of Shifting to Virtual Cloud Bookkeeping

Posted on 15/12/2022

What is meant by virtual cloud bookkeeping?

It may be a tiresome chore to keep your financial records up to date, especially when you do it physically. While keeping your private financial information securely safeguarded, cloud accounting software simplifies and automates several tedious chores. In this blog learn more about how virtual cloud bookkeeping functions and why it can be a suitable choice for your company by reading on.

To keep track of and record money coming into and going out of accounts, businesses have traditionally used desktop accounting software. For more flexible access and security, virtual cloud bookkeeping simply moves this procedure from the desktop computer to the cloud.

When using classic desktop bookkeeping software, you must be logged into the computer where it is installed in order to utilize the program.

Users must keep up with program updates as needed since desktop storage may place restrictions on some applications.

Tasks a virtual bookkeeper is responsible for

The duties of an internal accountant or bookkeeper are often carried out by a virtual bookkeeper.

They record a company’s regular financial transactions as well as critical virtual cloud bookkeeping duties like:

  • Keeping a record of daily transactions
  • paying debts and billing customers
  • reconciling credit card and bank statements
  • Returning sales tax payments

A virtual bookkeeper is a person who works remotely using the internet and modern technology to complete tasks related to clients’ financial needs, including accounts payable, accounts receivable, payroll processing, bank, credit card, and loan reconciliation, revenue, and expense coding, and accounts payable and payable. Virtual bookkeepers may provide monthly and annual financial reports and communicate with your accountant as necessary, just like their in-office equivalents.

How Can Virtual Cloud Bookkeeping Services Help Your Business?

Customers that are having trouble managing their bookkeeping services while operating their business frequently contact Velan with questions. Although bookkeeping is a fundamental aspect of accounting, keeping accounting records up to date requires a tremendous amount of accuracy and efficiency. One bookkeeper must be crafty and sophisticated enough to meticulously record every entry since one mistake might result in ten further mistakes.

As a result, most firms lack the time and skills needed to provide bookkeeping services. Because of this, using virtual cloud bookkeeping services is the ideal option for companies that wish to maintain accurate financial records without spending too much time or money.
Features of virtual cloud bookkeeping software

Although the phrases bookkeeping and accounting are sometimes used interchangeably, there are some minor distinctions. Cloud accounting considers a company’s overall financial situation, whereas bookkeeping is more concerned with accurately documenting each day’s transactions. In light of this, the following are some duties that online bookkeeping software may help with:

  • Keeping track of every single transaction
  • The balance sheet being prepared
  • The cash flow statement’s preparation
  • The income statement preparation
  • Debit and credit posting
  • The making of invoices
  • Upkeep payroll records
  • Keeping the general ledger up to date

Virtual cloud bookkeeping software will, at the very least, provide options to automate and simplify these activities.

The burning question is when a business should go to virtual cloud bookkeeping:

Do those things have a proper timing or set of requirements? Even if it’s hardly rocket science, accounting is nevertheless challenging. Keep in mind the adage “credit what comes in, debit what goes out.” Although it seems easy, practicing it is challenging. Even the smallest mistakes may be expensive.

The decision to use virtual cloud bookkeeping services is entirely up to the business’s decision-makers. The decision to use virtual bookkeeping services is one that may be made at any time. Recognizing the signs that a shift is about to occur and comprehending its benefits are the keys to success. In order to determine whether your company would benefit from virtual accounting services, it is wise to look into them.

One of the most popular methods for comprehending a problem and creating a business strategy is the 5W (Who, What, Where, When, Why) approach. The same approach will be used, with a stronger focus on why and when, to learn more about the virtual bookkeeping services. Cloud-based bookkeeping can:

  • Automate routine transactions and financial records to save money.
  • Free your company from losing time on manual, time-consuming tasks.
  • Allow you to distribute your books to the appropriate team members.
  • Give your staff access to the program from any location with an internet connection.
  • Utilize current information to create consistent bills and reports.
  • Utilize methods like end-to-end encryption to keep information secure.
  • Financial reporting that is accurate

Cloud-based accounting software and online bookkeeping services complement one another. That implies that you and your virtual bookkeeper may combine labor-saving tools using a program like QuickBooks Online or Xero. By minimizing the amount of time virtual bookkeepers must spend on manual data input, accounting technology like these increase accuracy by lowering human error-related errors.
As an added bonus:

  • Real-time access to your books via a web browser or mobile app will provide you with more visibility into your cash flow and company performance.
  • Gaining more understanding from your online bookkeeper’s monthly financial documents, which include a balance sheet, income statement, and cash flow statement.
  • Make your business known

Everything that needs to be done, from creating accounting records to completing tax filings, lies on the shoulders of the one accountant working for a small organization. Now, how can your accountant stay up to date on the most recent accounting trends or minimize hazards if they are buried behind the many accounting books? It is unreasonable to expect one individual to handle all of the bookkeeping and accounting duties.

Our Bookkeeping Experts are here to help.

Thus, by giving your in-house account’s accounting duties to a virtual organization, you may free up part of his time so that he can concentrate on other financial facets of the company. Your accountants can successfully advertise your company when they have the time to consider numerous investment choices and do market analysis.

  • Data protection

You may have reservations about keeping sensitive data on the cloud. However, virtual cloud bookkeeping services improve security for most firms in a variety of ways. To begin, cloud providers employ numerous layers of security, such as enhanced encryption and access control, to guarantee that only authorized users have access to your data.

They also automatically back up your data so you don’t lose important financial documents. Your data is safe since it is saved online, even if an employee loses a laptop or an office is damaged by fire or water. Your IT staff may then concentrate on protecting endpoints and ensuring employees have appropriate access privileges for their responsibilities.

  • Increased adaptability and financial savings

With the option of working with accountants outside of your immediate region, virtual bookkeeping makes it simpler to locate the best fit for your requirements and your budget. For example, hiring a bookkeeper full-time or internally may not be the most cost-effective solution in terms of:

  • Pay (hourly rates vary by region and level of experience)
  • Costs of payroll deduction
  • Overhead costs for IT equipment and advantages

However, since maintaining your books is a required investment, working with a virtual bookkeeping business like Velan can be the best option for getting current records at a reasonable cost.
You only pay Velan for the bookkeeping services your company really needs. Velan’s workforce can scale up when your transactions or accounting complexity increases.

  • Monetary gains

The language of money is understood by all businesses. Every company wants to boost its earnings.

Therefore, it seems sensible that companies would search for methods to save expenses. When compared to a virtual bookkeeper, hiring an in-house bookkeeper is more expensive. This is mostly due to the bonuses and other benefits that internal bookkeepers receive in addition to their pay. The expense to the business is increased by this.

Remote virtual cloud bookkeeping is not subject to these additional expenses. Only the services provided are covered by the payment.

  • Help businesses thrive

In business, hunger for expansion and nourishment are directly related. In business, scalability is influenced by a number of variables. The corporate environment is dynamic, and one of those dynamics is flexibility. If the decision-makers are capable of making wise financial choices, this becomes simpler.

Effective virtual cloud bookkeeping is essential because it serves as the foundation for accurate accounting. When money is limited, productivity suffers as the workload grows and there are fewer resources available. Cost-effective virtual bookkeeping is the ideal remedy in these circumstances.

  • Greater time to develop your business

Do you wish you had more time to devote to what is important?

Because you probably didn’t start your business to become a bookkeeper, outsourcing virtual bookkeeping services allows you to trade time spent working on your books and fretting about tax season for better peace of mind and more time to expand your business.

Working with a virtual bookkeeper also means spending less time on personnel training and management. Velan eases the move to virtual cloud bookkeeping by learning everything we can about your company throughout the onboarding process.

  • Experienced Technical Assistance

Accounting is one of the most technologically advanced and inventive sectors. The accounting business has embraced all of the latest technology, from artificial intelligence to blockchain. The level of bookkeeping services may be greatly improved with the use of the most recent bookkeeping software.

Small firms, on the other hand, cannot afford to invest in or upgrade their bookkeeping software on a regular basis. On the contrary, virtual bookkeeping firms have the resources to invest in bookkeeping software and give intensive training to their employees. As a result, when you engage a virtual bookkeeper, you will receive the most recent technical assistance without having to pay more.

  • Subject matter experts

Businesses frequently save money by delegating additional accounting responsibilities to entry-level accountants. This is a huge error since outsourcing bookkeeping is not as straightforward as it may appear at first.

