Monday, 22 August 2016

An Evaluation of Top Accounting Software – QuickBooks, Peachtree/Sage50, Intacct

In today’s cut throat business environment, the focus has shifted from traditional and laid back methods of yester years to ones where the emphasis is on optimizing operational efficiencies. This is mostly achieved through concentrating on core competencies in-house and spinning off back office functioning to lower priced options. One of this is accounts and bookkeeping functions. Doing so is especially helpful for small business accounting, start-ups and mid sized companies that have to look constantly for ways and means to reduce expenditure to increase profitability.

While outsourcing of accounting tasks is now the much preferred choice of businesses, the process has been facilitated by the introduction of cutting edge software that has made accounting processes very simple. On top of the pile are QuickBooks, Sage 50 (erstwhile Peachtree) and Intacct.

A brief evaluation of their main features will be in order –

QuickBooks – It all started with it being a way out to simplify personal financial management and later progressed to becoming a tool offering maximized accounting solutions. The main benefit of QuickBooks is its ability to assist every facet of the accounting system. QuickBooks accounting services provides paths to constantly monitor income and expenditure and helps in quick and speedy finalization of bank reconciliation every month. Tedious and repetitive tasks like payroll management and tax computation and finalization is made easy with QuickBooks.

QuickBooks bookkeeping services are amenable to almost the whole gamut of industries and business. Those that stand to gain heavily include wholesale and retail services, any small and midsized business and wherever top class accounting solutions are needed to increase performance levels.

Sage 50 - Formerly known as Peachtree Accounting, Sage 50 in its new avatar is accounting software that complements small to large businesses and individual entrepreneurs who want to streamline their bookkeeping functions. The main advantage of Sage 50 is that it is very versatile and flexible software and offers its users a wide range of options. These include choices to businesses to fully integrate it in their total existing systems or opt for standalone functions such as payroll management or inventory management or invoice management. It can even be structured for exclusive client servicing.

What then are the key metrics of Sage 50? For one, it aids in devising comprehensive accounting solutions. Accounts payable, bank and credit card reconciliation, inventory tracking and monitoring, purchase planning and checking of income and expenditure are some of the key heads of accounts. It also helps in forecasting cash flow and working capital requirements.

Intacct – Unlike the other two, Intacct is a cloud based solution offering the whole range of accounting functions. It can be customized to match specific requirements of different business sectors such as retail and wholesale, hospitality and tourism and healthcare. However, these are just illustrative examples only.

Intacct provides a high degree of customization. It is possible to have reports generated with specific fields of choice, have client wise tailor made financial solutions for vendor monitoring and inventory management and go for total employee tracking including payroll processing, tax computation and finalization of tax returns

While this software can be used across all sectors, unlike Sage 50 and QuickBooks accounting software this is rather more complex software as it is cloud based. Hence it is not considered to be suitable for small businesses and startup where the level of professional expertise amongst employees is not expected to be as high as those in midsized and large corporations. 

A brief summary of the features of QuickBooks, Sage50 and Intacct will bring things to a clearer perspective –

QuickBooks – Pros - Offers great support to Outsource QuickBooks accounting, precise financial management, user friendly navigation, seamless integration with third party applications. Cons – Limited inventory management options.

Sage50Pros – Accurate financial management, robust web based accounting, reliable inventory management features, easily monitored work-flow, multiple accounting options. Cons – restricted inventory management.

IntacctPros – Complements a wide range of business sectors, integrates with specific client needs, tailor made dashboards. Cons – Top of the line features that may be too complex for small businesses and startups.

Finally, whichever accounting solution that you might go with, be assured that it will optimize your business efficiencies.                    

Wednesday, 17 August 2016

Legal Research Outsourcing - Most Helpful Resource Law Firms Ever Had

Legal outsourcing is gaining popularity with each passing day. It is meant to enable an attorney to increase his profits by reducing client costs and enhancing the quality of service. Legal research is one of the tasks which involve a lot of time and energy. This task can be outsourced to third parties.

legal research outsourcing

Small-firm attorneys are always under pressure to reduce costs and offer quality service. Moreover there are phases when workload is high and times when work load is less. So outsourcing can be used at times when work pressure is high. The advantages of outsourcing legal research are:

Saving Time And Easing Work Pressure

A quality brief can help you in winning a case. But preparing a good brief is a time consuming process. So by outsourcing some of the excess work not only time can be saved but work pressure can also be eased. 

Enhancing Business Opportunities

By using the option of outsourcing, you can take more work from clients. This can help in enhancing business opportunities. The cost of hiring legal research outsourcing services is less in comparison to the remuneration paid by the clients, thus leading to profit.  

Optimize Profits by Charging a Premium on Outsourced Work.

Recently The American Bar Association has offered a suggestion that law firms who employ outsourced services can charge additional costs from clients. This can help in enhancing the profits further. 

