Bookkeeping Services

Many small businesses, start-ups, and entrepreneurs find it extremely challenging to manage their accounting records and keep their books updated. Assessing many candidates and hiring an accountant who is best suited to your needs is a time-consuming and challenging task. Choosing the right person who is qualified and affordable at the same time is difficult. Although bookkeeping is a very important aspect of accounting in a business, it does not actually require an in-house accountant to exclusively handle it. Accountants need to actually use their professional skills elsewhere than focusing on a task that is more manpower intensive.

If you have a small team focused on bookkeeping, consider managing bookkeeping through an offshore team which provides you cost advantage and enables you to put additional time and money into developing the business. In case you're a bigger organisation, it can save you the time expected to recruit, train, and deal with an in-house team of accountants.

Valorega Accounting is an offshore bookkeeping services provider that provides streamlined cloud-based bookkeeping services to all sizes of firms. We make bookkeeping quite easy for you. We will discuss your requirements to ensure we provide you with the reports in the format you require, we take your bookkeeping items from you regularly in the most convenient way, and we provide reports at the earliest possible.

Our well-adept and qualified team of experts add value to the financial accounting process in a cost-efficient manner. We offer a Finance Concierge available to you over email and calls. Our offshore bookkeeping services frees you from this time-consuming process, enabling you to focus on more productive, high margin, and value-added activities.

With Valorega, in a full-time engagement model, each client gets a dedicated bookkeeper who knows their requirement specifications in detail and becomes an extended part of their team. We provide you with a range of bookkeeping services which include using the latest cloud software platforms, delivering high-quality work, and ensuring consistency of delivery.

Scope of work:

• Basic bookkeeping work like posting journal entries, preparing a trial balance, etc.
• Processing of sales, purchase, bank transactions and all the expenses
• Reconciliation of business bank and business credit card accounts
• General ledger maintenance
• Assets/equipment ledger maintenance
• Income reconciliation
• Accounts payable/receivables reconciliation
• Inventory reconciliation
• Payroll reconciliations
• Sales ledger control account
• Purchase ledger control account
• Expense analysis

What we will need from you:

• Sales/purchase invoices
• Bank/credit card statements

Reports you will get:

• Monthly/quarterly trial balance
• Nominal ledger
• Aging reports and summaries of debtors and creditors

Unparalleled benefits of working with us

Let’s look at a few benefits of working with us.

Over 70% cost savings : Cost savings is known to be one of the most prominent benefits of working with us. In fact, many businesses have looked at offshore bookkeeping services as a mere cost-saving tool for several years. Although there is more to offshoring bookkeeping services than just the monetary benefit, cost savings remains the primary reason practices outsource bookkeeping services. Hiring onshore resources and building an in-house team of accountants is a costly affair. The salaries and recruitment costs of accountants in developed countries like the UK, US, etc. are rather high and are expected to grow further in years to come. We enable businesses to save over 70% bookkeeping costs.

Eliminate staffing/HR issues: The staffing shortages in the accounting industry have been growing phenomenally over the last few years. For example, with the onset of the Great Resignation, staffing has become a significant concern for accountancy practices in the UK. You need not to worry about recruiting, training, employee absences, attrition, etc. as our team will always be available to handle your tasks efficiently. We help you free up your in-house staff to take up higher-value tasks and focus on more important services that ensure your firm a steady revenue stream and help strengthen your reputation in the market. Our resources are trained extensively on UK accounting and can seamlessly adapt to diverse work cultures. They work as an extension of your team and make your processes smooth and hassle-free.

Higher productivity : We train our resources to extensively excel at their jobs. These experts can efficiently handle complex and cumbersome tasks and make your processes hassle-free. Moreover, our bookkeeping professionals are well-versed with the latest bookkeeping software and use technology to improve consistency and accuracy in critical accounting tasks.

Latest technology : Our team is extensively trained in multiple cloud-based accounting software. These resources have the expertise to automate your processes and thus minimise the scope of errors.

Scalability : We help you in scaling up your accounting capabilities quickly despite many challenges. You can increase the number of resources required to work for you in the least possible time.

To learn more about our services, please book a call or drop us an email at hello@valorega.com.

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Glossary

Journal : A journal is a detailed account of all the financial transactions of a business. It’s also known as the book of original entry as it’s the first place where transactions are recorded. The entries in an accounting journal are used to create the general ledger which is then used to create the financial statements of a business.

Trial Balance: A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal. A company prepares a trial balance periodically, usually at the end of every reporting period.

Ledger : A ledger is a date-wise record of all the transactions related to a particular account. Ledgers are also called the secondary book of accounts or the second book of entry. It is represented in a tabular double-entry system consisting of the debit and credit sides. It is an account or record used to store bookkeeping entries for balance-sheet and income-statement transactions. The transaction data is segregated, by type, into accounts for assets, liabilities, owners’ equity, revenues, and expenses.

Bank Reconciliation : A bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the two, and to book changes to the accounting records as appropriate.

Income Reconciliation : Income reconciliation is the act of reconciling all sales (services provided or goods delivered) and cash received in a specific period to determine what should be recorded on the Income Statement and Balance Sheet. This process also helps determine the Costs of Goods Sold (COGS) for the associated revenue to calculate gross margin.

Accounts Payable Reconciliation : The accounts payable reconciliation process involves comparing balances in two or more sets of financial records, often a general ledger and a subledger, accounts payable aging report, or dashboard that shows outstanding balances to suppliers and vendors.

Accounts Receivable Reconciliation : The accounts receivable reconciliation is a process of matching the detailed amounts of unpaid customer billings to the accounts receivable total stated in the general ledger. This matching process is important, because it proves that the general ledger figure for receivables is justified.

Payroll Reconciliation : Payroll reconciliation is a way to check that employees are being paid correctly and that last-minute changes are accounted for.

Inventory Reconciliation : Inventory reconciliation is the process of comparing physical inventory counts with records of inventory on hand. This is an important process as it helps reduce stock discrepancies and understand why there are discrepancies in the first place.

Sales Ledger Control Account : A sales ledger control account is a summary account which checks the arithmetical accuracy of a sales ledger. It enables us to see at a glance whether the general ledger balance for the sales ledger agrees with the total of all the individual trade receivable accounts held within the sales ledger.

Purchase Ledger Control Account : A purchase ledger control account is a summary account which checks the arithmetical accuracy of the Purchases Ledger. It enables us to see at a glance whether the general ledger balance for the purchase ledger agrees with the total of all the individual trade payable accounts held within the purchase ledger.