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To ensure future success in 2024 and beyond, progressive accounting firms should integrate the following software types into their operations. The following are the various categories of software designed for accounting firms: Xero Wave QuickBooks Desktop Enterprise BQE CORE Suite QuickBooks Online Advanced Flexi software Prophix Xero A global small business platform with 3.95 million subscribers, Xero handles core accounting, payroll, workforce management, expenses, and projects. Xero’s open platform offers a variety of solutions to Read More

Introduction: Welcome to the world of virtual bookkeeping, where numbers come to life, and your financial success hinges on finding the perfect virtual bookkeeper. In this spicy guide, we’ll spice up your search and turn up the heat on reliability. Say goodbye to sleepless nights worrying about your books, and say hello to the sizzling sensation of seamless financial management. It’s time to choose the most reliable online bookkeeper, and we’re here to serve you Read More

Small and medium-sized firms frequently utilize QuickBooks, a potent accounting program, for effective financial management. Numerous features are available that simplify bookkeeping procedures, automate operations, and deliver insightful data about the financial health of the business. In this blog, we will share 10 QuickBooks tips to help you optimize your bookkeeping process, increase efficiency, and make the most of this versatile software. Customize Your Chart of Accounts The Chart of Accounts is the backbone of Read More

Managing Your Bookkeeping Smartly Growing businesses are constantly trying to expand their services, increase visibility, and manage costs. Whether small or medium firms, maintaining a record of the company’s financial affairs is extremely important. You might look for bookkeeping services in the USA and get various results: However, choosing what is best for your organization is vital these days. This is where Bookkeeping comes into play. However, managing your data and the company’s financial transactions Read More

Payroll has always been a time-consuming job, regardless of the size of your workforce. According to studies, small business owners spend more than 10 hours each month merely completing employee payroll. Payroll automation might now uncover huge efficiencies for small and medium-sized businesses. Organizations at this level are primarily concerned with expansion, product quality, and new business sectors. Regular chores such as payroll can create enormous tensions (particularly towards the end of the month), diverting Read More

What Are the Key Steps in a Bookkeeping Cleanup Checklist for 2024? Obtain client information Arrange and categorize the client’s information Add client data Perform account reconciliation Rectify mistakes Evaluate classifications Evaluate the preliminary tasks Generate reports Dispatch reports to clients Obtain client information The initial stage involves acquiring client information, which is frequently the most demanding aspect of the procedure. Client information can be provided to you in either a physical or electronic format. Read More

Outsourced bookkeeping for CPAs has grown in popularity owing to a variety of variables. With the rising pressure on businesses to remain competitive and efficient, many are turning to outsourcing to assist them in managing their financial operations. CPAs may focus on more strategic, high-value work, such as evaluating financial data and offering professional advice to their customers, by outsourcing their bookkeeping responsibilities. Outsourcing bookkeeping for CPAs also allows them to use the most up-to-date Read More

The nonprofit accounting software should include invoice sending and spending tracking, as well as other essential accounting features. Nonprofit accounting features like donation receipts, restricted fund management, and Form 990 filings should be included. The best non-profit accounting software is here. Best  5 Accounting Software for Nonprofits of 2024: Aplos: Online Nonprofit & Church Software FreshBooks Xero Zoho Books Realm: online church management software Aplos Online Nonprofit & Church Software: Fund accounting, donation tracking, online Read More

Bookkeeping and accounting is a crucial part of business finance. Without proper bookkeeping measures, businesses can suffer from loss of revenue and growth. It involves a series of tasks, from simple data entry in software to dealing with certified accountants. Whether it is a startup tech company or a manufacturing unit, bookkeeping forms the backbone of the financial system. Tables of Content: Basics of Bookkeeping for small business owners What Are Bookkeeping and Accounting Services? Read More

This restaurant accounting guide will help you better manage the finances of your establishment and understand the roles and responsibilities of your accountant. Understand the language: Learning the accounting language would be the ideal line of action if you wanted to properly master restaurant accounting. Even if they seem like gibberish right now, terms like debit, credit, balance sheet, and cash flow are commonly used in the accounting industry that you, as an entrepreneur, should Read More

What is Quicken? Quicken is a software program designed to assist individuals and families in effectively managing their personal finances. It enables you to monitor your earnings and expenditures, as well as establish and oversee budgets. Establish expenditure objectives and monitor your advancement towards them, monitor the performance of your investment portfolio, establish financial objectives such as retirement planning or saving for a house, and handle bill payments and debt management. An alternative to Quicken Read More

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 Read More

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. The bookkeeper records every financial transaction made by Read More

As businesses continue to navigate the complexity of today’s financial landscape, bookkeeping services remains essential for maintaining accurate records and ensuring financial stability. Managing bookkeeping obligations in-house may be a time- and resource-intensive procedure for many firms. This is when the organization’s Indian bookkeepers come into play. There are various benefits to outsourcing bookkeeping to India. To begin with, Indian bookkeepers are highly trained and well-versed in worldwide accounting standards. Second, since Indian bookkeeping services Read More

Accounts receivable in property management refer to the amount of money owed to the property owner or property Management Company by tenants or other parties for rent, fees, or other charges related to the property. It represents the income the property manager or owner expects to receive but has not yet been collected. Accounts receivable are considered an asset on the property management company’s balance sheet. Here’s a breakdown of what accounts receivable can include Read More

Time is a precious commodity for small business entrepreneurs. In addition to managing every aspect of their company’s operations, they are experts in the products and services their company provides, managing everything from sales and marketing to staff scheduling and benefits. Along the journey as you strive to expand your firm, there are obstacles at every turn of accounting for startups. Do you realize that 90% of new businesses fail? Unsuccessful financial and accounting management Read More

Nonprofit Bookkeeping and Accounting Terms Tables of Content:  Accounts Receivable Accrual-Basis Accounting Amortization Accounts Payable Audit Bank Reconciliation Balance Sheet (Financial Health) Chart of Accounts Cash-Basis Accounting Encoding Current Liabilities Donor Advised Fund Depreciation Deferred Revenue Forecast Functional Expense Report Form 990 Fixed Assets Grants In-Kind Contribution Income statement (Statement of Activities) Indirect Costs Journal Entry Liquidity Liability Management Letter Net Assets Prepaid Expense Pledge Release from Restriction Statement of Cashflows Unrealized Gain or Loss Read More

In the realm of small-business bookkeeping, virtual cloud bookkeeping services are getting more and more popular; as a result, the practice of bookkeepers travelling to meet with customers is becoming more of an exception than the norm. Probably, you won’t ever really meet most of your clients. Trusting a virtual service with your books may be challenging, and selecting the right provider can be even more challenging. To make the best choice possible, we’ll simplify Read More

Bookkeeping Services For Real Estate & Property Management Firms: The money you bring into your bookkeeping services for the real estate business is highly significant. You have to get money from several sources, such as buyers, sellers, investors, and more. Not just that, there are daily transactions with the sellers, people you buy property from, and other entities. You must be careful how you manage your funds and where the money goes. Not tracking how Read More

Mastering Real Estate Bookkeeping: A Comprehensive Guide to Financial Management and Compliance Real estate bookkeeping involves monitoring and arranging financial transactions associated with properties, investments, and operations. Accurate documentation and financial oversight are essential for bookkeepers, especially in the real estate sector. Bookkeeping in the digital world has become more convenient and accessible. Virtual bookkeepers use cloud-based accounting software to efficiently manage their records. Bookkeepers will no longer have to worry about misplaced documents and Read More

The success of your business is largely dependent on its financial management. However, not all companies have the means or the inclination to employ internal accounting, and that is not mandatory. A growing number of organizations are migrating to virtual bookkeepers as a result of their proficient tracking, recording, and seamless management of financial tasks. How curious is that? Let’s explore. Depending on their location, full-time bookkeepers typically command an annual salary between $48,000 and Read More

Accounts Payable Automation shortens the time it takes to receive, process, and pay invoices and contributes to business intelligence by bringing information from diverse sources together. It helps your whole business align around important indicators by automating processes and removing manual activities, allowing everyone to concentrate on what matters – increasing revenue and minimizing expenses. We will use this chance to explore various elements of AP automation and assist you in selecting the appropriate AP Read More

