Bookkeeping Services

Small Business Bookkeeping 101: Know Everything About Small Business Bookkeeping

Posted on 07/10/2022

All you need to know to stay with small business bookkeeping:

Bookkeeping is vital for every small business owner. Although keeping track of your money and company activities may seem tough, there are a few simple measures you can take to do so effectively. For some advice on the best bookkeeping services, go through these suggestions. Create a new business account, budget for taxes, organize your documents, and leave an audit trail. Is there a small business bookkeeping accounting service near me? This blog will highlight more essential bookkeeping ideas and words to be aware of.

Small-business bookkeeping might be daunting if you’ve never worked in finance before. Without some form of bookkeeping, no small firm can exist. Bookkeeping includes sorting, documenting, and categorizing all of your company’s financial transactions. Accounting services are required by any firm that interacts with money and pays taxes in order to keep correct business records.
Accounting service providers perform a variety of services on behalf of their clients, including financial accounting, management accounting, auditing, tax preparation, payroll administration, and more.

Tables of Content:

  1. What exactly is bookkeeping?
  2. The Importance of Bookkeeping for Small Businesses
  3. What differentiates bookkeeping from accounting?
  4. What are the best bookkeeping services you’re familiar with?
  5. Small business bookkeeping tips
  6. What do accounting outsourcing companies do?
  7. What is the purpose of an accounting service provider for small businesses?
  8. Why are outsourced accounting services needed for your company?
  9. Is there are small business bookkeeping accounting services near me?

What exactly is bookkeeping?

Bookkeeping is the process of documenting your company’s financial transactions. While bookkeeping is part of the entire accounting process, some of the most prevalent components of accounting are as follows:

  • Reconciliation of all financial accounts
  • Maintaining an up-to-date ledger
  • Tracking Assets and Liabilities.

Because bookkeeping is the crucial initial stage in recording all company activity, it differs from accounting. Accounting offers a complete study of these figures, whereas bookkeeping gives supervision into each individual transaction in order to detect anomalies and remedy errors. Bookkeeping data are used by accountants to monitor financial activities, company health, and expansion prospects.

The Importance of Bookkeeping for Small Businesses:

As a business owner, bookkeeping is a key phrase that you must complete. Why is it significant?

  • Information is organized through bookkeeping, which takes financial data and arranges it for simple comprehension and evaluation.
  • It aids in budgeting: You may devote resources to new releases and initiatives that will aid in the expansion of your company by being aware of the cash flow.
  • It improves decision-making: When the books are in order, you can accurately assess the state of your company. As a result, you may decide more effectively on operations and expansion.
  • You must keep track of the following data under IRS regulations: You’ll need correct data on your gross revenue, expenditures, costs, property, entertainment and travel costs, and payroll taxes when filing your taxes.
  • It aids in profit tracking, which is important because you obviously want your company to be as successful as possible. Tracking your revenue and growth is made easier with bookkeeping.

What differentiates bookkeeping from accounting?

Although many people use the terms bookkeeping and accounting interchangeably, they are not exactly the same thing. Accounting and bookkeeping go hand in hand.

 

Benefit

Bookkeeping

Accounting

Filing taxes Processes payroll taxes. Files business and personal tax returns.
Experience On-the-job training or certifications. Accounting degrees and might be a CPA.
Financial statements Maintains general ledger and accounts Creates more complex financial statements.
Business insight Day-to-day business details. Higher-level business for broader financial aspects.
Services Specific business-level solutions. Solutions for tax planning and accounting software.

Accounting and bookkeeping are frequently mistaken terminology. In reality, the whole accounting function includes a tiny but crucial component called bookkeeping. While accounting uses financial data to determine the financial situation of the company and make management choices, bookkeeping is the act of logging and reporting financial data.

What are the best bookkeeping services you’re familiar with?

Business owners may save time and money by using online bookkeeping services. Minimum requirements for your accounting service should include accurate bookkeeping and, if your company requires them, payroll and tax services. Additionally, it should have a solid reputation for being trustworthy and reliable and provide good customer service.
The following are some pretty standard characteristics to look for in the best bookkeeping services:

Here are the best bookkeeping services you must be aware of the choice of options ranging in price from $190 per month for basic bookkeeping assistance to $350 or more for more extensive options.

