Bookkeeping Services

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.

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.

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?

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.

You’ve delivered your services or product(s) right on time, and your client was exhilarated with it, but there’s a twist. The invoice you’ve sent is several days late, and this isn’t the first time that this has happened. You might not have considered using Hire Outsourced Bookkeepers for Accounting Bookkeeping Services to get your clients to pay on time.

Irrespective of the business you are in, you will experience late-paying clients. As a matter of fact, almost 80% of businesses receive their payments well past the due dates. Approximately 75% of businesses have had clients who have not paid their invoices for at least 40 days.

Looking at the circumstances, customers get the benefit of the doubt. Most clients are amicable and are looking on paying you eventually. Their late payments hurt your income and ruffle up your budget. That’s not good for your business’s financial health. It’s wise to nip the problem in the bud and take action to preclude new clients to become late payers.

Where should you start? To help remind your customers to pay on time, we suggest using one of the following tactics:

1. Maintain Superb Client Relationships

Your client will want to pay you on time when you make them feel special and not a revenue machine. Always maintain a friendly relationship with your customers and let them know they’re special. There are many things to make them feel they’re not only a client but a valued member of your team. Help solve a personal problem, feature them in your blogs, or provide a one-time service bonus.

People always want to feel special, and our brains fire up when we’re mentioned by our names. Clients are more than willing to go out of their way if you do the same for the first, and you’ve just learned the Principle of Reciprocity.

As a business, you need to always remember that the clients may have hundreds or even thousands of employees. Make a list of key contacts and send them a personalized gift or a thank you note. A simple hand-written or printed note telling them they’re important will go a long way when the time arrives for them to pay your invoices.

2. Having Precise Payment Terms

Sometimes, clients assume wrong about your payment terms. They assume you function on a “Net 21,” “Net 30,” or even on a “Net 21” basis or on specific days, like the 1st and 15th of a month. All your terms and conditions should be worded-out clearly. There should not be any gray area.

Add relevant sections in your contracts that explain the due dates, payment modes, and other required terms in detail. While working on this, check if your customers require specifically formatted invoices or how you should submit your invoices to be in compliance with their system.

Learn how having Outsourced Accounting Bookkeeping Services helps you reduce time on submitting your invoices and doing follow-ups with your clients.

3. Automating Your Invoicing Process

There are times when you are busy with your project and you simply forget to send the invoices to your clients. Sending invoices through mail takes long, risks getting lost, and adds to billing expenses. Automating the process using invoicing software and accounting software gives the clients the invoice quickly. It also saves on mail expenses, and paper, and keeps your invoice at the top of the client’s mind.

You should schedule email reminders for payments so you are not chasing late-paying clients. Outsourced Accounting Bookkeeping Services is an invaluable option for staying on top of your Accounts Payables and Accounts Receivables. Automated solutions have payment reminders and can be linked to online payment clearance providers. It is advisable to invest in a system that automatically sends the invoices once you complete your projects.

4. Implement a Recurring Payment System

If you are working long-term with your clients, you should seriously consider a Recurring Payment System. This allows you and the client to focus more on the project and not be bothered by billing schedules and invoice due dates. It’s easy to get this up and going when you provide the same services every month.

With varying payment dues and dates, you are more likely to run into difficulties. Your client shouldn’t mind payments going out automatically for expenses without reviewing them. If they want to know, sit down and set a basic amount for all recurring invoices. If you have additional costs, show it to the clients before you bill them.

Making sure your automated invoicing solution sends invoices and receives money from clients is always a plus. You should make sure that this automated solution allows for recurring payments, allowing you and your client to focus on work. You will save time in preparing and sending invoices and your client will save time paying them.

5. Client Rewards and Recognition

How many times have you sent a “Thank You” note or a gift to your client; not to pay invoices, but to let them know that they are appreciated? A few times over the years, never? Doing this is not bribing them to pay early; you are just making them feel appreciated. Writing a handwritten “Thank You,” “Thank You for your business,” or even a “You’re a great client,” will go a long way other than clearing your pending invoices or them being paid quickly

You are giving your clients a cause to pay attention to and provide a discount for prompt or early payments. This small incentive encourages your clients to clear your dues, but penalizing them for late payments is also warranted. You have to put a percentage rate for missing deadlines, but you must put the emphasis on prompt payments. You can offer a discount of 2% or even 5% for early payments.

6. Direct Invoice Payment Links

Clients might be willing to pay you immediately, but they have to open another program, log in, and then pay you. They might be called away from their system and the session would time out before they got back. The clients don’t like repeating these steps again and again. They’ll leave it for later and eventually forget or it will be delayed.

