Bookkeeping Services

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 the juiciest tips and tricks to make it happen. So, fasten your seatbelts and get ready to spice up your bookkeeping game!

What is virtual bookkeeping?

Virtual bookkeeping is a modern approach to managing financial records and transactions remotely. Instead of having an in-house bookkeeper, virtual bookkeeping involves hiring a professional bookkeeper who works from a separate location, typically utilizing cloud-based accounting software and online tools to handle the financial tasks of a business or individual.

Virtual bookkeepers leverage cloud-based accounting software to accomplish various activities, such as:

• Tracking cash flow
• Recording financial transactions
• Managing payroll processing
• Reconciling accounts
• Reviewing statements
• Updating statements

The Significance of Bookkeeping for Your Business

Bookkeeping plays a vital role in the success and sustainability of any business. It involves the systematic recording, organizing, and tracking of financial transactions, ensuring accurate and up-to-date financial information is available. Here are some key reasons why bookkeeping is significant for your business:

• Financial Tracking and Decision Making:

Bookkeeping allows you to monitor your income, expenses, and overall financial health. With accurate financial data at your disposal, you can make informed decisions regarding budgeting, investments, and business strategies.

• Compliance and Reporting:

Proper bookkeeping ensures that your business meets its legal and regulatory obligations. It provides the foundation for accurate financial reporting and tax filings, preventing potential penalties or legal issues.

• Business Performance Analysis:

By maintaining detailed records of financial transactions, you can analyze your business’s performance over time. This analysis can help identify areas of strength, weakness, and opportunities for improvement.

• Cash Flow Management:

Bookkeeping helps you keep track of incoming and outgoing cash flow. A clear understanding of your cash position allows you to manage expenses, plan for lean periods, and seize growth opportunities.

• Business Planning and Growth:

Accurate financial records are essential when seeking funding from investors or applying for loans. Investors and lenders will want to review your financial history and projections to assess the viability of your business.

• Tax Preparation:

Organized and up-to-date financial records simplify the process of preparing and filing taxes. It reduces the risk of errors and helps you take advantage of eligible deductions, ultimately saving time and money.

• Detecting Fraud and Errors:

Regularly reconciling financial statements can help uncover any discrepancies, potential fraud, or errors, allowing you to address issues promptly and protect your business’s assets.
Vendor and Supplier Management:

Proper bookkeeping enables you to manage payments to vendors and suppliers effectively. This helps maintain positive relationships and can even lead to potential discounts or better credit terms.

• Accountability and Transparency:

Transparent financial records promote trust and confidence among stakeholders, such as partners, employees, and customers, fostering a positive reputation for your business.
Business Valuation: In the event of a sale, merger, or acquisition, accurate financial records are crucial for determining the value of your business.

What to Expect When Working with a Virtual Bookkeeper

It’s crucial to have a financial manager you can rely on when running a business. An online bookkeeper can help with that. What to anticipate when working with an online bookkeeper is as follows:

• They will monitor your earnings and outgoings.
• They’ll assist you in setting up and following a budget.
• They’ll match up your credit card and bank statements.
• They’ll regularly create financial reports for you.
• They will offer you advice on financial issues about your company.
• They’ll be on hand to address any inquiries you may have regarding your finances.

How to choose a virtual bookkeeper

Choosing a virtual bookkeeper requires careful consideration and research. Here are some essential points to help you make the right decision:

• Define Your Needs: Determine the specific bookkeeping tasks and services you require, such as payroll processing, tax preparation, or financial reporting.
• Qualifications and Experience: Look for a virtual bookkeeper with relevant qualifications, certifications, and a track record of experience in bookkeeping and accounting.
• Software Proficiency: Ensure the bookkeeper is familiar with the accounting software you use or plan to use, such as QuickBooks, Xero, or other popular platforms.
• Data Security: Check the bookkeeper’s security measures to protect your sensitive financial information when sharing it online.
• Services and Pricing: Compare the services offered and their associated costs to find a suitable match for your budget and needs.
• References and Reviews: Request references from the virtual bookkeeper and check online reviews or testimonials from previous clients to gauge their reliability and professionalism.
• Communication and Availability: Ensure the bookkeeper is responsive and available during the hours you need assistance, especially if there are time zone differences.
• Industry Knowledge: If your business operates in a specialized industry, consider a virtual bookkeeper with experience and understanding of your field’s financial requirements.
• Trial Period or Small Project: Consider starting with a trial period or a small project to assess the bookkeeper’s skills, communication, and compatibility with your business.
• Workflow and Efficiency: Ask about their bookkeeping process and how they handle tasks like invoicing, expense tracking, and financial reporting to ensure efficiency and accuracy.
• Ongoing Professional Development: Inquire about their commitment to staying updated with changes in tax laws, accounting regulations, and industry best practices.
• Trust and Comfort: Building a strong working relationship with your virtual bookkeeper is essential, so trust your instincts and choose someone you feel comfortable working with.