Small business bookkeeping tips:

You may start maintaining books for your small business by using the following advice.

  • Maintain records of all payments

Keep track of every payment in your records and note the date it was paid or received so you can quickly locate it if you need to go back to it later.

  • Select an accounting technique

Decide which approach you will employ right away because your bookkeeping will serve as the foundation for your accounting. At the time of the invoice, traditional accounting tracks income and costs. When you actually receive or pay the money, cash accounting records that date.

  • Opt for software applications

You might not require specialized bookkeeping software because you can do the task using Microsoft Excel or freeware alternatives. But when your demands grow, you might want a more specialized plan. Find out which software is recommended by your accountant.

  • Put more effort into your primary business

You may save money by doing bookkeeping-related activities yourself while a firm is just getting started. You’ll need to start keeping track of how much time you spend on bookkeeping-related activities as your firm expands.

Is it feasible for you to recoup the cost of the majority of online accounting services, which range in price from $200 to $400 per month, with the time you spend on bookkeeping-related tasks?

Even the shortcuts that busy business owners use are not taken into consideration in this. You could be missing out on tax deductions. Do you have enough time to make sure you’re following all the rules? Some aspects of bookkeeping, including payroll legislation, call for a thorough knowledge of tax regulations, and making unintentional errors may be expensive.

  • Create a monthly report

The best approach to remain on top of your company’s finances and avoid unpleasant surprises is to generate reports at least once a month. A balance sheet and a profit-and-loss statement should be included in your monthly reports at the very least. You can now keep track of how well your company is doing in real time.

What do accounting outsourcing companies do?

It could make sense to perform the bookkeeping yourself if your firm is modest at first. Keep note of how much time you spend each week on the books as you advance. Calculate the dollar worth of your own time (how much revenue you provide to the company each hour, for example) and contrast it with the price of a bookkeeper. It might only take professional accounting outsourcing companies a few hours to process a month’s worth of accounting, so it won’t be long until this is a better bargain.

What is the purpose of an accounting service provider for small businesses?

Accounting service providers offer a comprehensive variety of services, including payroll, accounts receivable collection, bookkeeping, and accounting procedures. Small business owners are drawn to outsourcing because of the anticipated reductions in labor expenses and time savings, which may be used more effectively for their company’s primary business activity.

Why are outsourced accounting services needed for your company?

Any business, whether it is a little business or a larger one, needs accounting. By lowering mistakes and boosting efficiency, professional accounting services, on the other hand, may assist business owners in making better decisions and investments. In layman’s terms, small businesses need outsourced accounting services in order to keep correct financial records, offer professional tax advice, and ensure compliance with state and federal tax laws as well as other company regulations.

Is there are small business bookkeeping accounting services near me?

Velan Services deliver High-Quality and Affordable small-business bookkeeping accounting services to smaller and medium-sized Organizations. We provide the following services:

Our Bookkeeping Experts are here to help.

  • Services for bookkeeping, payment processing, and bank reconciliation
  • Fund Flow and Cash Flow Statement Preparation
  • Creating accounting procedures
  • Creation of accounting and financial manuals
  • The creation of the profit and loss account and the annual financial statements
  • Branch Accounting

Understanding the fundamentals will enable you to manage your money more effectively, whether you decide to handle your small company bookkeeping yourself or decide to hire a professional. You’ll avoid making expensive mistakes, spend less time looking for receipts, and obtain insightful knowledge about the potential of your company.

Finding the best-outsourced accounting services may initially be more important for a small business than hiring an accountant. It’s not often an either-or choice, though. In most cases, bookkeeping and payroll may be included as part of the service when you outsource your accounting function.

A thorough finance department may provide you peace of mind, save you time, and allow your company to expand as quickly as you’d want.

Topics: Bookkeeping Services


Why Outsource Bookkeeping Services To India?

Posted on 26/09/2022

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.

Why 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. An Indian Bookkeeping 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:

Outsourcing 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 focussed 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:

Business 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:

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


Bookkeeping Basics: A Bookkeeping Guide for SMEs

Posted on 16/09/2022

Tables of Content: A Bookkeeping Guide for SMEs

  • Step 1: Separate Your Business And Personal Expenses.
  • Step 2: Choose An Accounting System.
  • Step 3: Choose An Accounting Method: Cash Or Accrual.
  • Step 4: Choose The Right Tools.
  • Step 5: Make Sure Your Transactions Are Categorized.