Enhancing the Work Efficiency and Reducing Client Costs

By outsourcing work, the lawyers can devote more time to a particular task. This will help in enhancing the quality of legal services and will also help in completion of legal proceedings in the shortest possible time, leading to saving of clients’ money.   

Have Access to Productive Resources

An outsourced firm might be more capable in performing the legal functions than your firm. So by utilizing outsourcing services, you can have access to high quality services which can improve work efficiency. 

Helpful in Winning Complex Cases

Complex cases involve a lot of time and intellect. So by outsourcing some of the easier cases, more effort can be put in preparing complex cases and winning them. 

Focus on Revenue Earning Activities 

By outsourcing the less important tasks, more emphasis can be placed on revenue earning activities. This can help in optimizing the profitability of the law firm. 

Cogneesol offers excellent legal outsourcing services to legal firms from all over the world. For more information, log on to

Wednesday, 3 August 2016

Why Small Retail And Wholesale Stores Need Accounting Services?

Managing accounts is a basic functionality performed by every organization. It lets you know about the in and out money flow, which business receives and pays respectively. When it comes to the accounting needs for a small retail or wholesale store, first you need to look at the number of customers you have on the regular basis. In accordance with this, the accounting needs can be judged. With accounting services, accounting needs and issues of a small retail store can be sorted out with great ease.

Now, the question is…

What is retail and wholesale accounting?

Retail-wholesale accounting is a process through which an estimation about the inventory stock and cost of sold goods is determined and figured out. This procedure demands for basic knowledge about accounting, only then you are able to handle your retail accounting in a well-desired manner.
retail wholesale accounting

The above description about accounting in retail and wholesale is quite enough to let us know about its eminence for a small business. Now, you might be in the cyclone of question about do you also, need retail-wholesale accounting services for your business or not? If yes, how do I have to analyze whether I need it or not? Encountering the same question in your mind? Well, continue reading and all your queries will get sorted out soon.

Here are some situations, if you are facing the same, consider it an alarming time.  You and your business are badly in need of accounting assistance. Read with concern.

·         When you start witnessing huge differences in revenue and goods sold.
·      When you do not feel the cash management and bank account details are not in your      access, as they should be.
·         When it is getting hard for you to analyze the requirement of your inventory stock.
·         When you are not able to prepare payrolls for your employees.

When we have discussed the issues regarding small retail and wholesale business accounting, now, it is the right time to discuss about…

Why small retail and wholesale businesses are in need of retail-wholesale accounting services? How do such services benefit a retail business? Let’s figure out, how it happens.

·    Improvised cash management- Accounting services help you are witnessing an overall performance of your accounts and accounting department as well. It gives you in figuring out aspects like- how much cash you have with you for your business standard appraisal, tax or other deductions made by bank on a monthly basis and many more like this.

·     An opportunity to adopt technology- As we all know, in today’s age, technology has entered not just in our professional but in our personal lives as well. Whether it is about booking online tickets or using an exclusive technology to bring great ease to our work, technology is always there to sort us out. Same like this, to make accounting easier, there are some retail accounting software which helps doing tedious tasks within no time.

·    Rather than accounting, other operations can be focused on- It is quite obvious that an organization is not just occupied with accounting matters only. There are different activities like- manufacturing, marketing and many more. When retail accounting services will be practiced by highly skilled accountants for your business, you can simply look into other important matters which anyhow are going to profit your business.

·    Helps in managing inventory stock- Retail accounting has been acknowledged as one of the best way out for analyzing or getting an accurate estimate about your inventory stock. Yes, it notifies you about the leftover goods in your inventory which ultimately helps you and your business, suffering from embarrassing situations where in the needy hour, you see yourself with a shortage of goods.

·   Reduces overall expense- In case, you go for adopting some smart approaches like- retail accounting software, then remember, it is not just going to benefit you with work management, but also will facilitate you with a right management of your overall expenses. It helps you cut the cost of your accounting department, as the software can be handled by a single employee.

·    Reduces paperwork- Switching to accounting services or software for a retail or wholesale business can help you reduce your paperwork which at present is considered as an outdated work activity. Along with this, It promotes you to adopt smarter techniques in your working manner.

Here, accounting for retail and wholesale business is described in a detailed manner. Even if you are facing any ambiguity, feel free to write us back via mail or comments to this post. We will get back to you with an appropriate and satisfying answer to your query. 

Monday, 25 July 2016

How Can Your Small Business Save Time by Using Accounting Software?

Keeping track of expenditures, sending invoices and handling budgets often is an administrative ordeal for numerous small businesses. However, it does not need to be like this anymore, with cloud-based software easing out accounting for small businesses, which automates a lot of the boring – yet tedious – accounting tasks for small businesses.

Accounting for small business

Take a look at 4 ways to automate your day-to-day small business accounting operations.

Invoice Processing Made Simple:
For a small business owner or perhaps sole trader, invoice processing services ought to be a top concern. All things considered, in case you don’t invoice clients, how exactly are you going to get compensated?

Invoicing often is time-consuming, particularly pursuing up unpaid accounts, and it is possible to lose track of payments pending.