What advantages does hiring a virtual bookkeeper offer?

Hiring a virtual bookkeeper offers several advantages, making it an attractive option for businesses of all sizes. Some of the key advantages include:

• Virtual bookkeepers are often more affordable than hiring an in-house bookkeeper. With a virtual arrangement, you save on expenses such as office space, equipment, benefits, and payroll taxes.
• Virtual bookkeepers can work remotely from anywhere, providing you with flexibility in choosing the best professional for your business, regardless of their location. This opens up the opportunity to work with experts in specific industries or accounting software.
• Outsourcing bookkeeping tasks to a virtual professional frees up your time, allowing you to focus on core business activities and strategic decision-making.
• As your business grows, a virtual bookkeeper can easily adapt to your changing needs, ensuring that your financial management remains efficient and seamless.
• Virtual bookkeepers often have diverse experiences and backgrounds, offering specialized knowledge in different industries and accounting practices. This can be especially valuable for businesses with specific needs or complex financial requirements.
• Virtual bookkeepers are typically well-versed in using cloud-based accounting software and other online tools. They can integrate these technologies into your business processes, improving efficiency and collaboration.
• Reputable virtual bookkeepers prioritize data security and employ measures to protect sensitive financial information. They often use encrypted communication channels and secure file-sharing methods.
• Virtual bookkeepers understand the importance of providing timely and accurate financial reports. This ensures that you have the information needed to make informed decisions about your business promptly.
• Virtual bookkeepers often have streamlined workflows and processes, allowing for quicker turnaround times on bookkeeping tasks.
• By outsourcing bookkeeping, you can delegate non-core tasks to experts, enabling you and your team to concentrate on what you do best and achieve business goals more effectively.
• Virtual bookkeepers stay up-to-date with accounting regulations and tax laws, reducing the risk of compliance errors and potential penalties.
• With various communication tools available, virtual bookkeepers can collaborate effectively with you and your team, even if they are located in different time zones.

Overall, hiring a virtual bookkeeper can enhance your business’s financial management, reduce operational costs, and provide access to expertise and efficiency that contributes to the growth and success of your enterprise.

Types of bookkeeping services

Bookkeeping services can vary based on the specific needs of a business. Here are some common types of bookkeeping services.

• General Bookkeeping:

This includes fundamental bookkeeping tasks such as recording and categorizing financial transactions, maintaining ledgers, and reconciling bank statements.

• Accounts Payable (AP) Management:

Managing and tracking all the payments a business owes to its vendors, suppliers, and creditors.

• Accounts Receivable (AR) Management:

Tracking and collecting payments from customers and clients who owe money to the business.

•  Payroll and Bookkeeping Processing:

Calculating employee wages, handling payroll taxes, and ensuring timely and accurate payments to employees.

• Bank Reconciliation:

Comparing and matching a company’s financial records with bank statements to ensure accuracy and identify any discrepancies.

• Financial Reporting:

Preparing various financial reports, including income statements, balance sheets, and cash flow statements, to provide insights into a business’s financial performance.

• Tax Preparation and Compliance:

Ensuring accurate and timely preparation of tax returns and compliance with tax laws and regulations.

• Bookkeeping for Inventory Management:

Tracking and valuing inventory to monitor stock levels and understand the cost of goods sold (COGS).

• Expense Tracking:

Recording and categorizing business expenses to manage costs effectively and identify areas for potential savings.

• Budgeting and Forecasting:

Assisting in creating budgets and financial forecasts to plan and project the financial performance of a business.

• Financial Analysis:

Analyzing financial data to provide insights and recommendations for improving business performance and profitability.

• Specialized Industry Services:

Some bookkeepers may offer specialized services tailored to specific industries, such as healthcare, construction, retail, or hospitality.

• Cloud-Based Bookkeeping:

Providing Cloud bookkeeping services using cloud-based accounting software, facilitating real-time access to financial data and collaboration.

• Virtual CFO Services:

Offering high-level financial advisory and strategic planning services, acting as a virtual Chief Financial Officer for a business.