Separate Your Business And Personal Expenses

The first step to mastering your business finances is simple: bookkeeping for small businesses starts by creating a bank account and separating your business and personal expenses.

Now how can you do that? If you run a business or LLC and there isn’t enough bifurcation between your personal and business finances, there is a chance that you could be held personally liable for any debt incurred by your business. Small business bookkeeping services can easily be outsourced to the right firm.

Mixing personal and business expenses in the same account can also lead to unnecessary stress when filing taxes or accounting. A business bookkeeping expense could be lost on your account, and you miss a major deduction. Or it could mean that your CPA spends more time paying taxes. Either way, you end up losing more money than can be anticipated.

 

Choose An Accounting System

There are two main accounting methods: single-entry accounting and double-entry accounting.

With single posting, journal entries are posted once, either as costs or as receipts. Assets and liabilities (such as inventory, equipment, and loans) are tracked separately. There are several accounting packages for small businesses that are available. Single Entry is probably for you if you’re just starting to write your books and are still in the hobby phase. It’s easy, fast, and good for basic bookkeeping.

The double entry is more complex but more robust and suitable for established businesses that have moved beyond the basic stage. You can simply hire accounting services for small businesses to offshore firms.

With double-entry bookkeeping, all transactions are recorded in a journal, and then each line item is recorded twice in the general ledger, both as a debit and as a credit. Most bookkeeping programs today are based on double-entry bookkeeping, and if you ever hire an accountant or accountant to help you with your books, double-entry bookkeeping will be used.

Choose An Accounting Method: Cash Or Accrual.

When setting up your accounting, you have to make another important decision: whether you want to do your accounting on a cash basis or an accrual basis.

In cash accounting, you only record transactions when the money has been exchanged. If you bill a customer today, those transactions won’t appear in your ledger until the money is in your bank account.

Basic bookkeeping for small businesses includes cash accounting because it’s easy to maintain, doesn’t require keeping track of credits or debts, and tells you exactly how much cash you have on hand at any given time.

Using accrual accounting, you record revenue when you bill your customers in the form of credits (even if they don’t pay you for a few months). The same goes for expenses you record when they are billed to you in the form of accounts payable in your basic accounting for small businesses.

In general, accrual accounting is better for larger, more established companies. It gives you a more realistic idea of your business’s income and expenses over a given period and provides a long-term view of business that cash accounting cannot provide. Whatever you choose to go ahead with, you can go for small business bookkeeping services near me or have an online accounting service for small businesses.

Choose The Right Tools.

Every transaction you make should be categorized as recorded in your books. It is something that the business bookkeeping services adhere to. This will help your accountant from an outsourcing accounting service for small business record more deductions and make your life easier when you have to audit.

How you categorize transactions depends on your business and industry. Your transactions generally fall into five account types: Assets, Liabilities, Equity, Income, and Expenses. Individual line items are further divided into subcategories called accounts. For example, some of your general ledger accounts in an ice cream shop might be “Revenue – Ice Cream Sales,” “Expenses – Ice Cream Ingredients,” etc. Nowadays, you have three options when it comes to accounting tools. Online bookkeeping services for small businesses can help you get sorted easily with it.

You can opt for one of the dozens of popular cloud accounting solutions, such as QuickBooks, Xero, or Wave. Also, if you choose to outsource your work to the best bookkeeping for small businesses, these tools can be powerful if you know what you are doing.

However, if you don’t have much accounting experience (or don’t have the time to learn), they can stress you more than they help you. Business bookkeeping solutions are very important to tackle. Especially if your accountant tells you that you have used them incorrectly in the last year. Using tools like our free Excel income statement template, you can do it in a spreadsheet. Hiring or outsourcing online bookkeeping for small business can help a lot.

Finally, if you want someone else to do your accounting for you, you can sign up for an accounting service that provides bookkeeping and accounting services for small businesses. When bookkeeping for small business owners is required, you can expect to prepare monthly statements, provide expense reports with actionable financial information, and even file your tax returns when the time comes. This will also determine the bookkeeping costs for small businesses.

Make Sure Your Transactions Are Categorized.