Investing in an invoicing system supporting integrated payments like payment processor buttons reduced the time for payment processing. Your customers are a click away from paying you for your job. This reduces any distractions that might stop them from the payment task in front of them. The easier the payment process, the quicker you get paid.

In an ideal world, invoices are paid as soon as they are presented. In the real world, you need a helping hand for keeping your cash flow flowing. Using Outsourced Accounting Bookkeeping Services helps you process invoices, present it to clients, follow up, and receive payments will reduce your financial stress.

7. Ask for An Upfront Payment and then Smaller Payments

An excellent way for lowering risk and making clients pay on time is by splitting the payments into smaller portions. You should do this will all clients. If you have clients who are already paying you, then implement this from their next project. It should be your golden standard for invoicing. You should split payments in parts like 30/30/20/20, 25/25/25/25, 20/20/30/30, 35/25/20/20 or any combination that you are comfortable with.

An agreed-upon pre-payment amount before starting work on the project, the next amount after finishing the first draft. This ensures that you have received an amount before you reach feedbacks and changes to the project or the halfway point. Now, after you have successfully implemented all the feedback, changes, critiques and the client is satisfied, ask for the pending amount.

It is better to ask for an upfront deposit when working on large projects or huge orders from the client. You should offer moderate payment options instead of one big lump sum. This ensures that you have cash flowing till the completion of the project and clients would easily be able to make those payments.

Nevertheless, when working on large projects, it is best to ask for a deposit to cover expenses.

BONUS TIPS to get paid quickly

8. Delivering Services on Time

It is not enough to look to your customer for late payments when you have not delivered your services on time. You should introspect and see if you fulfilled your customers order on time. If you’re a business and you complete the project late you can’t send then invoice. You have to account for that when you prepare your invoice.

Make sure you have enough manpower to be able to complete the project on time. Your customers will be happy and pay you quicker when you send your invoices to them for clearing. The quicker you complete your projects the quicker you get paid. There is no point in being frustrated when you deliver late on your projects, but expect the client to pay your invoices on time.

9. Quick Invoicing

Send the invoice to your customer as soon as the work has been completed. This results in the work and payment being linked together. You will find that by linking these two together, you will receive your payments quicker.

When your project work has been completed, there is no reason to delay the invoicing part. Using Outsourced Accounting Bookkeeping Services help you to reduce the delay in billing your client and providing them with invoices at the earliest.

10. Use Outsourced Accounting Bookkeeping Services

There is no denying the fact that there is always the need for outsourcing services in every field. With a dedicated Outsourced Accounting Bookkeeping Services team you can concentrate on providing your client with the best service possible. The team would be an extension of your business and would ensure prompt billing and follow-up to clear pending dues and payments.

Relying on the Hire Outsourced Bookkeepers team also ensures that you are not wavering from your task at hand and are fully immersed in the project. All billing and invoicing-related tasks would be handled by the outsourced team and you receive payments on time. You have to update the team on the client contracts, billing schedules, reminders to be set, and follow-up criteria once and it would be done as a routine job.

It would be wise to invest in a Hire Outsourced Bookkeepers team to reduce costs on mailing, printing, paper, and manpower hours invested to bill and invoice the client. All processes relative to financial services would be handled in the backdrop without you being worried about the cash flow.

11. Ensure you have a Collection Policy

In most cases, you get paid either on time or late. There are cases when you would be paid very late, but are paid nonetheless. There are situations where even after frequent late fees and reminders your clients don’t honor their invoices.

In these types of cases, you can ask your attorney to send a letter or make use of debt collections agencies. Be careful though, you are not trying to damage your relationship with the client. It may be that the client just forgot or the intern/secretary was inattentive in processing your invoice.

Conclusion

For these tips to work there needs to be open communication between you and your client. While you can’t guarantee that these will work, you should prevent late payments. These tips will work with most clients and give you peace of mind.

Irrespective of how you minimize the problem, you should make sure your clients know your terms and conditions, billing and invoicing details, and other agreements. Conveying clearly with no misinterpretations gives you the advantage when you follow up with clients for late-payments and late fees.

Whatever steps you take, always have a clear-cut collections policy. This helps you to resolve unfavorable situations if they occur at all. Many customers are cooperative and pay their bills on time or late.

Never, ever undervalue the ability to preserve a harmonious and professional relationship with your customers. Regardless of the frustration, always keep your cool, and be respectful when reviewing and reminding about invoices that have been pending for a long.

Have you ever considered how much easier it would be to entirely redo your small company bookkeeping? It is far easier to reboot your QuickBooks certified bookkeeper and bookkeeping from the outset and do it correctly. For a variety of reasons, bookkeeping for small businesses may rapidly deteriorate. Transactions and papers will mount up if bookkeeping is not effectively managed. Bills will not be paid on time. Invoices will not be received on time. Furthermore, corporate spending will not be recorded. A professional bookkeeper can save you time, give relevant company issues, provide insight, notify you of red flags, and help you with liquidity management.

