CPA Bookkeeping

What is the difference between a bookkeeper and a Certified Public Accountant?

Posted on 29/11/2022

Bookkeeper and CPA: Common people sometimes struggle to understand the precise distinctions between bookkeepers, accountants, and CPAs (Certified Public Accountants). Accounting business frequently swaps the terms instead. While they all manage the funds and strive for the same objective, the range of work that each of these specialists does differs greatly.

In addition to the nature of the task, there is a distinction in their professional position. Every financial transaction made by a corporation is recorded by the bookkeeper. Accountants analyze financial transactions in greater detail, and CPAs are state-approved accountants.

Many business accounting services teams must include bookkeepers, accountants, and CPAs. They carry out a variety of financial-related jobs that assist businesses in tracking crucial financial information and creating reports. It could be easier for you to choose the position that best suits your talents, interests, skills, and experience if you are aware of the distinctions between these professions. Are you looking for a reliable accounting and bookkeeping service online? Velan is here to take care of company accounts at an affordable cost.

We define bookkeepers, accountants, and CPAs in this blog, highlight ways in which they differ from one another, and offer some advice on how to decide which career path to take. Bookkeepers and Certified Public Accountants (CPAs) both work in accounting for small business owners. The main distinction between a bookkeeper and a CPA in this context is found in their respective roles, pay scales, and levels of professionalism. A bookkeeper’s primary duty is to keep an ordered record of all financial transactions, whereas a CPA’s primary duty is to offer financial advice.

Main Functions: Bookkeeper vs. Accountant vs. CPA

Bookkeeper’s Job Duties

Who are the bookkeepers? To balance and maintain all financial accounts relating to an individual, corporation, or organization is the basic and uncomplicated task of this person. The main way that bookkeepers assist others is by maintaining an ordered log of all daily and monthly transactions. A bookkeeper is just what you need if you require someone with attention to detail who can handle the finer points of your financial data. Your bookkeeper can help you avoid fines, manage deductions, avoid CRA audits, and save you money by keeping all of your information organized and in order. Bookkeepers carry out a number of tasks that are relevant to most businesses kinds.

  • Purchases and sales are tracked by bookkeepers.
  • They match up financial records, such as bank statements.
  • Accounts payable and accounts receivable are tracked by bookkeepers so that the firm is aware of how much it owes and how much its clients owe it.
  • They settle the invoices for accounts payable.
  • The payroll system is processed and maintained by them.

Typically, bookkeepers have some college experience but no formal education. Some bookkeepers merely have a high school diploma. The median annual salary is about $39,240. Bookkeepers maintain a company’s records, which helps managers make smart business decisions.

Managers examine a company’s bookkeeping records to assess its financial health. The precise and speedy organization abilities of bookkeepers also assist accountants and CPAs in carrying out their duties more effectively.

Always bear in mind that the bookkeeper’s primary responsibility is to maintain financial accounts and records; it does not include any analysis. Additionally, bookkeepers do not often earn large incomes as CPAs do. They often work for small enterprises or corporations. Depending on their requirements and budget, businesses may engage bookkeepers on a contract basis or full-time.

What Are CPAs (Certified Public Accountants)?

How to find a CPA? A CPA adds another layer of authority and knowledge. An accountant who has passed certain exams and complied with all other legal and licensing criteria of a state in order to be certified by that state is known as a CPA.

CPAs produce and examine financial statements in addition to preparing and signing tax returns for individuals and corporations. They also represent clients before the IRS during audits and other processes. The national professional organization for CPAs is called the American Institute of Certified Public Accountants (AICPA).

To administer this test and provide the license, the AICPA works in tandem with the National Association of State Boards of Accountancy (NASBA). After receiving their license, CPAs must maintain it by fulfilling the Continuing Professional Education (CPE) requirements every one to three years, in accordance with the state board’s rules.