  • Create a solid foundation for future success.

Sound fiscal practices are critical to the growth of any organization, and cloud accounting services give the greatest platform for doing so. Virtual cloud bookkeeping services can offer certain benefits, such as greater free time and access to subject matter experts. As a result, you should approach cloud-based accounting with caution.

  • Paper-free/eco-friendly:

  • Traditional accounting sometimes includes a lot of paperwork. Physically storing archived paper data or manually distributing paper reports to investors, lenders, and other stakeholders is both wasteful and useless in today’s computerized environment.
  • In order for invoices to be loaded immediately into the cloud accounting system, request that vendors deliver them electronically. Paper bills and receipts may be scanned and processed to help organize the workplace.
  • Emailing invoices to clients saves money on printing and postage while also expediting payment processing.
  • Cutting back on paper also has a positive influence on the environment:

Every year, the average company creates 350 pounds of waste paper per person, and 375 million printer cartridges are burnt or disposed of in landfills — and cutting energy consumption by reducing server and hardware utilization has an even higher impact.

Unprejudiced and Clean from Fraud Bookkeeping Services

You can’t rule out the possibility of personal bias participation when a bookkeeper has a direct stake in your accounting records. If your bookkeeper alters the monthly expense report for the amount spent by him for his personal use and puts an entry in the books, you would never be able to identify such fraud.

If you don’t want to lose money because of a dishonest bookkeeper, engage virtual accounting services since distant bookkeepers have no direct stake in your company’s internal matters. Second, virtual bookkeeping firms cross-check their clients’ books many times before providing them to them. There is no possibility of fraud with virtual cloud bookkeeping!

Let us establish a solid business foundation.

If you want to build your business, you must have a solid financial foundation, and virtual bookkeeping is unquestionably the method to accomplish it. Virtual bookkeeping services may provide several benefits, ranging from time flexibility to professional services. So, without further ado, choose virtual bookkeeping for your better future.

Depending on your objectives and priorities, the moment to outsource your back-office activities to a skilled team of virtual professionals might be right now. Contact us to learn how Velan combines the finest people, procedures, and technology to get and keep your books up to date.

Topics: Bookkeeping Services

What is remote bookkeeping for business purposes?

Posted on 13/12/2022

The need for remote bookkeeping services is rising. If you don’t want to waste time traveling to a bookkeeper’s office or don’t have enough office space for an in-house bookkeeper, they are a perfect alternative.

Compared to typical accounting businesses, remote bookkeeping services frequently offer superior customer service and quick turnaround times.

For business owners who desire to outsource the accounting process, Velan Remote Bookkeeping is the most reputable outsource remote bookkeeping service. You have the flexibility to

concentrate on your business since you know your books will be accurate and reconciled each month.

Get the advantages of a qualified remote bookkeeper at a cost you can afford, together with robust financial reporting software that requires no training.

Remote bookkeeping services: what are they?

  • As a record of financial transactions, bookkeeping is crucial to the development of accounting in a company. Exchanges include purchases, sales, receipts, and installment payments made by a single person or organization/business. There are occasions when bookkeeping services are provided remotely, or remotely.
  • Recent revolutionary developments allowed us to modify our company practices. The most sought-after services in the corporate sector may be remote bookkeeping services, sometimes referred to as virtual or web-based accounting. It is a different kind of bookkeeping designed to replace internal bookkeeping. Remote bookkeeping services aid in enhancing how business is conducted.

If you want to provide accounting services or work as the best remote bookkeeper, you must also possess a license that has been approved by the regulator, authority, or organization. Every firm, no matter how little or how large, needs a functional bookkeeping system. Software tools made specifically for bookkeepers have made the process easier to complete thanks to technological improvements.

10 best software for bookkeepers

Depending on how sophisticated your organization is, you may need basic accounting or financial management solutions. Numerous bookkeeper applications provide a selection of solutions that are sufficiently different so you may choose the one that works best for your company.

The following list of the top 10 bookkeeping programs is intended, in particular, to aid business owners who must manage a large number of clients and invoices.

  1. Quickbooks Online
  2. Quickbooks Desktop
  3. Xero
  4. Sage 50
  5. SAP
  6. Zoho books
  7. Datacor
  8. Oracle Netsuite
  9. MYOB
  10. Appfolio

Why is the remote bookkeeping solution the best?