Accounting and taxation are inextricably linked with bookkeeping. Profitable CPA businesses, on the other hand, understand that bookkeeping may consume a significant amount of time, severely damaging the bottom line. Your clients require bookkeeping, but accounting and tax services are your firm’s mainstays. Bookkeeping for CPAs can manage their clients’ bookkeeping, allowing you to concentrate on tax. They will deliver accurate and available books using humanity’s greatest accounting software technologies, allowing the business team to focus on whom they are most.

A quick overview of the history of accounting

Once we’re in the heart of the conundrum what does a QuickBooks certified bookkeeper do?—let’s take a historical background of keeping. Accountancy and bookkeeping are two of the longest surviving professions on the planet. In truth, bookkeeping may be traced back to early Italy, due to Luca Pacioli, known as the “Father of Accounting.” Pacioli’s “Summa de Arithmetrica, Geometrica, Proportioni et Proportionalita (Summa)” was released in 1494. He developed and introduced the globe to have double accounting and bookkeeping. Many corporations now use Pacioli’s key bookkeeping and accounting paradigms to streamline their finances.

Simply hire a Pro

Hiring a professional from the start is, in your opinion, the most critical step in resuming your QuickBooks bookkeeping. Definitely would recommend employing a CPA as well as a bookkeeper. You should also think about embedding a Quick Books certified ProAdvisor. You believe that many small company owners skip this procedure and try to manage their internal bookkeeping or enlist the aid of a colleague because they believe it would save them money. Sadly, failing to address to hire a professional from the start usually means it costs more money long term. It is easier and less expensive for a competent to put up the proper system than it is to remedy amateur mistakes. You don’t always need a professional to keep things running smoothly. Also, Read  TOP 5 BOOKKEEPING TIPS FOR SMALL BUSINESSES

How do you choose a bookkeeper for your small business?

If your Bookkeeping for a small business is expanding, the fundamental activities of your firm, such as payroll and billing, may become more difficult. If you plan to sell your business, you’ll need to employ an accountant and an attorney to produce sophisticated financial records.

Select Freelance Bookkeepers

If you operate a small business, a freelance bookkeeper is among the most ecofriendly bookkeepers. Because each bookkeeper is not required to appear on all of your billing cycles. Freelance bookkeepers labor using figures and apply financial statements to manage accounting statements. Freelance bookkeepers deal with a wide range of businesses, which are mostly pretty small and toggle. Learn why professional freelancers frequently require the services of a bookkeeper. Freelance bookkeepers frequently operate from home and on a flexible schedule. A freelance bookkeeper is regarded as a top career for individuals over the age of 50. Online accounting tools have transformed the life of freelance bookkeepers by allowing them to work from home.

Select a Bookkeeping Firm

Consider hiring the Best Bookkeeping service provider s if you’re concerned about having someone trustworthy handle your books but don’t mind paying a little extra. The cost of bookkeeping services varies depending on whether you spend by the hour or by the week. Ideally, you would look for a company that charges by the hour so you can see how much a CPA is paying per hour for your company. When working at home, you must incorporate the same bookkeeping services as your corporation. It does, however, provide a more simplified method of handling paperwork. In some cases, you may require someone in the firm to visit your workplace to collect papers. Put it another way, you may be required to drive your documentary evidence to the company’s business location personally.

Consider hiring the Computational Bookkeeping Accountant

A virtual bookkeeper is extremely important for your small business. As a result, you should exercise caution when choosing virtual bookkeeping for your small business. Here are our carefully picked steps for selecting which bookkeeping consultant is best for you! 

 Figure out exactly which abilities the bookkeeping consultant should have.

Employees who fall short of their expectations are a regular source of frustration for employers. Are you searching for someone to assess the figures and establish a budget for you, or do you simply need someone to enter the bills and invoices? The data entry bookkeeper is not a smart idea if you don’t have someone checking the figures. You’ll want to do this in this scenario. In this instance, you should search for someone with extensive bookkeeping expertise. A virtual QuickBooks certified bookkeeper might be the ideal solution for you.

Talk reimbursement and renewals.

It’s now time to sign up with your preferred QuickBooks certified bookkeeper. The subscription fee and rate are two factors to consider before hiring an accounting expert. You don’t want to hire a bookkeeper who asks for more money than you can afford. Affordability is critical, and the expert you choose must be willing to pay time with your money. It’s time to engage an accounting expert. Follow recommended practices to reduce your work more successfully.