In the accounting sector, the CPA credential is one of the most prestigious, respected, and sought-after credentials. A difficult path must be taken in order to obtain a CPA license. A CPA differs from a bookkeeper or any other accountant since they have this license. A CPA’s scope of work goes beyond keeping accounting records, unlike a bookkeeper. It involves the following:

  • Examining financial documents
  • Getting financial reporting ready
  • Carrying out an audit
  • Filing and preparing tax returns
  • Aiding in the making of business decisions

A CPA’s primary responsibility is to preserve and keep a close eye on the financial records of businesses, public entities, and private citizens. Compared to conventional accountants, CPAs are more reliable and skilled. They support households, corporations, and people in managing their money and achieving their financial objectives.

Comparison of Bookkeepers vs CPAs:

A bookkeeper’s job description, educational requirements, professional standing, and pay are very different from those of a CPA. There are some notable variances

Parameters

Bookkeeper

CPA

Definition

Professionals are in charge of keeping track of the money coming into and going out of the company.

 

Accounting professionals with State Board licenses who passed the Uniform CPA test and have the necessary training and work experience.

 

National Professional Association

AIPB/NACPB AICPA

Professional job status

Low Status

High Status

Businesses that they serve

  • Schools and colleges
  • Healthcare businesses
  • Government institutions
  • Retail outlets
  • NGOs
  • Small- to medium-sized businesses (SMBs)
  • Large companies
  •  The public accounting industry
  • Government institutions
  • The Non-Governmental Sector (NGO)

Licensing and Certification Requirements

AIPB and NACPB’s Certified Bookkeeper (CB) Certification is available but not mandatory for practice CPA license mandatory to practice as a CPA

Abilities needed

Basic knowledge of math and computers Higher level reasoning abilities (analysis, interpretation, and evaluation)

Hire for

 Routine recordkeeping

  • Financial consulting to handle complex business transactions.
  • Preparing and filing a tax return

Basic Requirements

Minimum High-School Diploma
  • An undergraduate degree (150 credit hours)
  • One to two jobs (May vary as per the jurisdiction)
  • Pass the CPA exam uniform

Accountant

Since many of an accountant’s responsibilities are similar to those of a bookkeeper, accounting may initially appear to be comparable to bookkeeping. Despite the fact that accountants may also function as bookkeepers, accounting is a considerably more nuanced and analytical profession.

They examine the financial information to provide financial estimates and advice on financial factors that influence the expansion of the business. Their regular duties include:

  • Advising on taxes
  • Financial statement preparation
  • Determining tax obligations
  • Submitting tax returns
  • Ensuring that bookkeeping procedures follow the standards
  • Identifying accounting inconsistencies
  • Making and evaluating budgets
  • Working together with auditors

Businesses may use data and insights from accounting to connect various financial metrics. Due to this, organizations are in a better position to identify both profitable and underperforming regions. It is in charge of converting the data from ledgers into statements that aid firms in better planning and achieving their long-term objectives. Accountants are frequently consulted by decision-makers for assistance with budget forecasting, determining tax liabilities, and filing taxes.

Which Accounting Expert Is Right For Outsourced Accounting Services?

Every outsourced accounting service or person must maintain their financial records and handle their books. To do this, you must employ a bookkeeper (either full-time or on a contract basis), whose primary responsibility is to keep an organized record of all transactions and balance the accounts.

In other words, a bookkeeper will manage payroll, produce reports, pay bills, and reconcile accounts in addition to doing all the other “busy” jobs. An accountant is your best bet if you require a more comprehensive understanding of these reports and data. In order to assist you to increase cash flow and achieve your future objectives, he will handle your taxes.

But if your company dealings are complex and you require a CPA rather than an accountant, do so. The fact that only a certified public accountant (CPA) has the power to represent you if the IRS comes to knock on your door is another decisive factor.