You may spend more time concentrating on duties that directly boost revenues with the help of remote bookkeeping solutions, which are an easy and practical option. Manage your business while we take care of the books. Time spent on bookkeeping issues doesn’t significantly improve your customer connection.

New technological developments provide organizations the chance to outsource critical but non-core portions of their administration to firms that focus on those particular areas. Thus, a highly effective and specialized workforce may provide services at a considerably reduced cost.

Knowing your profit and loss report and financial accounts can help you as a business owner make choices more effectively (Accounts Receivable and Accounts Payable). The licensed remote QuickBooks bookkeeper ensures that you always have access to this real-time, up-to-date data.

How Remote Bookkeeping Works

An organization that outsources its accounting and bookkeeping gives a virtual service provider access to its server, database (financial information), and bookkeeping tools.

In order to preserve the confidentiality and privacy of the company’s financial records, the client may request that the bookkeeper sign a non-disclosure agreement in this respect.

The bookkeeper will next need to install computer software for bookkeeping tasks and log into the company’s server or computer to view the financial records. Depending on the agreement, either the customer or the bookkeeper may buy the accounting software.

There are three fundamental approaches to working remotely with clients:

  • You can utilize it locally if you connect remotely to your client’s computer to complete the accounting.
  • Use a web browser to access cloud-based bookkeeping software, and only you can log in to your private account.
  • It is more tangible via the web and uses the same desktop software that you are accustomed to.

Running remote bookkeeping necessitates taking the initiative to contact potential clients. You must first decide on the cost of your services. For individuals who are new to freelancing, it is simple to underbid and quickly sell oneself. It is essential to take into account the following elements:

  • Monthly processing of transactions
  • Managing financial accounts
  • Specific bookkeeping services as required by clients
  • Any new software you require

Find the Correct Remote Bookkeeping Services for businesses with these 5 Steps!

The correct bookkeeping services may significantly improve your company. This is because they will enable you to monitor your spending and revenue and comprehend your financial flow.

You may use the following five methods to select the ideal remote bookkeeping services for your company:

  1. Conduct internet research to compile a list of prospective prospects.
  2. Look at their reviews and discover if any complaints or lawsuits have been brought against them.
  3. Get in touch with them for a no-cost consultation to find out more about their offerings and costs.
  4. Inquire about their experience working with start-ups in your sector.
  5. Request references from other small firms in your sector that have previously used their services.

Advantages of using remote bookkeeping services

The following are some advantages of remote bookkeeping services:

  • Saving money

The majority of bookkeepers that operate remotely will have the choice to provide low-maintenance benefits that ought to satisfy the requirements of the independent business.

  • Bookkeeper accessibility

If one decides to hire a remote bookkeeper, they will prove to be completely flexible and accessible with their plans. Although they don’t have set hours accessible, bookkeepers provide consistent customer attention.

  • Data backup

Keeping information safe and accessible is just as important as backing up the data. Considerable consideration might be given to QuickBooks cloud facilitating.

  • Placing business first

The biggest benefit of using remote bookkeeping services is that you can concentrate on running your business while someone else takes care of the accounting.

  • Reliability and Flexibility

Reliable bookkeeping services are provided by reputable remote service providers. Small company entrepreneurs do not have to worry about managing their staff, taking time off, or other office-related issues.

  • Workflow Ease

It is simple for the virtual bookkeeper to offer services at his or her leisure. The likelihood of accurate work and enhanced productivity may be improved in this way.

  • Think about more things

Small business owners can focus on more profitable tasks by using a remote bookkeeping service to handle their bookkeeping.

Options for Remote Bookkeeping Services in Delaware

Your firm may benefit greatly from outsourcing your bookkeeping requirements to a virtual bookkeeping provider. The work of a virtual bookkeeper is done remotely; you can be in Delaware while they are in another city, state, or even another country. A remote bookkeeper will be able to manage your financial transactions and create your company’s financial statements just like a real bookkeeper would.

Our Bookkeeping Experts are here to help.