Outsourced virtual CFO Services will oversee your current bookkeeping and controller staff in the startup. There is a common misconception that a bookkeeper and an accountant are enough to run the financial aspects of the company.  The role of a bookkeeper is limited to maintaining the daily transactions in the organization. Sometimes, the bookkeeper can extend their services during the accounting season but with limited expertise.  The role of an accountant is to get the data Read More

AppFolio is a comprehensive property management software designed to streamline and simplify real estate operations. The software provides a collection of applications that enable property managers, landlords, and real estate experts to effectively manage various responsibilities, including tenant communication, lease coordination, rent collection, and maintenance tracking, among others. Who is AppFolio: Real Estate and Property Management Software?  AppFolio accommodates a diverse array of users operating in the real estate sector. Property management companies that oversee Read More

What is a Yardi? How is it useful for Bookkeeping? Yardi is a software vendor that makes applications for all sizes of property management and real estate companies nationwide. It offers a comprehensive suite of software solutions that can be used for property management bookkeeping, accounting, marketing, leasing, and more. Yardi’s accounting software can be used to automate bookkeeping tasks, such as: Reconciling bank statements Entering invoices and expenses Generating financial reports Tracking accounts payable Read More

Buildium is a cloud-based property management software that can help you manage your rental properties more efficiently. It has several features, such as: Rental management: Track rent payments, generate leases, and oversee tenant communications as part of rental management. Maintenance and repairs: Track maintenance requests, schedule repairs, and manage vendors. Accounting: Track income and expenditures, produce reports, and file taxes as part of accounting. Resident Portal: Residents can view their lease agreement, make maintenance requests, Read More

Using your year-end accounting checklist, you’re taking the time to ensure that your business is financially sound for the upcoming year, but where do you even begin? Here are a few essentials you should take care of as the year comes to an end. Make the Most of Your Deductions One crucial item on your year-end accounting checklist is the tax deduction. On your small business tax return, claiming all of your tax-deductible expenses will Read More

Managing the financial records and transactions of a business can be a complex and time-consuming task. Many businesses, especially small and medium-sized enterprises, choose to outsource their bookkeeping to professional services. If you’re considering finding a bookkeeping service for your business, here’s a comprehensive guide to help you through the process. Assess your needs: Before you start searching for a bookkeeping service, it’s crucial to evaluate your specific needs. Consider factors such as the size Read More

The need for remote bookkeeping services is rising. If you don’t want to waste time travelling to a bookkeeper’s office or don’t have enough office space for an in-house bookkeeper, they are a perfect alternative. Compared to typical accounting businesses, remote bookkeeping services frequently offer superior customer service and quick turnaround times. For business owners who desire to outsource the accounting process, Velan Remote Bookkeeping is the most reputable remote bookkeeping service in India. You Read More

Property management entails the external supervision of properties on a routine basis. A property manager or property management firm constitutes this third party. This guide will explore the best practices and tools for managing financial activities in Bookkeeping for Property Management. We will explore the benefits of employing a virtual bookkeeping assistant for property management firms to enhance efficiency in accounting processes, save time, and maintain precise financial reporting. Mastering Property Management Bookkeeping: A Comprehensive Guide Read More

Bookkeeping Common FAQs List: What is bookkeeping? What are the best ways for small businesses to use bookkeeping services? How Can You Find Out How Much Bookkeeping Services Will Cost? How do you keep books for a business? What Are the Best Practices for Hiring a Bookkeeper for a Small Business? How much does a bookkeeper charge per month? How many hours are required to complete basic accounting tasks? How Much Do Bookkeeping Services for Read More

Accounting is vital to the profitability of medical practices for dentists, chiropractors, general practitioners, and medical specialists, among other healthcare professionals. While one may prioritise patient care as the most critical aspect of their profession, the maintenance of precise and current financial records for their practice is imperative to sustain the provision of exceptional treatment. A seasoned healthcare accountant can assist you in understanding the revenues and expenditures of your company, organising its financial documents, Read More

Balance sheets and Income Statements illustrate a company’s financial status at a given time. It tracks assets, liabilities, and equity. The company is the owner of all company assets. Cash, goods, investments, firm loans, and intellectual property or copyrights are included. Assets can be divided into “current assets” (cash and inventories) and “noncurrent assets” (property and long-term investments). Liabilities measure a company’s debt. These include debt, taxes, loans, accounts payable, and wages. As with assets, Read More

Good bookkeeping will help your practice stay successful and make money. It means keeping track of your taxes, income, and spending. You can’t expect your practice to grow and expand if you don’t have the right procedures in place. And who wouldn’t want to see the benefits of setting standards and goals that work? When you make bookkeeping a big part of your business, here’s what you can expect: Stability in the finances: Good dental Read More

Healthcare accounting is quite similar to the accounting of other types of businesses. As with all accounts, your healthcare account will be audited by generally accepted accounting principles (GAAP) and industry standards. In addition to the usual filing procedures, there are other challenges associated with keeping track of your healthcare practice’s finances and generating financial reports. Financial in healthcare: Healthcare accounting gives practice decision-makers the information they need to make financial decisions. Just checking the Read More

Successful medical practice bookkeeping requires the best resources and focusing on the right tasks. Five tips for complete and accurate bookkeeping for medical practices: Utilize technology efficiently. Include automation Assess office staffing needs Outsource when necessary. Track profit and loss realistically Optimize Tech Use: Using technology for medical bookkeeping is beneficial. With the right software, healthcare practice management can automate tedious tasks and free up time and resources for other projects. A good bookkeeping system Read More

If you already have in-house bookkeepers, you’re probably wondering if and when you should consider hiring or outsourcing someone to handle your accounting 2.0 chores. As previously said, business expansion necessitates changing financial requirements. As your finances become more complicated, you may require someone with a function that falls halfway between that of a bookkeeper and that of a controller. Compared to an internal bookkeeper, a full-charge bookkeeper’s responsibilities are far more varied. As a Read More

In the digital age, small businesses face a myriad of challenges in managing their finances effectively. One solution that has gained significant popularity is virtual cloud bookkeeping services. This innovative approach combines the power of cloud computing and professional bookkeeping services to provide small businesses with a reliable and efficient financial management solution. In this article, we will explore why virtual cloud bookkeeping is the best choice for small businesses, highlighting its benefits and advantages. Read More

QuickBooks is an online accounting software application developed and marketed by Intuit. It is one of the most popular accounting software applications in the world, used by over 7 million businesses worldwide. What is Quickbooks? QuickBooks, an online software for accounting, helps small businesses track their finances. It can be used to track income and expenses, manage inventory, create invoices, track payments, and generate reports. QuickBooks also offers a variety of features that can help Read More

We understand that bookkeeping can be a chore at times. For one thing, it conjures up images of spreadsheets, receipts, and ledgers. It’s enough to cause any person’s eyes to glaze over. Managing your company’s financial records, on the other hand, does not have to be a chore. If your small or medium-sized firm is in its awkward adolescence, where in-house bookkeepers appear inadequate and employing a controller seems excessive, a full-charge bookkeeper may be Read More

Follow the given steps to customize the QuickBooks menu: The Customize Menu dialog box will appear. Step 1: Click View in the menu bar. Step 2: Select Customize Menu. The Customize Menu dialog box will appear. In the Menu Items list, you will see a list of all the features that are available in QuickBooks. To select the features that you want to display in the menu, click on the checkbox next to each feature. Read More

The following are common bookkeeping mistakes that small businesses need to avoid: Confusion of personal and professional finances Diminishing the boundaries between personal and business finances may result in complications and hinder the precise monitoring of expenditures, revenues, and deductions. Additionally, this may result in tax reporting errors and possible legal complications. Disarray in Documentation Insufficient arrangement of financial records may lead to the misplacement or loss of documents, presenting a difficulty for organisations that Read More

Bookkeeping for small businesses consists of the systematic documentation, categorization, and administration of monetary deals. Accounting involves the documentation of revenue, expenditures, acquisitions, and sales to maintain precise financial records. However, small businesses face tax regulations, a lack of knowledge and resources, changing financial standards, and more. This blog covers successful bookkeeping for small businesses, typical mistakes, and other important information. Fit Small Business found that 64% of US business owners handle their bookkeeping. An Read More