Advice on deciding whether to pursue a career as a bookkeeper, accountant, or CPA

You can use the following advice to choose one of these positions to apply for:

  • Analyze your timetable

Determine if you have time to continue school and additional training or if you must start a job immediately. With little training, you may become a bookkeeper. However, as an accountant, you might discover additional chances and promotions if you have the time to complete a degree. You may increase your employment prospects and financial potential by studying for and passing the CPA test with more time invested.

  • Decide how comfortable you are with responsibility.

All bookkeepers, accountants, and CPAs are responsible for ensuring that they retain and record accurate data. However, bookkeepers have the least liability because they don’t deal with audits or tax data. All accountants are held accountable for more rigorous financial data, and CPAs are permitted to work with information covered by federal and state tax laws. You might be able to choose the position you want to pursue by being aware of the potential risks associated with each job.

  • Think about your chosen employment duties.

These accounting roles have various responsibilities and skill requirements. Accounting and CPA roles may include more challenging financial obligations, whereas bookkeeping positions need more administrative work. You must utilize math in order to succeed in bookkeeping, accounting, and CPA roles, but accounting and CPAs may do so more frequently than bookkeepers. Knowing the difference could make it easier for you to select a position that fits your needs and expectations while also matching your skills.

Hire bookkeepers and CPAs to handle your company’s financial needs

The business world is evolving quickly, and businesses need excellent financial accounting services to comply with rules like licensing and taxation that keep them operating. Most transactions involving partners or financial institutions must be supported by transparent and reliable financial statements.

Velan is a specialist who assesses the company’s accounting requirements to determine when or if a bookkeeper or a CPA should be hired.

Our Bookkeeping Experts are here to help.

Topics: CPA Bookkeeping


How to Find the Best CPA bookkeeping for Your Startup or Small business?

Posted on 25/11/2022

“Choosing the Right CPA Accountant for Your Business. Finding a decent accountant is so challenging that it has even given rise to a running joke among small business owners or founders of startups.”

While doing your own books may seem like a cost-effective option, hiring a professional bookkeeper for your business might end up costing much more in the long run.
Employing a certified public accountant (CPA) may help you save time, money, and potentially even your sanity because startups frequently deal with sophisticated tax and accounting issues including cash flow management, compensation issues, and venture capital financial due diligence.

Numerous factors will affect how much a small business or organization will pay for CPA bookkeeping rates. Accounting work completed by a CPA accounting firm, you’ll find a range of $150/hr to $450/hr. The size and stage of the company, the volume of monthly transactions, the number of workers and the manner in which payroll is handled, the number of expense accounts and credit cards, the volume of invoices to be sent out and paid, the number of balance sheets to be reconciled, etc.

Your expenses will be affected by how your accounting systems, rules, and processes, as well as your reporting requirements, are set up and managed, in addition to these fundamental bookkeeping tasks.

What Does Velan CPA bookkeepers for Small Businesses Do?

Small business accountants like Velan CPA bookkeepers are experts with the expertise and understanding to guide owners through their financial records. They are frequently Certified Public Accountants (CPAs). These accountants could operate on a monthly, quarterly, or yearly basis, depending on the size and requirements of the company.

Small businesses frequently enter into agreements with accounting firms or individual accountants who provide the services they require, unlike bigger organizations that frequently employ accountants. CPA bookkeeping provides a wide range of services tailored to the requirements of freelancers and small company owners. The majority of Velan CPA bookkeepers offer firms specialized service bundles and extra knowledge. One of the services a CPA provides is:

  • Tax Return Preparation

Tax return filing for both individual and company filings is one of the key services a CPA does. The only people qualified to file returns are those with a current Personal Tax Identification Number (PTIN). Small company owners and independent contractors often seek the assistance of Velan CPA bookkeepers because many accountants and bookkeepers decline to file returns. Working with a CPA also gives you the assurance that you are claiming all permitted self-employed tax deductions.

  • Tax planning

Our CPA can assist you in reducing your tax liability. Because every organization is unique, you will need a specialist to identify tactics that are adapted to your particular circumstance.