The range of bookkeeping services available can be customized based on the unique requirements of a business. Whether it’s basic bookkeeping tasks or more specialized financial services, outsourcing bookkeeping to professionals can help ensure accurate and efficient financial management.

Comparing Local Bookkeeping to Virtual Bookkeeping explain in points

Comparing local bookkeeping (in-house) to virtual bookkeeping (remote) involves considering various factors that can impact a business’s financial management. Here are some points of comparison between the two:

Local Bookkeeping (In-House):

• Physical Presence: In-house bookkeepers work on-site at the business’s location, allowing for direct interactions and immediate access to financial records.
• Communication: In-person communication with in-house bookkeepers may lead to faster response times and potentially stronger relationships between the bookkeeper and other team members.
• Data Security: Businesses have more control over data security with in-house bookkeeping, as sensitive financial information remains within the company premises.
• Training and Supervision: Employers can directly train and supervise in-house bookkeepers, ensuring they align with the company’s processes and values.
• On-Demand Assistance: In-house bookkeepers can provide immediate assistance during critical financial situations or urgent reporting requirements.

Virtual Remote Bookkeeping Services:

• Cost-Effectiveness: Virtual bookkeepers often offer more affordable rates as there are no expenses associated with office space, equipment, and benefits.
• Flexibility: With virtual bookkeeping, businesses can work with bookkeepers from different locations, even across time zones, providing access to a broader pool of expertise.
• Technology Integration: Virtual bookkeepers are generally proficient in using cloud-based accounting software and online tools, which can enhance efficiency and collaboration.
• Time Zone Considerations: Depending on the bookkeeper’s location, there might be time zone differences, which could affect communication and response times.
• Data Accessibility: Virtual bookkeepers can access financial data remotely, offering convenience, but requiring secure online communication and data-sharing protocols.
• Outsourcing Expertise: Businesses can outsource bookkeeping tasks to specialists who have experience in specific industries or accounting software, ensuring higher accuracy and efficiency.
• Scalability: Virtual bookkeeping can easily scale up or down to accommodate changing business needs, making it a flexible option for growing enterprises.
• Reduced Overhead: By outsourcing bookkeeping remotely, businesses can focus on core activities while leaving financial management to professionals.

Use the services of Velan Virtual Bookkeeping Services.

Managing the finances of your small business can be a difficult endeavour that takes time and effort. Thanks to easy online accounting services, you may save time and get helpful guidance on filing taxes and handling your company’s finances.

You can rely on the knowledge of Velan Bookkeeping Services when it comes to bookkeeping services. We provide organizations in a range of industries with reasonably priced virtual bookkeeping services.

Numerous business owners have given our services five-star evaluations. Put your faith in our outstanding virtual bookkeepers to handle all of your bookkeeping needs. Call Velan Bookkeeping Services right now.

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?

• What is The Need for Bookkeeping and Accounting Services?

• When should you start looking for Bookkeeping Services?

• Various Options Available for Small Business Bookkeeping Services

• How To Find A Dependable Bookkeeping Service?

• Following are some of the services available from a bookkeeping agency

• Distinguishing Between Business and Personal Finance

• Advantages of Bookkeeping and Accounting Service

• Conclusion

• Frequently Asked Questions

Small business owners usually struggle to manage time for various business-related activities. In most cases, it is that they do not have sufficient resources for accurate bookkeeping. This is where the services of an offshore bookkeeping agency become crucial. The following section of this article discusses the need for outsourced bookkeeping services for a small business.

Basics of Bookkeeping for small business owners:

Rapid advancements in the field of technology have made bookkeeping and accounting automated. However, every aspect of the system must be in the right order from the beginning.

Business owners are needed to understand factors like the selection of an entry system, accounting method, transaction management, and more. Understanding the basics is also helpful when hiring the services of a third-party agency. Business owners can clearly understand their requirements and hire outsourced bookkeeping professionals accordingly.

What Are Bookkeeping and Accounting Services?

Bookkeeping includes the procedure of maintaining and tracking all business transactions. However, unlike the traditional method, it is about more than just recording what is coming and what is going on using a pen and paper.

Bookkeeping is vital for guiding business professionals in various aspects of the journey. It helps report accurate numbers for compliance and the overall development of a business organization.

Accounting also includes bookkeeping and analyzing the data. A professional accountant is engaged to keep records of transactions and analyze radius data.

Analyzing the data helps manage the right decisions and generate new sources of revenue. Again accounting needs special analytical skills that help make certain business decisions.