Final thoughts

Bookkeepers assist a variety of organizations, including small enterprises, Non – governmental organizations, and conglomerates. They play an important part in the financial management of the company by recording events; facing the facts, and supporting with financial reporting. When it comes to choosing an accounting style, company owners have various alternatives to get your QuickBooks bookkeeping off and running in the proper direction. The best piece of advice that can give you is to engage a specialist from the start to assist you in setting up a suitable bookkeeping system.

With the world having adopted a scientific outlook, there has been immeasurable progress in every area of learning. And with the paradigm shift of technology, the world has grown by leaps and bounds, and with it has grown the competition to make it big in the playground of life. And the rapid flow of progressive ideas has brought to the limelight many entrepreneurs who have changed the global scene with their bold outlook. It’s not enough to initiate anymore, what matters now is the consistency and innovation with which you keep your ideas is running. And for any start-up or small business to consistently grow, financial management is the crux to its pillar of growth. Some of the major constraints that constrict the growth of bookkeeping for small business vertical are:

1. Affordability of a full-time bookkeeper
2. Loss of time and money in in-house accounting
3. Increased overhead and operating cost
4. Delay in tax filing & resulting penalties

Bookkeeping plays a pivotal role in the functioning of any business enterprise. On the whole, it encompasses various procedures and processes that are as complex as they are critical. So, it would be smart to always have someone competent in this area manage its affairs. Following are some tips that can help mollify the various convoluted intricacies involved in bookkeeping for small business:

1. Maintain Separate Books for Personal and Business accounting:

Mixing both personal and business accounts is never a good idea. Each by itself is poised with varying degrees of challenges. Put them together and you can just forget about it.  Keeping separate accounts will also help you keep things organized, which in turn will help save both time and resources in the long run.

2. Plan and Prepare for Major Expenses:

Always plan ahead and hold a reasonable reserve of revenue for inventory, office supplies, repairs, and maintenance. It is wise to always have a few worse-case scenarios worked out and be equipped with a comprehensive response plan at hand. By forecasting expenses and budgeting accordingly, you can worry less about the future.

3. Log Daily Records and Reconcile Bank Accounts Periodically:

As an old maxim goes, “A stitch in time saves nine”.  Keeping track of your bank records periodically will go a long way in saving time and stress during later stages. Going over your accounts on a daily basis and establishing a regular monthly reconciliation with your bank will give you a clearer perspective of where things stand.

4. Closely Monitor your Accounts Receivable:

Account Receivables is a metric that can both build and break businesses. Having a close eye on the inflow of revenue (A/R) is highly crucial for any business. Having clients owe you money by the end of a cycle is not the same as the money sitting in your account. So, monitoring account receivables and having in place a calendar like a system that can track dues, deadlines and schedule follow-ups will help to streamline the flow of Account receivables.

5. Go Cashless:

Paying in cash may seem pretty straightforward, but it has a number of drawbacks that can add more complexity to online bookkeeping services. Among other things, cash payments are more difficult to trace so it will be hard to keep track of company spending, and you run the risk of overstating your income. Additionally, without any records of purchases, monitoring write-offs will also be a challenge. Online banking, credit/ debit cards are preferable options.

The world is a global village that now offers various dimensions of unimaginable help required to stay afloat. And while outsourcing is sometimes viewed with negative connotations, it has gained pace with the fast-growing companies of this world. One of the perks of global networking is the choice of seeking outsourced help, which has its many upsides. And with the availability of outsourcing of Bookkeeping firms, small companies should certainly consider it as an option to staysail in the rapid current of growth. They help keep track of the amount spent, where it was spent, and when it was spent. The benefits of outsourcing are manifold. Some of them are as follows:

1. They help overcome financial challenges
2. They help shift focus towards business growth
3. They reduce the staff & setup fees
4. They help in delivering on time, error-free records
5. They help to stay on top of the books.

Velan Bookkeeping Services:

We at Velan are equipped with skilled accountants possessing over a minimum of 7 years of experience in the domain of bookkeeping for small business owners. Available round the clock at your disposal, we cater to services with the utmost sensitivity and sensibility that the work demands. With encomiums and testimonials speaking for themselves, one needn’t think twice before calling us. Our prices are highly competitive and guarantee international standards in terms of delivery. We cost less than an in-house accountant’s salary exclusive of his paid vacations, incentives, and bonuses. Some of the services we provide are listed below:

1. Bank Reconciliation
2. Statement of Assets and Liabilities
3. Accounts Receivable and Payable
4. P & L Statements
5. Payroll Services
6. Tax Preparation

Call us today!!! And give your business the head start that it deserves!

Phone: +1-860-215-4997

E-mail: [email protected]