  • IRS correspondence

The IRS or a state agency will frequently write to small company owners and independent contractors at some time. You need a CPA’s advice to determine whether the fines and penalties can be reduced. After you’ve completed a Power of Attorney form, many CPAs can communicate with the IRS and other authorities on your behalf, relieving you of this responsibility.

  •  Consulting

Our CPA can help you understand the financial and tax ramifications of every business decision, including succession planning and growth strategy. A transparent understanding of the consequences of tax is the foundation for good growth and the capacity to reduce taxes.

  • Financial Statement Preparation

Our CPA may also prepare financial statements for your company as a standard service. Financial statements must be prepared by an impartial third party for compilation, reviews, and audits. Because of their independence, which they value highly, CPAs can provide your company with accurate financial statements that can be given to lenders, investors, and other third parties.

What is a CPA vs. an accountant?

All that distinguishes CPAs vs. accountants are their credentials and skill level. Accounting is a profession, however, not all accountants are CPAs.
A bachelor’s degree is a requirement for an accountant, although a license or certification is not. Bookkeeping, tax preparation, profit-and-loss statement preparation, and financial and tax planning are all tasks carried out by accountants.

To become licensed, a CPA must, however, satisfy the state’s educational and experience criteria and pass the demanding Uniform CPA Exam, which includes both basic business knowledge and accounting issues.

This also implies that a CPA’s fee structure is often more expensive than that of a regular accountant. CPAs may provide a wider variety of accounting services and can play a more advisory or strategic role in the financial operations of your business.

Why CPA is Necessary for a Startup

An accountant is a specialist who handles all the intricate and crucial arithmetic activities associated with running a business, including accounting, financial planning, and the preparation of tax returns and profit-and-loss statements.

An accountant who has passed their state’s Uniform CPA Exam and satisfies the educational and experience criteria of their home state is referred to as a Certified Public Accountant (CPA).

In other words, all CPAs are also accountants, but not all CPAs are accountants. A CPA can do all of the following responsibilities in addition to offering sound advice and assisting you in making the proper decisions. However, since this is your business, a CPA cannot make business decisions for you.

  • Assist your company in reducing taxes today and make arrangements for upcoming tax circumstances. Identify any issues with your tax returns before the IRS does with the help of audit and assurance.
  • Management and consulting: Assist in budgeting, risk management, and the creation of financial statements for shareholders. Act as your company’s chief financial officer (CFO).
  • Investigate the financial records to assist you to stop or find theft or fraud using forensic accounting.
  • Payroll administration: Ensure that everyone is paid promptly and that all payroll deductions are processed properly.
  • Bookkeeping: Take care of invoices and accounts receivable, see to it that the bills—such as rent and utilities—are paid promptly, and make prompt payments to your suppliers.

As you can see, a CPA can assist you with much more than simply tax preparation and bookkeeping. It’s time to start looking for a CPA you’d genuinely like to hire once you’ve decided what services you need from one.

Choose if you want an internal or external accountant.

If you want your accountant to handle a specific type of job, think about whether you have enough work to keep an internal or in-house accountant occupied. Even while having exclusive access to their information could be convenient, you might only require someone on a temporary basis.

Additionally, bear in mind that it is trickier to outsource back-office duties like billing and paying bills than other jobs like categorizing transactions and balancing accounts.

Even if you could choose to work with an internal accountant or bookkeeper, it’s typical to have a CPA from outside prepare your taxes.

For this reason, a developing company would be wise to start by talking with an independent accountant or accounting firm. A full-time employee’s salary and benefits are frequently less expensive than those of an outside firm, and you might get better advice from a CPA or tax accountant.

How do outsourced CPA accounting firms?

Business process outsourcing, or BPO, is a means to outsource your company’s daily activities, including marketing, data processing, and web development. A BPO that specializes in accounting is someone who can manage the financial part of your company.