What is The Need for Bookkeeping and Accounting Services?

Bookkeeping and accounting are necessary as they significantly impact the basics of a business. Here are some reasons that justify the need for bookkeeping and accounting service

• Business owners can make more informed decisions within a short time.
• The services help understand the direction of the business.
• One can learn various approaches that can help maintain compliance and save taxes.
• Offshore bookkeeping services allow business owners to see the guidance of professional chartered accountants to make their ventures more profitable and secure.

When should you start looking for Bookkeeping Services?

The business owner can likely handle all the bookkeeping tasks and stay off the expense in the early stages. However, as the business further goes up, it is recommended to keep track of the time and bookkeeping activities. This is when hiring professional service proves to be a smarter decision. Outsourced bookkeeping services can help business owners with their taxes.

A large portion of offshore bookkeeping involves knowledge of tax laws and deductions. Also, they help free up valuable time for more important tasks.

Various Options Available for Small Business Bookkeeping Services

Emerging business owners often have very limited knowledge of offshore bookkeeping services. In simple terms, the professionals help manage the income and expenses of an organization. They monitor the transactions, financial statements and reports, tax filing, and payroll.

Every business needs bookkeeping services, and hiring a professional makes the process hassle-free. Offshore bookkeeping services for small businesses help keep track of the everyday financial activities of the organization. Some business owners choose to do it from there on, but it becomes difficult to keep up with all the records. On the other hand, pointing an in-house bookkeeper can be expensive.

Whether someone does it independently or hires professional virtual bookkeeping is quite affordable. The best part is that numerous online bookkeeping services are available online. Some of these services are suitable for DIY bookkeeping. There are also offshore bookkeeping services that offer comprehensive bookkeeping facilities at a reasonable price.

How To Find A Dependable Bookkeeping Service?

As can be seen, there are many outsourced bookkeeping services available online. These help manage the accounting and finance needs of a small business.

Some platforms also provide free trials so the user can try out the service before taking a paid subscription. Other services on the Internet offer a money-back guarantee as well. Business owners should monitor the ease of accessibility during the trial period. If any of the processes are not effective or friendly, they can look for an alternative.

It is important to note that smaller accounting service providers only sometimes have the resources to give free trials or money-back options. Service providers that are willing to make an open conversation about the client’s needs are always helpful. A business owner must ask the below-mentioned questions before hiring a bookkeeping service.

• Will I get a dedicated bookkeeper for my business?
• What industries have you served?
• What is the availability of the services?
• What is the procedure for tax preparation and handling?
• What is the pricing structure as the business continues to grow?
• Is there support available for clients getting government funding?
• How often can the bookkeeper be reached for any queries?
• Do they analyze expenses and recommend ways to save operation and cost?
• What can business owners expect from bookkeeping services?

Leading bookkeeping service providers offer extensive features and functions depending on the client’s needs. It is observed that while a range of features is suitable for a small business, the features of a different service provider suit the needs of a medium-sized organization. When we look at outsourced bookkeeping and accounting, there is no common solution. Business owners must do some digging and research to learn about the available option and which bookkeeping service provider will suit them.

Following are some of the services available from a bookkeeping agency:

• Establishing Internal Controls

Internal controls are necessary to prevent data breaches and theft. Protecting credit and bank card data gives much-needed control and prevents identification errors or false payments.

• Tracking Expenses and Revenue

Keeping an eye on regular transactions helps monitor earnings and spending. Financial statements and reports provide inside into cash flow and help determine new ways of improving the business. Keeping up with revenue and expenses is also helpful for simplifying the tax process.

Distinguishing Between Business and Personal Finance

It is easy to combine business and personal money, particularly when starting. This is critical to keep business and personal finances separate. It creates better potential for tax audits and easier to manage cash flow.

Some of the common offshore bookkeeping services include:

• Accounts receivable and accounts payable
• Financial statements
• Reporting and tax filing
• Customer service
• Payroll management
• Educating clients on tax deductions
• CPA on hand

Advantages of Bookkeeping and Accounting Service

• Small business owners must focus on their everyday operations. Bookkeeping and related procedures are required a lot of time. Investing more time in accounting will likely distract business owners from the more important aspect. Hence it is always preferred to have an outsourced bookkeeping service.
• Modern bookkeeping and accounting service providers have access to advanced software and resources. As a result, business owners can also leverage technology to reach new heights.
• Offline accounting and bookkeeping require office space, salary, and other expenses. Hiring services from a third-party agency is a lot more costume. It eliminates regional expenses and allows business owners to pay only for the service.
• Business owners equal to get valuable financial guidance from a professional accountant. Guidance from a chartered accountant goes a long way in making a business sustainable in this competitive market.