What are Accounting Services in USA? Common accounting services include tax preparation and consultation, tracking expenses and revenues, accounting is about producing accurate financial records and maintaining efficiency for small and medium businesses. You’d be pleased to know that Velan offers offshore and outsourced Accounting and Bookkeeping Services to CPA firms, SMEs, Retailers, and Real Estate/Property Management companies, not just in Dover, but at a global level. We strictly adhere to Generally Accepted Accounting Principles (GAAP), Read More

Outsourced Bookkeeping for food truck business: There is just too much to do as a food truck entrepreneur. Ordering food, employing and training staff, cooking every day, receiving customer orders, cleaning, and so forth. How do you anticipate having time to be concerned about earning money? And that’s the truth—the majority of food truck owners don’t stop to consider whether they are generating money. Are you really in this merely for the fun of it, Read More

In property management, an accrual refers to an accounting concept related to recognizing revenue or expenses when they are earned or incurred, regardless of when the actual cash transaction takes place. Accrual accounting is in contrast to cash accounting, where transactions are recorded when cash changes hands. Here’s how accruals work in property management: Accrued Revenue: In property management, accrued revenue represents income that is earned but has not yet been received in cash. For Read More

Like many other service sectors, the bookkeeping industry offers a variety of billing models to meet the demands of different types of businesses. The two most common models are hourly rate structures and fixed-rate, sometimes known as flat-rate. Comprehending the subtleties, advantages, and possible disadvantages of each can assist enterprises in arriving at well-informed selections. Comprehending Fixed-Rate Accounting: What’s that? Fixed-rate bookkeeping includes a fixed charge for a predetermined scope of work, usually paid once Read More

As we move farther into the digital age, technology is changing many sectors of the economy, including bookkeeping. Modern software, automation, and cloud-based solutions are changing the way bookkeepers work and, consequently, how they set their fees. Let’s examine the complex relationship that exists between bookkeeping rates and technology. Advanced Bookkeeping Tools’ Emergence: Automation: Features that automate repetitive processes, including data entry, invoice production, and reconciliations, are now a staple of modern bookkeeping software. Effect Read More

Accounting is an essential part of every organization. It guarantees accurate recording of financial activities, timely payment of taxes, and a transparent financial plan for the company. However, it might be difficult to comprehend expenses, particularly when it comes to bookkeepers’ hourly fees. We’ll analyze the nuances of these rates and their implications for small business owners in this guide. Any business owner must comprehend the expenses related to bookkeeping. Hourly rates may appear simple Read More

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 Read More

Maintaining book balances is essential to operating a profitable company. Business owners must monitor incoming and outgoing money and their accounts closely. Your danger of financial disaster rises sharply if your books are out of date or your finances are out of control. Discover how vigilant monitoring through up-to-date bookkeeping benefits your business. Timely financial insights mitigate risks, ensuring stability and prosperity. Here Are The Reasons To Maintain Current Bookkeeping: Keeping an eye on and Read More

Open a Business Account Being forced to explore through too many statements for a little but crucial financial transaction is the worst. You may lose track if you haven’t segregated your personal and corporate funds, which always combine into one account. Open a new bank account to separate your personal and corporate finances so there’s no confusion. Financial information will be easy to access when doing your books. Budget for Taxes Budget for tax as Read More

13 BENEFITS OF HIRING AN OUTSOURCED BOOKKEEPING SERVICE Precise and up-to-date accounting is vital for a growing business as non-compliance takes a heavy toll on a business, hampering its development. However, business owners and executives can gain more value from their time spent on business growth rather than bookkeeping. Though they could employ online accounting software like Quickbooks, they would still need an expert to feed accurate and relevant data. Thus, outsourced bookkeeping services become Read More

Hiring the appropriate individual for the job is essential if you’re looking for a professional Quickbooks bookkeeper for your business. The individual you select will be essential in assisting your firm in keeping track of its money because your bookkeeper will need to record all business transactions. Many things can hurt your business if you hire the incorrect person. If you choose the improper bookkeeper for your firm, some of your business transactions could be Read More

Bookkeeping is an essential aspect of managing a startup’s financial records, and transactions and ensuring accurate financial reporting. However, handling bookkeeping internally can be time-consuming, complex, and prone to errors. This is why outsourcing bookkeeping services can be highly beneficial for startups. In this article, we will delve into the various reasons why every startup should consider outsourcing their bookkeeping functions. Time-saving: Startup founders and team members often find themselves wearing multiple hats and juggling Read More

Here is a glimpse of some of the most widely used property management software programs. Buildium: Property Management Software Buildium is a well-known name in the property management software sector. Buildium’s market position and value make it the best commercial property management software. The cloud-based Buildium platform offers property administration, real estate business operations, property and personal accounting, and leasing solutions. Its intuitive user interface lets you access all essential tasks with a few clicks Read More

Here are Some of the Simplest Bookkeeping Software in the US: FreshBooks Wave Accounting Zoho Books QuickBooks Bookkeeping Sage 50cloud FreshBooks: FreshBooks is a popular cloud-based accounting software that is designed for small businesses. It offers a variety of features, including invoicing, expense tracking, time tracking, project management, and reporting. FreshBooks is easy to use and affordable, making it a great option for small businesses. Wave Accounting: Wave is a free accounting software that is Read More

The act of  Catch-up bookkeeping can often overwhelm (if not completely scare) even the most goal-oriented business owners due to too much language and too much to understand. Do you feel sluggish and overwhelmed with your bookkeeping? You are at the appropriate location; have no fear. Catch-up bookkeeping is a calculated strategy for reclaiming your financial standing. In this post, we’ll go over all you need to know about catchup bookkeeping, including its relevance, how Read More

Evaluating two separate sets of records to see if they match is the process of reconciliation. In accounting, reconciliation is used to compare the records of a business’s bank account to the records of its accounting system. This helps to ensure that the business’s financial records are accurate and that there are no errors or discrepancies. There are several reasons why reconciliation is important: To Ensure the Accuracy of Financial Records: Reconciliation helps to ensure Read More

Bookkeeping Mistakes Made by Small Businesses: Operating Without a Budget I regard unplanned spending as one of the worst startup blunders, thus you need a budget. I know, nobody likes “BUDGET.” It sounds restricting, dull, and unfun! You worked hard for your money—why not spend it whatever you want? Yes, you can spend your money whatever you wish. But guess what? A budget allows that! Have you ever acquired a better job and splurged on Read More

Every accounting software needs these 10 features: Analysis and Reports. User permissions, and security. Payment handling. Balances and Migration Open. Business Function Interoperability. Design Options. Invoice/payment collection. HR/Payroll. Inventory, Fixed Assets. Reports, Compliance. Analysis and Reports: Powerful information is effective when delivered to the appropriate individuals at the correct time. Accounting software should provide a quick financial summary. Example: profit and loss summary, important accounts receivable, payable, expenses, and bills. Accounting software should present management Read More

Define Cash-basis accounting: Cash-basis accounting is alternatively referred to as the cash method of accounting or cash receipts and disbursements. This system places significant importance on cash on hand as it pertains to cash flow. Sustainability is a critical concern for startups and very small enterprises. Knowing the precise amount of available cash assists in determining when or how quickly bills are paid. Explain Accrual-basis accounting Accrual-focused accounting records expenditures at the time they are Read More

How can AI be used for property management? AI (Artificial Intelligence) property management tools can significantly benefit property management businesses in various ways by automating tasks, improving efficiency, and enhancing decision-making. Here’s how AI property management tools can help your business: Benefits of AI Property Management Tools: Automated Communication Predictive Maintenance Tenant Screening Rent Price Optimization Expense Tracking and Management Lease Management Energy Efficiency Data Analytics Security and Surveillance Workflow Automation Market Analysis Tenant Retention Read More

Need a break from keeping tabs on your small business’s cash flow by hand? Are spreadsheets a source of stress for you? Then maybe now is the time to think about getting some accounting software. Additionally, FreshBooks is a well-known name that has recently generated buzz in the industry. Your small business deserves the greatest tool for financial management, so it’s important to consider the pros and cons of FreshBooks before you sign up. This Read More