Offshore CPA firms must maintain financial records to manage the budgets, comply with regulations, and learn about your company’s financial viability.

Although there are many outsourced CPA accounting firms, Velan CPA Bookkeepers is your one-stop shop for proficient, high-quality, and outsourced accountants.

Expertise with accounting software

If you currently use accounting software like Xero or QuickBooks, make sure your potential CPA is familiar with how to use it. This is especially crucial for any software that is industry-specific. For instance, the financial toolbox for a SaaS firm differs from that of a company developing mobile applications.

Your CPA will be able to use the program right away to examine your cash flow, inventory control, and pricing if they are familiar with it.

Consider the CPA accounting firm credentials

You should confirm that an accountant has the necessary certifications before hiring them. If they identify themselves as a CPA, it signifies they have passed the exam and have been granted a license by your state. CPAs maintain their licenses by completing continuing education requirements and staying current on all federal, state, and local tax rules.

Some CPAs also hold additional credentials, including those for Personal Finance Specialist (PFS), Certified Valuation Analyst (CVA), and Accredited in Business Valuation (ABV), among others.

Those qualifications are probably genuine if you get the endorsement from the IRS, your state’s board of accountancy, or a state CPA organization. However, if you got a recommendation or looked them up online, you might wish to check CPA Verify, an online central database that has details on authorized CPAs and public accounting companies.

Before making a choice, be sure to enquire about references and talk with a few of your potential accountant’s clients.

A competent CPA can set up your startup for financial success.

For first-time founders, in particular, launching a firm can be both an exhilarating and intimidating experience. In the early stages of any startup, revenue and finance are crucial, and poor financial choices for accounting businesses may make or ruin your company.

Making wise company decisions supported by trustworthy accounting and precise bookkeeping will help safeguard your investment. But who has time for everyday accounting tasks when your business is just getting started?

A startup CPA may be a fantastic resource for guiding you through financial and business issues and helping you avoid expensive blunders so you can focus your energies on other crucial activities like strategy, growth, and scalability.

How Velan can be useful

As the creator of a business, you have a lot of obligations to meet, especially in the beginning. You don’t have to make keeping up with your books one of them. Paying a CPA rate for accounting services may not be financially advantageous for you if all you now require is someone to monitor your monthly finances.

If you outsource your accounting to Velan, you’ll have reliable, current financial information that may be used for tax planning and preparation, small company loan applications, strategic consulting, or audited financial statements.

Velan and a CPA complement each other well. Let’s face it: sound bookkeeping is the foundation of all sound tax planning, accounting counsel, and consulting services.

Consider utilizing Velan in conjunction with a CPA if you want to save yourself time, money, and a lot of hassles. After that, you may resume expanding your business empire.

Our Bookkeeping Experts are here to help.

Topics: CPA Bookkeeping


Bookkeeping for CPAs & Accounting Firms

Posted on 29/09/2022

Velan provides bookkeeping for CPAs, and various accounting firms in the United States and beyond. Our accounting experts can handle accounting tasks of any size or complexity. We act as a catalyst for growth with deep industry knowledge and understanding of accounting, tax, and law.

If you are looking for the right answer to the “outsourced CPA bookkeeping services dilemma, you are on the right page. Any accounting entity or commercial enterprise seeking assistance in handling the tedious task of managing their clients’ books from various industry backgrounds can get help from outsourced CPA accounting firms to better manage their accounting tasks efficiently.

You can outsource all your critical accounting tasks to us and focus on high-income accounting and tax activities. We provide you with continuous feedback. This transparent approach given by the outsourced CPA accountant can give you more actionable insights into your financial performance, allowing you to manage your business better.

Here’s what you get from Velan

  • Efficient, certified & trustworthy Bookkeepers
  • Easy-to-adapt processes – outsource in minutes!
  • Flexible hiring & pricing model
  • Error-free accounting coupled with ISO Certified data security standards.

Why Choose Certified Public Accountants?