Every transaction you make should be categorized and recorded in your books. This will help your accountant from bookkeeping for a small construction business record more deductions and make the audits easier. Remember, An unmarked receipt for lunch at a restaurant six months later may not mean much to you. Was it a customer’s lunch? Have you treated your employees after a successful quarter? You can avoid all these extra searches by properly classifying and logging your trades later.
Separate Your Business And Personal Expenses:

The first step to mastering your business finances is simple: bookkeeping for small businesses starts by creating a bank account and separating your business and personal expenses.

Now how can you do that? If you run a business or LLC and there isn’t enough bifurcation between your personal and business finances, there is a chance that you could be held personally liable for any debt incurred by your business.

If you’re planning on doing small business monthly bookkeeping, it’s worth talking to a professional while setting up your system to ensure the accounts you create align with your industry standards and CPA expectations. You can always outsource your work to the best bookkeeping service for small business.

Why Should You Invest in Bookkeeping?

  • You need it to pay your taxes

You need to know your net income to pay your taxes, and to know that, you need to know your total income and expenses. And the only way to know for sure is to have accurate, up-to-date books. This can be easily achieved by basic accounting for small business owners.

  • It tells you where your money is going

Compiling your books and preparing financial statements is the only way to assess the financial health of your small business. Are sales on the rise? Are your shipping costs too high? Will you have enough money to cover your paychecks next month? Does cash flow rise or fall? The only way to know for sure is to start accounting or outsource your needs to the best online accounting services for small business.

    • Make sure you don’t miss out on tax deductions

Keeping an accurate and up-to-date series of books is the best way to keep track of tax deductions (expenses that you can deduct from your taxable income). Small businesses searching for small bookkeeping business or bookkeeping steps for small business, can find it easily on the web these days.

The more information (and supporting documents) you can provide to your CPA during the tax period, the more deductions you can legitimately claim and the larger your tax return will be. Small business bookkeeping solutions can be availed by a simple search for you to work best.

  • You need it to borrow money

If you need to borrow money from anyone other than friends and family, you need to have your books together. This allows you to prepare financial statements, often required for obtaining a business loan, a line of credit from a bank, or a start-up investment. Bookkeeping and payroll services for small business can help you keep updated books to get you what you need for your business to run best.

Before giving you money, lenders, and investors want a clear picture of your business’s financial situation. You can’t do that without looking at things like revenue, cash flow, assets, and liabilities that they’re looking for in your balance sheet, income statement, and cash flow statement. This is possible only through an updated book, which can be done by accounting and bookkeeping services for small businesses.

  • It helps you spot errors quickly

If you wait until the end of the year to reconcile or put your financial transactions in order, you won’t know if you or your bank made a mistake until you’re swamped with paperwork at tax time. Regularly organizing and updating your books can help you catch those erroneous overdraft charges today rather than six months from now when it’s too late to collect them. Outsource bookkeeping services for your small business to ensure no errors are made.

Cost of Bookkeeping Services For Small Business:

Bookkeeping packages for small businesses largely depend on the work that has to be done and the project one can outsource. Part-time online business bookkeeping is generally recommended if the business can do the main bookkeeping tasks and only needs outside help with routine work such as paper filing and managing accounts, documents, etc.

For a small business looking for a bookkeeper, hiring a full-time accountant is recommended when the business has already established a stable customer base and has been in business for at least three to five years.

This would ensure that the benefits a company derives from hiring more employees outweigh the costs it incurs in hiring. You can outsource bookkeeping for small business to ensure perfect work is done and noted transactions every time.

Your Personalized Bookkeeping services

Topics: Bookkeeping Services


Simple Steps To Curb The Time Wasted On Bookkeeping

Posted on 23/06/2022

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

bookkeeping for small business

1. Go paperless

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

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

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

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

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

3. Use the technology available

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

4. Outsource bookkeeping for small business

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

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

Our Bookkeeping Experts are here to help.

Topics: Bookkeeping Services


10 Tips to Finding a Good Virtual Cloud Bookkeeper

Posted on 11/04/2022

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

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

workplace-deal-desk-collar-businessman-transaction_1418-527

Here’s how you find a good bookkeeper:

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

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

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

Optimize Your Accounting & Bookkeeping with Velan

Topics: Bookkeeping Services