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 Read More

Historical Bookkeeping clean-up – Consider yourself the freshly hired finance administrator for a profitable business. Isn’t it exciting? But wait, your predecessor left you a jumbled mess of years’ worth of financial documents to sort through. Taxes, bills, and old receipts—it’s a steep hill to climb. This is where historical bookkeeping clean-up comes in. This method is analogous to an archaeological dig for financial papers. It is a rigorous, methodical process that ensures each document Read More

With credit cards being the second most prevalent method of payment (behind debit cards), it’s easy to see why credit card reconciliation is so important. Credit card reconciliation software is being used to automate credit card reconciliations as the number of credit card transactions increases. In this post, we’ll cover everything: what credit card reconciliation is and the numerous forms, why it’s necessary, how to do it, and how your organization may enhance the process. Read More

A Guide to Nonprofit Bookkeeping and Accounting Services: What captivated you when you first began working at your nonprofit? What motivated you to start working there in the first place? Most likely, it wasn’t complicated computations, arduous paperwork, or compliance rules. The nonprofit’s purpose was (and still is) most likely what motivated you to join. However, managing a successful charity organization entails doing a lot of paperwork, analyzing numbers, and other unpleasant activities. Nonprofit accounting Read More

The Ultimate Guide: Top 10 AI Accounting Tools of 2024: Introduction How is AI Being Used for Accounting? What Are the Advantages of AI in Accounting? The Top 10 AI Accounting Tools for 2024 Conclusion Introduction of AI Accounting: The accounting sector is being transformed by artificial intelligence (AI). AI is changing the way businesses handle their finances by automating tedious operations, delivering real-time insights, and forecasting future trends. In this essay, we will examine Read More

QB Issue Resolution: We’ve explained credit notes, credits, and refunds and how to apply them to help you understand. What is the difference between a credit memo, a credit, and a refund? Credit memo entry and application? Credit entry/application? Entering and applying for refunds? Note: You must erase and regenerate a credit memo to issue a refund, or vice versa. How can I find and erase a credit memo or refund to re-enter correctly? How Read More

There’s no one-size-fits-all method for choosing a startup CPA. There are six characteristics to look for to ensure a good match. Startup expertise: Startup CPAs should understand regulatory issues, paperwork, and investor or board reporting. They should also accurately calculate and track startup KPIs like burn rate (how fast you’re “burning through” your startup money each month) and cash zero dates. R&D tax credits and startup tax incentives should be well-known to your CPA for Read More

Bookkeeping with Excel includes the use of Microsoft Excel to record the financial transactions of a business. These transactions may consist of sales, purchases, expenses, and payments, among others. Numerous businesses use Microsoft Excel for bookkeeping due to its adaptability. Acquiring proficiency in bookkeeping using Excel and delving into its functionalities can facilitate comprehension of the financial statements of a business, the production of accurate financial reports, and error prevention. What is Excel bookkeeping? Bookkeeping Read More

Recording business expenses is made simple using QuickBooks Online. Entering your revenue and expenses provides a more thorough view of your company’s earnings. Enter a business expense if you have already paid for it. Enter the expense as a bill, however, if you intend to pay for it later. These particular transaction categories instruct QuickBooks on how to record every transaction. This is how to use QuickBooks to enter and track expenses. Keep a spending Read More

Bookkeeping is likely to be near the top of the list if you ask 100 business owners what they dislike most about running a company. It takes a lot of time and is a tedious, frustrating task that is simple to put off until the next day. But ignoring your bookkeeping is risky. A lack of financial knowledge can lead to a sequence of errors that could ultimately cost you your company. Here are three Read More

The digital age has revolutionized every aspect of daily life, including how people go about conducting real estate business. Top Real Estate and Property Management Software with an exhaustive set of features has replaced traditional property management activities, saving all parties involved time and money. Property management bookkeeping software also brings increased transparency and trust to transactions with the added convenience of having all necessary information in one place. It is not surprising that the Read More

In the same way that leading a healthy lifestyle and getting regular checkups can help you avoid and identify health issues early on (like heart disease), closely monitoring cash flow, the lifeblood of your company, can help you avoid financial difficulties for your enterprise. The following are some of the top techniques for handling cash flow: Regularly make projections. You’ll be able to produce better, more accurate, and up-to-date estimates of future cash flow and Read More

Master the art of e-commerce bookkeeping with our 2024 expert tips and techniques. Maintain your financial stability and push your business to the next level! One of the most important components of establishing an e-commerce business is handling your cash. Bookkeeping helps you keep track of all of your financial transactions and enables you to make informed decisions based on the correct facts. We will also go over the steps you need to take to Read More

Accounting for Businesses Bookkeeping involves recording a company’s income, expenses, debt, and assets. This data is then turned into financial documents to help you get loans, file taxes, and make better financial decisions. Simply said, it organizes all your business records in one place. Using an online bookkeeper may speed this up. Personal Accounting Personal bookkeeping simplifies budgeting and spending tracking. You decide how much to save, invest, and afford. You still need financial institution Read More

Improving Effectiveness By using the services of an online bookkeeping company, you can outsource your bookkeeping responsibilities and use the time you save to focus on more worthwhile projects that have a direct impact on the organization’s ability to generate income. Beneficial for Future Planning Bookkeeping services will support the upkeep of accurate financial data records. By carefully examining the data, this can aid in the creation of future strategies. Online bookkeepers provide incredibly dependable Read More

Here are a few brief pointers that to help you maintain accurate and spotless books. Maintain the separation of your private and business funds There should never be a meeting between your business and personal bank accounts. Combining personal and corporate funds can significantly increase the complexity of your finances. In addition to making, it more difficult for you to assess the financial health of your company, combining different types of funds may put you Read More

Let’s examine the crucial factors that you need to take into account: Accurate Documentation Management It’s critical to keep an impeccable record of every transaction in the real estate sector. The real estate sector has the ability to make decisions quickly and decisively while handling enormous sums of money. To guarantee that every transaction passes without a hitch, a perfect record book is needed. For basic bookkeeping, you can use Microsoft Excel spreadsheets or advanced Read More

Keeping your trucking company’s accounts in order is one of the most important things you can do to support its growth. We’ve created a list of 10 Ingenious Ways to Become an Expert in Trucking Bookkeeping. From using a corporate credit card and being aware of your company’s entity type to reducing the amount of unpaid day sales. Save all of your receipts, regardless of the cost. As many legitimate expenses as you can should Read More

Navigating Catch-Up Bookkeeping: Practical Management Tips: Assess your financial status at this time. As you are ready to catch up on your books, you need to assess the financial situation of your small business. Pay close attention to routinely checking bank and credit card statements, keeping an eye out for any anomalies, and keeping an eye out for any other activity that might be unusual. By doing this, you’ll make sure you pay the right Read More

Accounts receivable (AR) teams often need assistance with manual operations. These consume time and money, lead to mistakes, and result in lost papers and compliance violations. However, automating AR procedures may alleviate these issues while also increasing the AR team’s productivity. AR automation advantages include lower DSO and saving time for financial closure, allowing teams to focus on higher-value operations. There has long been widespread concern that automation may cost accounts receivable (AR) personnel their Read More

Just as regular car maintenance is essential to keep your vehicle running smoothly and prevent unexpected breakdowns, maintaining up-to-date bookkeeping is equally crucial for the successful operation of your business. Whether you handle your own bookkeeping or utilize a professional service like Bench, there are several key benefits to keeping your financial records current. In this article, we will explore the reasons why accurate and up-to-date bookkeeping is indispensable for businesses of all sizes. Budgetary Read More

Running an online store has several obstacles and responsibilities, ranging from calculating taxes on online sales to inventory management to working out delivery procedures. Your accounting software must be able to keep up. Whether you handle your bookkeeping using accounting software, engage a professional bookkeeper, or use a bookkeeping service, your solution should be capable of dealing with the complexities of ecommerce bookkeeping, such as: Merchant Fees Third-Party Payment Processors Inventory Management Alternative Sales Multiple Read More

As businesses develop and reach the mid-market level, their executives frequently face the challenge of reorganizing the back-office structure, policies, and procedures to keep up with the changing and expanding bookkeeping and accounting requirements of the business. Consequently, the volume of day-to-day accounting tasks rapidly becomes overwhelming, and the quality of the organization’s financial data suffers. Key Takeaways Automate: It is essential to automate as many manual processes as possible using bookkeeping and accounting software Read More