All CPAs Are accountants, But Not All Accountants Are CPAs

Factors like license, role, skills, and more set them apart. Which is why you need to choose the best for you!

Accountants and Certified Public Accountants (CPA) are both essential to business functions, and the two roles have important differences.

So, would a CPA benefit your organization’s tedious accounting tasks? Let’s take you through these differences and help you choose better.

Accountants do not require a valid license, but a professional CPA requires a license. This ensures that your work is in the hands of professionals but also gives you the surety of quality work.

CPAs must pass rigorous testing and strict licensing requirements in the state where they wish to practice. Employing offshore CPA firms will provide you with Licensed CPAs to ensure compliance is followed.

CPAs are trained well and have completed core courses and accounting, auditing, and business administration hours. taxes and regulations.

Accountants are legally authorized to prepare tax returns, although they may not know tax codes as much as CPAs.

CPA accounting firms employ CPAs who can represent clients and sign tax returns in the event of a tax audit before the IRS, unlike non-CPA accountants.

Code of Ethics and Requirements:

When you outsource your accounting work to accounting and bookkeeping services, you get access to the services of CPAs, certified professionals who follow strict ethical principles and professional standards established by the AICPA.

Since regular accountants do not have a specific governing body, they are not required to adhere to any specific code of ethics.

Top accounting firms provide services by bookkeeping CPAs that have the legal responsibility and authority to act on behalf and in the client’s best interest. Accountants without a CPA license are not considered fiduciary to their clients.

We at Velan maintain certain ethical standards of procedure to maintain the quality of work and provide the best in the market.

Do Bookkeeping CPAs firms use QuickBooks?

QuickBooks Revolutionized Accounting For Businesses, But Is It Advanced Enough To Replace Services Offered By Accounting Firms?

Research shows that 64.4% of small and medium business owners regularly use accounting software such as QuickBooks, with some even replacing human staff with these virtual solutions. It is understandable that, as a business owner, you want to save money whenever possible, but some financial processes still require the expertise of an experienced Certified Public Accountant.

Here is what CPA Accounting services for small businesses offer you when you outsource your requirements.

Keeps You in Compliance

Outsourcing your requirements for Bookkeeping for CPA, several firms prefer to use QuickBooks for accountants as it is excellent software. However, relying solely on it can put you in a lot of trouble.

  • Tax laws are constantly changing, and the agendas are rarely updated as quickly as the laws.
  • If QuickBooks incorrectly calculates your refund based on outdated tax rates.
  • If changes are a deduction for which you are no longer eligible, you may be fined or checked by.
  • This is just one of the reasons why it is so important to work with an accountant who keeps up with guidelines and legislation.

Grow Your Business:

More importantly, QuickBooks cannot guide the types of high-level financial decisions that will help you grow your business. It can produce impressive reports such as income statements highlighting correlations between revenue growth and specific expenses.

  • But without an expert analyzing and interpreting those reports,
  • You can only imagine how the information can be used to improve your bottom line.
  • A competent CPA Bookkeeping service for small businesses, especially those who employ Certified Public Accountants (CPA), specializes in analyzing the details.
  • They identify the financial indicators that even the smartest software would miss, the relationship between profit and loss, and external market trends.

Gain Time to be Your Best:

Anyone can learn to use QuickBooks, but accounting and financial analysis are time-consuming processes that require a lot of attention. The more time you spend analyzing and breaking down financial reports, the less time you have to run your business. The process also takes much longer for a layman than a tax accountant specializing in finance, so it’s best if you outsource your needs to CPA bookkeeping accounting firms.

Foolproof Work:

Finally, QuickBooks is not foolproof. While it provides you with the tools to manage your finances and taxes, it is up to the user to ensure that these tools are used correctly and that the data is entered correctly. Employing the best in class CPA bookkeeping services will help you gain competitive advantages in the industry.