Conclusion

The upper discussion should clearly explain the need for bookkeeping and accounting services. Small business owners must invest in having the services if they wish to expand their operations in the coming years. One can observe significant benefits for their small business when they have the support of a professional accountant. Moreover, bookkeeping services keep their clients updated with the latest changes in tax laws. This helps make informed decisions for a business. Outsourced bookkeeping services help their clients stay ahead of the competition with effective cash flow management. Every business owner must invest in hiring a proficient service as it is a worthy investment considering the returns in the long run.

Frequently Asked Questions

• How much does a small business accounting expert charge?

The charges for bookkeeping and accounting services vary depending on various factors. Typically, the bookkeeping cost differs in different locations and ranges between $40 and $ 100 per hour. However, charges for third-party bookkeeping services are different. Alternatively, the charges can be a monthly recurring fee.

• What is the function of a bookkeeper for a small business?

The purpose of a bookkeeper is to keep tabs on financial transactions in a business. They are the ones responsible for continuously monitoring account transactions in financial reports. Business owners receive regular updates and form of financial report from the accountant that helps them in the decision-making process. In some cases, the book keypad is also involved in strategy-making for an organization.

• What kind of bookkeeping is suitable for a small business?

Cash-based bookkeeping is the simplest and most effective way of recording transactions in a small business. It is perfectly suitable for micro businesses and freelancers. Accrual-based bookkeeping includes keeping track of credits and debates simultaneously. Stop the bookkeeping and accounting service providers using accrual-based accounting.

Tables of Content: Outsource Bookkeeping Services To India

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

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

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

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

Cost Savings:

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

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

Quality, Qualified Professionals:

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

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

Use Of The Latest Technology:

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

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

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

The Lack Of A Language Barrier:

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

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

Favourable Government Policies:

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

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

which gives tax breaks and easy access to bookkeeping talent.

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

Read More – Bookkeeping for Nonprofit Organizations 

The Favorable Work Culture:

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

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

Multiple Related Services:

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

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

Operational Efficiency and Productivity Increases:

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

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

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

Enhanced Brand Image and Value:

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

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

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

Conclusion of Outsource Bookkeeping Services To India

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

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

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

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

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

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

What exactly are monthly bookkeeping and accounting services?

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

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

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

• Keep track of consumer billings.

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

• Keep track of consumer payments.

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

• Review of Payroll and Tax Payments.

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

• Keep track of vendor bills and payment data.

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

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

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

• Examine the inventory and the status.

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

• Payroll processing and review

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

• Examine the projected cash flow.

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

What Is the Purpose of a Monthly Accounting Checklist?

• It aids in the detection of errors.

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

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

• It assists you in making better selections.

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

• It aids in the agility of your business.

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

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

• It keeps you prepared for audits.

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

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

Accounting and bookkeeping

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

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

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

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

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

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

Bookkeeping Procedure

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

• Accounting

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

• Accounting Methodologies

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

Pricing Packages for Bookkeeping

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

• Account Number

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

• Amount of Transactions

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

• Monthly outgoings

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

Weekly and monthly bookkeeping packages are available.

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

• Review of monthly QBO files

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

• Reconciliation of Monthly Accounts

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

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

• Coding of Receipt Bank Transactions on a Weekly Basis

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

Why should you schedule monthly accounting and bookkeeping via Velan?

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

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

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

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

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

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

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

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

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

What is Quickbooks?

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

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

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

Using QuickBooks Online:

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

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

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

Training and certification for QuickBooks

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

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

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

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

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

Prior to employing a bookkeeper:

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

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

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

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

What skills does a QuickBooks Bookkeeper require?

• Accounting

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

• Entering data

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

• Institution

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

• Information exchange

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

Work Environment for Bookkeepers in QuickBooks

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

Trends for QuickBooks Bookkeeper

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

Increase in Online Accounting

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

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

Increased Attention to Financial Reporting

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

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

An increase in technology use

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

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

Why is it crucial to employ a top bookkeeper?

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

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

• Ensure prompt bill payment.

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

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

• Concentrate on the most crucial company requirements.

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

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

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

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

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

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

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

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

• Consider your company from a different perspective.

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

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

How an accountant differs from a bookkeeper

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

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

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

Velan Accounting Has to Offer

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

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