In the world of small business management and accounting, FreshBooks is a name that often stands out. This cloud-based accounting software offers a myriad of features to streamline financial tasks, making life easier for entrepreneurs. Here are some interesting tips to help you make the most out of FreshBooks and boost your business’s efficiency. Mastering the Dashboard: FreshBooks boasts an intuitive dashboard, but to fully leverage its power, take time to customize it to your Read More

Within this market segment, businesses frequently experience rapid growth and change, which can result in operational difficulties, soaring expenses, and dwindling profit margins. Key Takeaways Is Outsourced Accounting Necessary for Your Company? Do you have a well-thought-out company plan? Is your company strategy working? Does it help you educate your operational framework, create short-term benchmarks, and fulfil them in order to reach long-term goals? Improved Operations: Outsourced accounting services may help you enhance practically every Read More

Does your company require a CPA to conduct an audit, an accountant to optimize cash flow, or a bookkeeper to maintain your daily ledger? Learn more about the distinct responsibilities of a bookkeeper, accountant, and CPA in this blog post, as well as how they differ from one another. Do you frequently conflate the terms “CPAs,” “accountants,” and “bookkeepers”? Would a bookkeeper suffice in place of all three, or do need you to hire all Read More

Any successful business relies on efficient bookkeeping. Properly managed financial records provide valuable insights into a company’s financial health, facilitate strategic decision-making, and ensure compliance with tax regulations. However, when bookkeeping is mishandled, businesses can face dire consequences, leading to financial losses, legal issues, and even the downfall of the company. In this article, we will explore some of the most common bookkeeping mistakes that can have catastrophic effects on a business and discuss strategies Read More

Realtyzam is a cloud-based accounting software designed specifically for real estate professionals. It offers a variety of features to help real estate agents and brokers track their income and expenses, manage their clients, and prepare for taxes. Features of Realtyzam accounting software: Bank reconciliation: Realtyzam can automatically download your bank statements and reconcile them with your transactions. This can assist you in ensuring that your records are accurate and up to date. Invoice entry: Realtyzam Read More

What Is the Process of Automated Invoice Processing? An automated invoice processing system streamlines firms’ accounts payable processes by automating tasks such as data extraction from invoices, data validation, and data entry into a database for further analysis and processing. Processing bills is one of the most time-consuming chores, yet it cannot be overlooked because it is directly related to the business’s finances. Automation overcomes this challenge by shortening invoice processing times and enhancing data Read More

Realtors and real estate agents typically use the accrual accounting method for their financial transactions and record-keeping. The accrual accounting method is commonly preferred in the real estate industry for several reasons: Matching Revenue and Expenses: Real estate transactions can involve a significant time gap between when a transaction is initiated, such as a property listing, and when it is completed, such as a sale or lease. Accrual accounting allows realtors to match revenue and Read More

Account Reconciliation is very important for CPAs and accounting firms. If they are not handled effectively, they can be time-consuming and exhaustive.  Below are some of the practices for you to handle account reconciliation in a whole new perspective: Top 5 Practices For Account Reconciliation 1. Prioritizing the Balance Sheet Strategically planning your priority is the key approach. This method is also called “risk-based prioritizing.” You need to identify the accounts that have a high Read More

Setting up good property management bookkeeping practices is essential for effectively managing your real estate investments and ensuring financial success. Proper bookkeeping helps you track income, expenses, and overall property performance. Here are the steps to set up good property management bookkeeping practices: Choose the Right Accounting Software: Select accounting software that suits your needs. Popular options include QuickBooks, Xero, or property management-specific software like Buildium or AppFolio. Ensure the software can handle multiple properties Read More

Using QuickBooks for a real estate business can help you manage your finances, track expenses, and keep accurate records. Here’s a step-by-step guide to using QuickBooks for your real estate business: Set Up QuickBooks: Purchase and install QuickBooks Desktop or sign up for QuickBooks Online, depending on your preference. Create a new company file for your real estate business. Chart of Accounts: Customize your Chart of Accounts to suit your real estate business needs. Add Read More

QuickBooks can be a useful accounting and financial management solution for real estate agents, but its suitability depends on your specific needs and preferences. Here are some considerations to help you determine if QuickBooks is a good fit for real estate agents: Advantages of Using QuickBooks Bookkeeping for Real Estate Agents: Financial Tracking: QuickBooks allows you to track income and expenses, manage accounts payable and receivable, and generate financial reports. This can help you monitor Read More

There are several rental property management bookkeeping software options available, each with its own features and pricing. What software is “best” for you will depend on your own requirements and preferences. Here’s a comparison of some popular rental property management bookkeeping software: QuickBooks Online Buildium AppFolio Rentec Direct TenantCloud Rent Manager QuickBooks Online: QuickBooks Online is a widely used accounting software suitable for small to medium-sized property management businesses. It offers features for tracking rental Read More

AP Automation, and The Best Practices For It: AP automation, also known as accounts payable automation, is the practice of handling accounts payable operations digitally rather than manually. It has transformed the way businesses handle and pay bills. Holistic accounts payable automation provides automated business payment processing from start to finish. This begins with software that captures invoice data in a digital format, typically by a scanning or capture method such as optical character recognition (OCR). The AP system Read More

Nonprofit organizations can use QuickBooks Online (QBO) to efficiently manage their finances, track donations, and maintain compliance with nonprofit accounting standards. Here’s a Step-By-Step Guide on How Nonprofit Organizations Can Use QuickBooks Online Effectively: Set Up Your QuickBooks Online Account: Sign up for a QuickBooks Online subscription and select the appropriate plan for your nonprofit’s needs. Customize Your Chart of Accounts: Modify the default chart of accounts in QuickBooks Online to align with nonprofit accounting Read More

Comparing QuickBooks and QuickBooks Nonprofit Accounting: QuickBooks is an accounting software developed by Intuit that is widely used by businesses of all types and sizes to manage their financial operations. QuickBooks Nonprofit is a specialized version of QuickBooks designed specifically for nonprofit organizations, such as charities, churches, foundations, and other tax-exempt entities. Here are the key differences between QuickBooks and QuickBooks Nonprofit: Features and Templates: QuickBooks: The standard QuickBooks software is designed for businesses and Read More

Improve Your Accounts Receivable (AR) Automation Efficiency: Accounts receivable is a time-consuming procedure when done manually, but with AR automation, you can gather the relevant financial health measures at any given time. So, to boost your bottom line or customer relations, manage your accounts receivable with the proper fit solution. Your firm sold items or services to clients on credit, and it is now time to collect the money owed. Selling goods and services and Read More

Moving your QuickBooks Desktop file to QuickBooks Online involves several steps to ensure a smooth transition of your financial data. An overview of the procedure is listed below: Important Note: Before starting the migration, it’s crucial to back up your QuickBooks Desktop data and ensure that your company file is clean and error-free. Also, note that the process may vary slightly depending on the specific versions of QuickBooks you’re using. Step 1: Prepare Your QuickBooks Read More

Key Differences Between QuickBooks Online and Desktop: QuickBooks Online and QuickBooks Desktop are two different accounting software solutions offered by Intuit, each with its own set of features, advantages, and disadvantages. Here are some key differences between QuickBooks Online and QuickBooks Desktop: Accessibility: QuickBooks Online: It is a cloud-based solution, which means you can access your financial data from anywhere with an internet connection and on various devices, including computers, smartphones, and tablets. QuickBooks Desktop: It Read More

Restaurant Tax Deductions for Business Owners: Running a restaurant is a tough business. In this competitive landscape, profit margins are tight and competition is intense. But there are ways to make your tax bill a little less painful. Here are 12 explosive restaurant tax deductions that can help you save money on your taxes: List of Restaurant Tax Deductions for Business Owners: Operating Expenses Advertising Expenses Driving Expenses Buying or Leasing a Car for Work Read More

Changing accounting software can be a daunting task, but it can be done with careful planning and execution. Here are the steps involved in changing accounting software: Do your research: Before you start shopping for new accounting software, it’s important to do your research and compare different options. Consider your business’s needs, budget, and desired features when making your decision. Back up your Data: Once you’ve chosen a new accounting software, it’s important to back Read More