Our Key Differentiators:

Lower costs:

  • Outsourcing allows the company to focus on business expansion strategies by removing routine accounting activities.
  • In addition, it allows the company to obtain high-quality services at low operating costs.
  • If you outsource some of your CPA accounting services.
  • You just have to pay for the accounting work done by our company.
  • This eliminates the need to hire multiple part-time accountants or full-time CPAs to handle the workload, which can be done by a Remote CPA accountant.

Focus on the main functions:

  • Outsourcing frees up time and manpower that would otherwise be used for routine tasks, so you can focus on your business strategy.
  • Working with teams to understand target demographics and change expectations will help attract and manage more customers.
  • Backend operations by small business accounting can seamlessly integrate with the front end when certain business processes are outsourced,
  • Saving more time and eliminating communication delays.

High-end Results:

Be it real estate accounting or the need for a personal tax accountant, depending on the volume and type of work, you can outsource the management of transactional entries, general ledger, and many other basic accounting tasks that take time and work. This means there is a larger workforce during peak season, which increases your business’ productivity without increasing headcount.

Improve service quality:

Outsourcing helps to meet deadlines because the resources needed to do the accounting are available to your outsourced accounting services. This allows staff to focus on more important tasks and increases processing time for financial statements and tax returns while providing quality service.

Outsourcing simplifies bookkeeping and the regular preparation of documents, minimizing stress at the end of the year. This ensures books are tax compliant, saving more time during peak periods. Outsourcing 360-degree services by accounting consultants at Velan will help reduce response time significantly. Since some countries are 10-12 hours ahead of countries in the west.

Tasks Assigned At Night, Completed The Next Morning

Round-the-Clock Support:

With a time, a difference of 10 to 12 hours, outsourcing bookkeeping services in the Asia Pacific allows you to provide 24/7 support. A team of highly trained and skilled CPAs by an accounting firm for small businesses to support your clients round the clock will make it easier for you to expand into the global market.

Partner With Us Today

Partner with a leading cloud technology provider:

Accounting and bookkeeping software moved to the cloud. Being amongst the top 10 accounting firms, Velan uses QuickBooks Online, Xero, and other industry-specific connected cloud solutions that benefit the businesses we serve. Work with us, and we will share our technological know-how with your customers.

Small Bussiness Bookkeeping:

  • Setup of Accounts
  • Clean-up of Books
  • Bank and Credit Card Statements

Write-up Services:

Outsourced Financial Services:

  • Cash Flow Statements
  • Profit & Loss Statements
  • Preparation of Balance Sheets

Payroll Bookkeeping & Tax Accounting:

  • Preparation of State Payroll Returns
  • 941, 940, 1099, W-2, W-3
  • Sales/User Tax Preparation

Topics: CPA Bookkeeping


Why outsourcing is a must-do for CPA firms?

Posted on 05/03/2022

CPA services for small businesses, CPA firms are comprised of auditors who conduct both public and private audit engagements, In today’s competitive world, outsourcing your CPA firm’s bookkeeping is one of the wisest choices to stay ahead of the competition by focusing on your core business. If you would like to stay ahead of your competitors consistently then you need to offer more values than anybody does. With bookkeeping in your hands, you will have time to focus only on mundane CPA services for small businesses.  This is because bookkeeping demands greater attention and can be a lengthy process.

CPA firm outsourced services

Essentially CPA firms should concentrate on bringing new clients and profits to their business. This requires more energy, effort, and time to be invested in the complex and core areas of the clients. Certain things like planning clients’ taxes, investment planning, wealth planning, and working on strategies to increase the profitability of the client can go a long way to give you a competitive advantage. By outsourcing your bookkeeping activities, you can focus more on providing your clients with these added values for a low or almost no price.