A remote bookkeeper in Delaware will treat your company with the same consideration and care as a full-time, internal bookkeeper, but on a part-time budget. They will provide financial reports like balance sheets and cash flow statements, reconcile your accounts each month, and ensure your paperwork is in order for tax time.

Delaware bookkeepers

Delaware State is a prominent tourist and commercial site. Finance is one of the most prominent businesses in this state.

Bookkeepers are responsible for managing the finances of their firm and its subsidiaries or independent organizations. They ensure that all transactions are appropriately documented and that all requirements are followed.

While the position of a bookkeeper has not evolved significantly in recent years, it is projected to alter dramatically in the next years as automation takes over more activities linked to financial management and compliance.

How does virtual bookkeeping work?

A virtual bookkeeper manages your books remotely; they might not even be in the same time zone as you. Bookkeeping software manages all correspondence and storage of financial documents. Your online bookkeeper organizes your transactions into categories and creates financial reports for your company.

A full-time position, virtual bookkeeping. Although your bookkeeper has a list of customers for whom they work, they are always accessible for inquiries or to speak with you about your finances. With their accommodating schedule, you may communicate like a full-time bookkeeper on a part-time budget.

Perks of Virtual Bookkeeping

You may get the help you require remotely if you work with a virtual bookkeeper like Velan. They are able to record, save, and manage your financial transaction from any distant place, much as remote bookkeepers or online accounting. They can accomplish this by using a number of mobile applications and online bookkeeping systems, many of which you probably already use! Let’s look more closely at the most notable benefits of virtual bookkeeping.

  • Reduced time and inaccuracy in accounting

Using a virtual or paperless bookkeeping system decreases the number of errors that result from erroneously keying in the data and saves a significant amount of time during data input.

  • More recent novels

Because the bookkeeper always has access to the statements and invoices they need, it causes the client’s books to consistently be more up-to-date. They are not dependent on a preoccupied business owner to locate and deliver those receipts.

  • Obtain Top-Notch Talent

You may be tempted to engage an entry-level or junior-level bookkeeper to save money if you hire an on-site bookkeeper. You may have access to experienced, competent bookkeepers at a fraction of the cost if you choose virtual bookkeeping. This translates into higher quality work, more precision, and fewer mistakes. To summarise, you may harness expertise at various skill levels that is optimized to what your organization truly requires.

  • Profit and loss statements that are timely and accurate

Virtual accounting enables business owners to have a better hold on their spending and profitability and to make adjustments that influence them throughout the year.

Unlike traditional accounting, most virtual bookkeeping business solutions allow the customer to access the books through the web or a mobile app, providing considerably better transparency and insight into the firm.

Some clients may not get a profit and loss statement until the end of the fiscal year if they use traditional bookkeeping. It is simple and inexpensive to deliver monthly profit and loss statements with virtual accounting.

  • Time is money.

There’s no disputing that bookkeeping activities are time-consuming and tiresome. You may remove them off your plate and free up your staff to focus on more vital responsibilities such as developing new products and expanding your business. You’ll be able to free up your schedule and focus your time and attention on your strengths.

  • Current Books

You can ensure that your books are always up to date if you work with an expert virtual bookkeeper. They will have access to your bank statements, receipts, and invoices in order to precisely update your books in real-time. You won’t have to scurry during tax season or an audit since your books will always be up to date.

  • Better Business Management

When you can’t trust your figures, it’s impossible to run a successful firm. They can help you stay organized and give you the knowledge you need to eliminate inefficiencies, boost productivity, and position yourself for success. You’ll be aware of your spending habits and will be able to adjust your budget accordingly.

Why always us?

  • Velan is the leading CPA firm that provides comprehensive accounting services to CPAs and small and medium-sized enterprises.
  • Velan assists you in dealing with your books of records by establishing and measuring important execution markers for your organization. This ensures that we keep you up to date on your company’s progress and are aware of potential upgrades.

What can we do for you?

  • The needs of the clients were prioritized by Velan Bookkeeping. We assist businesses based in these countries not only with bookkeeping needs but also with managing finances and records in the most efficient way possible.
  • Our accounting fees are also totally affordable and prudently calculated. For our accounting services, we bill by the hour. As a result, you only need to pay for the time that we spend serving you. Additionally, making the final installment counts is made very simple for you when you evaluate on an hourly basis.

Topics: Bookkeeping Services

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