There are two main views in QuickBooks Desktop: The business view and the Accountant view. Business view is the default view and is designed for users who are not accountants. The accountant view is designed for accountants and provides more detailed information. To change the view, follow these steps: Click the Gear icon in the top right corner of the QuickBooks window. A business view or an accountant’s view should be chosen. You can also Read More

FreshBooks is an online accounting software that helps small businesses track their finances, manage their projects, and bill their clients. It is a cloud-based software, which means that you can access it from anywhere with an internet connection. FreshBooks Features: Tailored for Your Business Needs Invoicing: Create and send invoices, track payments, and set up recurring invoices. Time tracking: Track your time spent on projects and tasks, and bill clients accordingly. Expense tracking: Track your Read More

Steps to Customize Your Chart of Accounts in Xero: To customize the chart of accounts in Xero, you can: Add new accounts: To add a new account, click Accounting > Chart of accounts > Add account. Enter the account name, type, and code. A parent account is an option as well. Edit accounts: To edit an account, click Accounting > Chart of accounts and select the account you want to edit. Make your changes and Read More

QuickBooks Online is a popular choice for bookkeeping because it offers a variety of features that can help small businesses manage their finances. Here are some of the reasons why QuickBooks Online is considered the best bookkeeping choice: It is easy to use: QuickBooks Online has a user-friendly interface that makes it easy to learn and use, even for those with no accounting experience. It is cloud-based: QuickBooks Online is a cloud-based software, which means Read More

In the fast-paced world of business, managing finances efficiently is paramount. Bill.com is an effective way to manage your finances the way you want them. From startups to established enterprises, Bill.com offers a seamless platform to optimize financial operations.  In this tech tip, we’ll delve into what Bill.com is, who can benefit from it, how to make the most of its features and uncover hidden tips to elevate its potential. What is Bill.com? Bill.com is Read More

Sage Intacct is a cloud-based software for financial management that helps businesses of all sizes and industries to manage their finances. Sage Intacct makes it easier and more efficient to manage your finances. Sage Intacct is also integrated with a variety of other business applications, such as CRM, ERP, and e-commerce. What is Sage Intacct? Sage Intacct is a robust cloud-based accounting software designed to cater to the financial management needs of small to mid-sized Read More

QuickBooks and Xero Comparison: This comparison of Quickbooks and Xero is for you if you are looking for appropriate accounting software for your personal needs or your business. When comparing QuickBooks and Xero, both are widely recognized and popular accounting software solutions designed to help businesses manage their finances effectively.  Both are very same yet very different. Below is a detailed review comparing the two: Features and Functionality: QuickBooks Bookkeeping: QuickBooks offers a comprehensive range Read More

What is Xero Accounting Software? Xero is a versatile online accounting software designed specifically for small businesses and accountants. With a user-friendly interface and powerful features, Xero helps streamline financial management, bookkeeping, and collaboration between businesses and their financial advisors.  It empowers users to access their financial data securely from any device with an internet connection, making it a popular choice for modern businesses. Why is Xero Accounting everyone’s choice? Xero is known for its Read More

What is an Accounting Seed? Accounting Seed is a scalable cloud-based accounting software built on Salesforce. It helps businesses of all sizes and industries automate their accounting processes and gain real-time actionable insights into their performance in areas such as sales, accounting, and marketing. By scalable, it means that you can make any kind of process adjustments swiftly without the intervention of any complexities or development tasks. Accounting Seed can automate a wide range of Read More

Implementing Accounting Process Automation in Your Organization, In this blog we have covered the following topics: Introduction What precisely is automated accounting? Why Should Your Accounting Be Automated? The main accounting difficulties that RPAs can resolve Manual accounting versus automated accounting How to Automate Your Accounting Processes in 6 Easy Steps Benefits of Automating Accounting Processes Drawbacks of Automating Accounting Processes 7 Accounting Tasks You Can Automate Now for Your Business With Velan, Enjoy the Read More

The days of spending numerous hours entering data into an Excel spreadsheet are long gone. The way accounting activities are carried out has been fundamentally redesigned for the digital era thanks to machine learning and artificial intelligence. Consider switching to automated accounting if you’re sick of manual accounting taking too much time and slowing down your company. Automated accounting benefits and solutions help save your accountant’s time and effort. Accounting automation is the future, and Read More

Even though it may appear to be an easy task, finding a professional certified public accountant for your real estate investment firm requires much study and time. The best certified public accountant (CPA) advice for investors typically comes from someone who either invests in real estate (RE) themselves or has a large number of customers who do. A real estate bookkeeper is a type of accountant who specializes in financial transactions involving the purchase and Read More

Monthly Bookkeeping & Accounting Services: Organization and structure are critical for every firm to ensure that operations function properly. Having correct accounting practices to assist you in measuring the health of your cash flow and operations is part of being a well-managed business. Bookkeeping is the appropriate recording of financial transactions connected to an entity’s commercial activity. Bookkeeping is the permanent recording of financial transactions in an entity’s books of accounts in a correct manner Read More

The strength of the collections serves as the strongest indicator of how well the bookkeeping and accounting activities are doing. Being thorough and accurate are key components of effective bookkeeping and accounting. Additionally required is proficiency with the billing software used by the supplier. But accuracy and taking a methodical approach to the situation come first in significance. Given these strict requirements, it should come as no surprise that many healthcare clinics frequently struggle to Read More

Outsourcing accounting services is a one-size-fits-all solution that appears to aid in cost-cutting measures ranging from large organizations to tiny businesses. Fortune 500 companies were the first to demonstrate that by outsourcing non-core accounting functions to accounting outsourcing service providers, organizations could focus on customer service. Accounting outsourcing has become the new normal as communication and technology have become more inexpensive. Accounting and financial management are the foundations of any successful firm. When done correctly Read More

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

Can a CPA launch a profitable accounting company? It’s important to bear in mind that you need to consider your skill set. If you have a history in taxes, you should become knowledgeable about operational accounting as well as accounting and bookkeeping. Routine accounting and bookkeeping, such as how to input a vendor bill, fall under the category of operational accounting. How is a vendor bill paid? How is a consumer payment entered? How does Read More

“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 Read More

What distinctions may bookkeepers make between small, medium, and big customer accounts? Let’s compare the various sizes in terms of their revenue, employee count, and other crucial criteria. The fixed monthly prices we charge for bookkeeping services and the bookkeeping activities performed for each one will then be compared to this. Our intention is to clarify for you what these breakdowns for each client look like. How Much Does A Bookkeeper Cost For A Small Read More

Outsource Real Estate Accounting focuses on the major operations of your real estate business rather than on tiresome office duties that will directly affect the growth and development of your company. Because the real estate industry is so diverse, it’s important for you to continually monitor market developments and how they may affect your company’s assets. The real estate sector now presents a very difficult operating environment. As real estate demand changes, margins are evaporating Read More

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 Read More

Outsourced Real Estate Bookkeeper: Running a real estate business is no small task, even if it is a small business. You have to deal with multiple clients demanding your full attention on top of regulation compliance, market volatility, internal operations, and a multitude of other responsibilities. One of those responsibilities that can add significantly to the difficulty is the management of financial transactions. Pinning down exact numbers for multiple property transactions in a dynamic and Read More

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 Read More

Tables of Content: 15 Essential Bookkeepers Daily Tasks Daily Accounts Management Manage Emails Up-to-date Record Management Invoice Management Communicate Daily Inventory Management Manage Bank Accounts Maintain Security Standards Revenue and Expense Management Payroll Management Accounts Payable Management Accounts Receivable Management Petty Cash Management Stay in Touch with Management Categorize Transactions 1. Daily Accounts Management The bookkeepers have to record business transactions into the designated accounting software to know the exact cash inflow and outflow numbers. Read More

Tables of Content: 6 Practices for Effective Budgeting and Forecasting- One Must Need to Know Start by creating a budget and sticking to it Plan for both short-term and long-term expenses Anticipate changes in your income and expenses Use forecasting to predict future trends Review your budget regularly and make adjustments as needed Seek professional help if you need assistance creating or managing your budget Introduction If you’re like any other business owner or entrepreneur, Read More