Below are some of the benefits of outsourcing your CPA firms:

  • Leveraging skilled and efficient accountants at a much-reduced cost. These resources can be billed at much higher rates
  • No time wasted on hiring and training accountants, according to your needs
  • Leveraging state-of-the-art technology and infrastructure without having to invest in them
  • Decreased visits to the clients and travel time, thus increasing the realization rates
  • No independence is impaired. You can still check the progress of your records online. Online access can be set up using third-party service providers if your outsourcing partner is not able to provide you with online access
  • No need to suffer downtime as your outsourcing partner will take care of it
  • Enjoy faster turnaround time and check your files at any point in time
  • Stay ahead of the competition, plus benefit from colossal savings of up to 50%
  • Get benefited from the stringent QC policies from your outsourced partner to provide seamless services to your clients.

Bear these “things to look for in an outsourced partner” in mind while choosing your partner:

    Bookkeeping services tailored to your needs

  • Knowledge and skills of the top management team
  • Quality procedures and policies followed
  • Strength of the service provider financially
  • Length of time of their presence in the business
  • Years of experience and level of skill of the staff
  • Check if you will be working with the same person/ team throughout
  • Reliability and Scalability
  • Check if they provide online support

CPA Services For Small Business, If you are in agreement with the above-stated facts and in need of a reliable partner, here we are to help. Call at +1-860-215-4997 or visit our website www.velan-bookkeeping.com for more details.

Topics: CPA Bookkeeping


Top 5 CPA Accounting Strategies Trending in 2022

Posted on 03/02/2022

Financial gurus predict a sea change in the way the accounting process is going to evolve this year, 2018. Gone are the days when bookkeeping and financial accounting were done manually. Presently, we are heading into a total transformation where automation, CPA Bookkeeping Services, and cloud accounting are endorsed globally by the business community and corporate houses.

CPA Accounting firms 2022

While small business houses, bookkeepers, and CPA accounting firms avail the support of CPA bookkeeping services by outsourcing their work significantly, let us look at the top 5 most trending accounting methods this year.

1. Automation

Automation in accounting is a boon to small and large businesses. The automation process has slowly replaced manpower in accounting during 2017.  Manual accounting is gradually phasing out and industries are opting for automation because it saves a great amount of time and is very cost-effective. Accountants of CPA firms and bookkeepers can focus on other crucial accounting issues as the day to day accounting operation works hassle-free.

2. Cloud accounting

Cloud accounting software is user-friendly and flexible as it can be accessed from anywhere. Financial information gets updated automatically providing real-time reports, making it easier for businesses to take quick decisions on various issues. Cloud software keeps accountants and business owners well connected.

3. Social Media for accounting firms and CPAs

Business houses are using the social media platform to increase brand presence for their online business strategies. The idea is to reach out to a global audience, which has the advantage of accounting companies is increasing website traffic at very little or no cost.

4. Collaborative Accounting

The term may sound new because it involves accountants communicating with clients using the internet and state-of-the-art technology irrespective of their location. Sometimes, accounting transactions are monitored by an Accounting back office to a business house on the other side of the world. Communication with clients and business partners, coming up with solutions and strategies is simplified.

5. Outsourcing

Outsourcing financial and accounting services are gaining popularity in recent times, especially in the last couple of years. The Accounts department will have more time on hand to develop other pressing business issues that need immediate attention. In addition to that, the following advantages keep them on the popularity list.

  • Ample time to focus on core business and growth
  • Resource scalability
  • Complete support from an Expert accounting team
  • Manage realtime Financials
  • Major cut-down on cost

When we look at all the above methods of accounting it is obvious that the benefits of Accounting outsourcing for businesses and industries are numerous, irrespective of their size and domain. Outsourcing your accounting operations to expert accountants will be a great relief and ensures a smoother business model, not to forget the reduction of overheads.

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Team Velan Bookkeeping offers reliable and speedy outsourced accounting services to CPA firms, bookkeepers and small businesses at a global level. Reliable accountants with expertise are ready to take care of all your accounting needs. When you are considering outsourcing accounting, go to www.velan-bookkeeping.com for the best deal!

Topics: CPA Bookkeeping