Are you having trouble managing your outsourced payables and receivables? We have been there done that! As you know, managing your payables and receivables is the most significant aspect of your business at all stages. You may get overwhelmed with the kind of cash you’d have to handle, and keep everything intact and going. Fret not, below are some really simple techniques you can adopt to disentangle yourself from all the payables & receivables hassles. Read More

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 Read More

The right accountant should know your business very well, be able to offer suggestions at the right time and identify the areas for improvement. If your accountant isn’t doing this, then you may need to consider looking for a professional accounting firm that does. There are several accounting and CPA firms in the marketplace. Selecting the right one that suits your business is the biggest challenge ever. People normally get suggestions/recommendations to identify the right Read More

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 Read More

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 Read More

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 Read More

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 Read More

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. While small business houses, bookkeepers, and CPA accounting firms avail the support of CPA bookkeeping services by outsourcing Read More

Tax Preparation services with the rush of the upcoming holidays and just weeks away from the New Year’s tax season officially getting underway, it is just about the right time to consider your tax preparations. Tax season creeps upon millions of taxpayers every year as a recurring exercise. Instead of being caught off guard towards the end, one can actually follow a few guidelines to start preparing for the upcoming 2018 filing season and gain Read More

Small business owners often find themselves worrying when it comes to filing tax returns. It is generally considered cumbersome for small businesses to collect all financial and business transaction records at the end of every quarter/year and put them across to the tax preparation services for CPA . To prepare tax returns. Putting of tax preparations until the last minute can not only prove to be an expensive affair but also necessitate the recruiting of Read More

Businesses, regardless of size will at some point require bookkeeping services. All business owners would have come across the term “bookkeeping” a number of times. From the very first instance, a business opens its doors and collects its very first dollar, the role of a bookkeeper would generally commence. Advisors, partners, and other well-meaning associates would have undoubtedly recommended and suggested bookkeeping services to help keep a company’s books and finances on track. Bookkeepers help Read More

Tax laws have been constantly changing over the years. However, it is safe to say that it’s been over 30 years since there has been any significant change. Tax Changes Small business and Job Reforms Bill that recently passed is certain to impact everyone from individual taxpayers to business owners. In line with the previous sweeping tax reforms, this new tax act is likely to foster a great deal of business for accountants. The ideal Read More

One of the most significant benefits of Outsourced Bookkeeping Services is that you can radically scale your operations up or down without impacting the personnel directly employed by you. When it comes to running a business, a clear and detailed record of the history of transactions involved would be vital to the seamless and efficient functioning of the overall enterprise. It wouldn’t be an exaggeration to say that the survival of most businesses relies heavily Read More

Velan Outsourced bookkeeping services Building a team is a continuous process that does not happen overnight. What great joy it is to celebrate our own achievements! But what greater joy when sharing our celebration with others! While individual goals are more straightforward to articulate, it takes tremendous effort to mould many minds towards achieving a common goal. All team efforts require a voluminous amount of discipline and self-sacrificing. In a world driven by “every man Read More

Small business owners go through a great ordeal during tax preparations. Finding a way to strike a balance between operations to the marketing of the product and finding time to do yearly small business tax preparation isn’t easy. Generally, small businesses lack the resource to keep a tab on daily accounts. Over time these accounts add up to a seemingly insurmountable task that would require the assistance of experience and expertise in the concerned arena. Here Read More

Why bookkeeping for small businesses is important, Separating business and personal finances ensures that you’re not personally held liable for any debts or issues related to your  Small businesses.  Accurate, up-to-date Outsourced bookkeeping is the cornerstone of every successful small business. Irrespective of any business sector, you must practice regular bookkeeping to run your business smoothly, efficiently, and profitably – now and in the future. Learning the ropes of bookkeeping may sound intimidating, fret not! Read More

Certified public accountant (CPA) and Bookkeeping services for Accounting Professional Clients in the USA. Outsourced CPA Accounting Firms help clients with a wide array of services. Outsource CPA accounting and bookkeeping services firms must be breathing a sigh of relief post-tax season, after a hectic tax filing this year. However, successful firms don’t just stop with a January to April alliance with their clients but continue to do business with them throughout the year. In Read More

 Have you ever wondered if you’re getting the most out of your bookkeeping services pricing? With the hourly rates almost becoming the convention of pricing, have you ever considered that much of this would be at the mercy of the bookkeeper’s skill set and tactfulness, There’s no real pricing panacea when it comes to bookkeeping services? The hourly bookkeeping services pricing mechanism may make sense in the case of certain larger firms with enough Read More

How can you maintain your bookkeeping efficiency while telecommuting? Bookkeeping services for telecommunication In light of the COVID-19 pandemic, organizations across the world are encouraging their employees to telecommute, thereby preventing the rapid spread of this virus and ensuring employee safety. However, the organizations need to maintain the productivity and efficiency of the employees as most of them have not worked from home before this pandemic. Companies that are equipped with the right hardware, proper Read More

It is rather an accepted norm to view outsourced Accounts Payable services as a traditional mandate. However, each passing year we witness fleeting trends that influence and impact the outcomes of Accounts Payable. As we stand midway across 2019, now is as good a time as any to assess and analyze the strategies and trends that have made a difference this year. With trends and tactics evolving every day, it is highly critical to stay Read More

“A stitch in time saves nine” In general, every little thing that you put off until tomorrow, that which can be done today pushes you one step closer to an insurmountable pile of tasks dwindling by a choking deadline. The consequences of procrastination have far more pronounced repercussions in the realm of bookkeeping for small businesses. Certain bookkeeping tasks require to be taken care of year-round. It has rather become a tradition for most people Read More

Planning, in general smoothens the course along every walk of life. And planning ahead provides the added advantage of forecasting possible scenarios down the road. Many perceive taxes as a once-in-a-year exercise, but it has all the elements of being a year round agenda. To exercise precaution, it is highly recommended that you keep receipts for all expenses and possible tax deductions that you consider claiming. Scanning and electronically filing for better accessibility will come Read More

As a consequence of the latest tax reform, there are going to be changes in Federal revenue tax charges for nearly all taxpayers. The charges of some of the taxpayers’ are likely to change greater than others. A closer look into the new tax rates and corresponding brackets will help shed some insight into the possible impact that will ensue. The following tables compare and contrast the changes in the Tax rates and brackets for Read More

The line of horror movies stacked up for release this year a little ahead of the tax season is highly symbolic of what is to come. Once again, we stand on the brink of another tax season, quite aware of what awaits us. The thought of a myriad of paperwork built around umpteen hours of strenuous study and scrutiny is capable of sending shivers down one’s spine. Redundant obsequious squealing from the coffee machines would Read More

Small businesses sail through a sea of scathing conditions, especially during their initial stages. With limited manpower, and agendas spewing way past business hours, it almost always is a full plate. Ideally yet ironically, bookkeeping happens to be one of the most critical and least favourite activities of small business owners. Many would prefer a root canal sitting with a dentist over balancing their books. Sidelining bookkeeping can result in adverse repercussions that can even Read More

  For any business firm to blossom and grow, understanding customer demands and meeting their satisfaction is vital. To do this, the firm should maintain a healthy balance between the growing demands of customers and the increase in responsibilities that are bound to follow. This will strike the chords of harmony that will allow for the required growth and stability of the firm. And as the customer base expands, so will expand the need for Read More

Have you ever wondered why your bookkeeping and accounting system is in shambles? We do realize how an organized, clean, well maintained books of accounts depict the health of the business. This scenario arises when a lukewarm attempt is made to DIY bookkeeping, lack of time, incompetent bookkeeper or just failing to get it done. A sensible way is to start your bookkeeping in the correct way from the beginning. Maintaining the books and balance Read More

Why file your tax returns ASAP? The tax filing season has opened up to individuals. The Internal Revenue Service has shifted the deadline for tax filing to April 17, 2018. The filing deadline was extended by two days (usually, it is April 15 every year) because 15 April 2018 falls on a Sunday. The 16th is observed as Emancipation Day, a holiday in Washington D.C. Just like any other Federal holiday, Washington holidays have an Read More

10 Small Business Accounting Trends to Kick-start 2018 2018 is here and just like every other year, we’re mopping our brows thinking the previous year went down way too fast. But the New Year is not about moping on bygones but learning from the past and looking forward to the future! So here are 10 Small Business Accounting Trends for the year 2018.   For all small businesses who’re looking to make bookkeeping and accounting a lot Read More

Hey CPA, are you going to let an extensive workload ruin Christmas this year? We hope not. Avail outsourced bookkeeping and accounting services, and do these 10 things to keep stress at bay and live it up this Christmas. May the joy and cheer of the season keep your spirits high, and workload low. So read on to know how you can steer clear of long hours this holiday season.   It isn’t realistic to Read More

If you’re wondering how your competitors sail smoothly with outsourcing – there is no magic trick to it. Every business faces issues with outsourcing and you’re not alone – especially if you’re a first-timer with outsourcing. But just like any other business function and every other industry, outsourcing has its share of potholes and pitfalls. But doesn’t it strike you uncanny that 78% of Fortune 500 companies outsource major business processes like Payroll, Accounting, Financial Read More

Employees’ Payroll Data is highly sensitive and needs to be treated with the utmost care – but you already knew that. At Velan Bookkeeping we provide outsourced bookkeeping services to CPAs and a part of our service platter is outsourced payroll management. In this post, we’re going to cover 5 great ways Payroll can be secured. It takes more effort than just classifying your Payroll as “Confidential”, to implement security and confidentiality in real! You Read More

Not just accounting firms but even individual chartered accountants outsource bookkeeping, accounting, payroll, taxation and financial reporting to reliable firms. Around 80% of accounting firms prefer outsourcing to large in-house teams. But why? How does outsourcing help them achieve growth and benefits? You must’ve seen the benefits of outsourcing iterated and reiterated in numerous blog posts. This post is going to give you hard statistics on why you should consider outsourcing bookkeeping and accounting as Read More

We keep iterating that running a business is nothing short of the 12 labours of Hercules. But if done right, you stand to attain an immortal business! Well not that dramatically, but certainly quite close. For CPA and accounting firms, it is easy to relate to the fact, that there are not enough hours in the day to do everything that needs to be done. It could take eons for one man to build a Read More

You’re not alone on the seasonal Business & Low Cash-Flow roller-coaster! More importantly, if you’re running a seasonal business, you’re not alone on the cash-flow roller-coaster. The cash flow for a seasonal business is quite unlike the others and a very imperative aspect of sustenance. A seasonal business is very common if you’re in a region where travel and tourism are popular. If you are well acquainted with the holiday highs and bad weather lows, Read More

Gartner has released its first-ever Magic Quadrant for Core Cloud Financial Software Management Suites! Concentrating solely on Cloud-based ERP which serves mid-sized, large and global organizations. At the onset, Gartner has excluded all players serving SMBs niche. This report revolves around the bigger ERP players. While we’re waiting for the Critical Capabilities report which Gartner promised to deliver in the third-quarter of this year, join us in rehashing this first-of-its-kind report from Gartner. Some surprising Read More

Every organization witnesses a skills gap; 75% CEOs feel their in-house team isn’t adept enough to keep up.Keeping that in mind, it is always helpful to define clear, precise and well-defined workflows and practices in every business process. Here are some tips and best practices to Improve Accounts Payable efficieny. A better Procure to Pay process will not only benefit your working capital, cash flow, and vendor relationships but go the extra mile help you Read More

The order-to-cash/Accounts Receivables cycle in businesses is full of complexities. There are too many interactions that take place in the OTC/Accounts Rceeivables cycle and there is always room for Cash Process Efficiency enhancements in the process. True setback comes from the reliance on the hackneyed manual processes and the absence of a smooth transactional information flow. These are the major impediments that contribute to the inefficiencies and the increased operational costs. It is established that Read More

Real-time Financial reporting basically means that an event must be reported as and when it occurs rather than in the later stage. In this same context, real-time accounting means retrieval of information that is stored in the accounting system by reducing the lag between the recording time of accounting and the time of availability. Real-time accounting is used to make accurate information available as soon as possible. Some benefits of Real-time accounting and financial reporting: Removing Read More

Adequate cash-flow is significant to running a healthy business and anybody running their own business will know it. It is a taboo that healthy cash flows in any business come from equity funding or income from other investments and not their original business operations. The OCF or Operating Cash Flow unfolds what revenue is generated by ongoing business operations like sale of goods or services. Importance Of Tracking Cash Flow There are quite a lot Read More

Is outsourcing the right solution to get your payroll sorted? Payroll is one of the major costs for most of the businesses plus there is no assurance of ROI. Outsourcing is increasingly available for all parts of the business. There are umpteen off-the-shelf payroll software packages available. Many businesses take the bait and often find that one-size-doesn’t-fit all.  Therefore, it is imperative to look at what values do the outsourcing company deliver.   Typically, all Read More

Accounting software these days is considered a must-have to meet the requirements of small businesses. Plus, it also acts as a vital tool facilitating your decision-making process since you get regular updates of your finances and there are tools to analyze your budget. Not only do they provide you with all the details you require but also most importantly, they provide the same on-the-go. But the question is in a sea of accounting software available Read More

Have you started your tax prep for your small business yet? It’s about time you started prepping and it’s not very late to hire a tax preparer to help you out with it. There can be umpteen questions to start like who can be your my preparer? Am I choosing the right person? Can I still prepare taxes on time? So on and so forth. Before you think through all these, if you think that Read More

One of the most popular and favorite segment that is Outsourcing Your Procure To Pay Processes or Accounts Payable processes. It’s pretty simple, why companies do that- P2P processes are completely a transnational one, hence most of the companies would like to free up the time and resources engaged in the P2P process and engage them more in strategic planning for their growth and development. Not only do the companies benefit from the labor arbitrage Read More

Find out what you can and what you cannot deduct.. New Year 2017 has just begun. It does not only mean a new beginning; it also marks the Tax Tips For Small Business Owners season. It’s about time you started prepping your files. We know at this point in time you will be handling plethora of papers and bills. It can get over the top to handle both business bills as well as personal ones. You Read More

Happy New Year everyone! Can you believe it’s already 2017? Many of you would have come from vacation feeling all motivated and Interesting Ways to Gear Yourself geared up to strike 2017. Now is the perfect time to plan and implement your new ideas. Below are some simple and highly effective tips for you to make your work life a lot less stressful and much easier. 1. Lay your roadmap It’s about time you prepped Read More

New Year is around the corner; and in a jiffy, your tax season will be here too! All you need is a little knowledge and preparation to stay calm and composed when you file for the taxes next year. Whether you are electronically filing your returns or traditionally mailing your paper returns, below is the necessary information that you need to know. 4 THINGS YOU SHOULD START DOING RIGHT NOW TO WELCOME THE TAX SEASON Read More

So, HOW CAN YOU PAY LESSER TAX AND SAVE MORE FOR YOUR RETIREMENT? Have you ever wondered about this? And then thought Super contributions could be the best way to start saving more for retirement rather than paying the humongous amount of tax. If you have not, think now! For, Super gives you incredible tax benefits. At some point in time, everyone would ask this one question their accountant which is “How can I save tax?” Read More

Are you a single owner or an active member of an LLC (Limited Liability Company)? Are you looking to transform your company to a multi-member LLC?  Whatever it is, you will have some questions on the tax part of your business. Below are a few things you need to know as an LLC owner: Tax laws for LLC- Basic: Firstly, it is very important to know the way in which an LLC is structured as Read More

Have you just started up your own business? Are you looking for tips to manage your cash flow? Does the cash flow management intimidate you? Worry not and Read through…. Keep track of your cash flow:   This would be the easiest tip of them all. Everything you need to do is constantly monitor and measure your cash flow. Here are some tips you can follow to do the same: Start measuring your cash flow Read More

Would you like to focus on your core business, concentrate on the client base, and be more productive? Yes? We know right? Everyone running their business would love that. Business owners would at some point in time feel that Accounting is hogging his time and it is not a very productive job but an essential one.   In this era, with internet in hand the world has shrunk so much that you can contact anyone Read More

QuickBooks, a product of Intuit, is one of the best-selling software for bookkeeping and accounts. QuickBooks is very easy to install and use – as it does not have any prerequisites to start using it. QuickBooks outsourcing is incredibly useful for small business accounting as it provides top-notch professional services. There are plethoras of benefits to using QuickBooks, some of which are mentioned below: Time-saving: It saves a lot of time for small business owners Read More