With dependable, web-based invoice processing software like QuickBooks, it is possible to schedule the invoices to be sent on auto-pilot to customers, either one by one or in batches. It additionally keeps your invoices in a single place, so it’s possible to quickly check the ones that are unsettled.

The software furthermore sends out reminders and helps you incorporate personalized discounts as well as offers to elevate customer loyalty. Truly being web-based is an additional benefit, since you can make use of it on any kind of device, whosesoever your hectic everyday schedule takes you.

Payroll Stress Off:
An instinctive, easy and smart automated payroll procedure can assist consolidate the staff payment procedure and make both you along with your employees satisfied.

Financial accounting tools like QuickBooks Payroll software manages payroll efficiently, computes taxes and helps you finish a full payroll within 5 minutes. It additionally can easily integrate with QuickBooks Online for a far more holistic small business accounting approach, which makes sure you are better organized when tax time comes around.

Takes the Intensive Takes Away the Stress of Inventory:
For retail businesses, it is important to efficiently monitor, handle and evaluate stock items.
Retail accounting software like QuickBooks can create as well as examine product barcodes, which simplifies the procedure and assures precision.

Each and every invoice, sales order together with purchase order could very well be tracked by making use of the tool, allowing you to clearly view the number of items that are available and in the sales pipeline, efficiently handling all tasks within one software application.

Streamlines Your CRM:
By incorporating a customer relationship management program, it is possible to restore a longer time to concentrate on developing your business and attaining more substantial growth.

For companies that happen to be juggling several client accounts, keeping tabs on interaction often is time-consuming, burdensome and possibly results in lost opportunities. Automating CRM procedures with the help of sales lead management software can assist you to take care of leads and opportunities instantly and precisely in a single centralized location. It can also noticeably improve customer satisfaction.

Tools like QuickBooks accounting software enable you to create alerts, reminders and updates for designated tasks or upcoming deadlines. Automating your CRM procedures with the help of a mobile solution also implies that sales and prospects can be tracked and updated on the move, stimulating superior collaboration at all times.

By putting into practice these 4 time-saving strategies, you will get a longer time to pay attention to business strategy, expansion possibilities and client interactions. Ease out accounting for small business firms by making use of such software and in case you are unsure about what accounting software to make use of, get in touch with us today at +1 646-688-2821. Cogneesol’s in-house team consists of accounting and bookkeeping experts who are proficient in using all kinds of major accounting software. We also offer a free 14-day trial to all our clients across the globe.

Thursday, 21 July 2016

Fix Errors in Account by Outsourcing Bank Reconciliation Services

Though a business stands up on the successful pillars of great ideas and synchronization of its employees, but, we cannot deny this fact that a strong foundation of any business is its well management of accounts. When it is an important aspect of running up a successful business, it is obvious that it requires 100% determined efforts to. In a huge majority of cases, imbalanced balance sheets disclose the concern of your accounts department. Well, to get rid of this, bank reconciliation service is there for you. Now, the question arises what is bank reconciliation? Continue with your reading to figure out it.

People who do not belong to accounting field might not be aware of the term ‘Bank Reconciliation.’ This might not even affect anyhow on your accounts, but yes, when you are an entrepreneur, then you need to wake up to the realities of accounting world and should have enough knowledge about it.

Bank Reconciliation?

Bank reconciliation is a process where the differences of your organization’s accounts and bank account’s statement are matched. In most of the cases, it rarely matches. The reason behind it is, deduction of bank fee and other taxes from your bank account which usually are not visible on your organization’s account. Being an entrepreneur, you might have encountered such circumstances in your business, but have you ever paid attention to it?

outsourcing bank reconciliation services
Bank Reconciliation Services

In case, you do not facilitate your business with bank reconciliation services, see how it can get affected.
  • When you are not concerned about your account management, nobody is going to look at it seriously, not even your accounts department. Mismatched accounts leaves a mark of bad impression on your business.
  •  Your hard-earned money might get misused either by your department or vendors.
  • You never get to know about the bank fee or other kind of deductions made by the bank.
  •  The rate of interest gets credited to the bank account, but does not appear in the organization’s account.
I think these factors are enough to open your eyes and let you know about the importance of bank reconciliation services. In case, you do not want to invest your money over setting up an accounting department for you, go for outsourcing such services.

See how outsourced bank reconciliation services give you and your business endless leverages.
  1. Improvises your account management- Bank reconciliation helps you obtaining a better access over your accounts. This ultimately brings efficiency in your working and handling accounting issues.

  2. Transparency between your bank statement and organization account status- In the bank reconciliation process, both the accounts (organization’s account and bank account) are managed in a synchronized manner. This leaves no scope for mismatched accounts.

  3. Accounts department can look into other accounting issues- When bank reconciliation will be managed by the outsourced expert, your accounting department becomes free to handle other accounting issues. Eventually, this brings proficiency in your business. 

  4. Reduced paper work- Outsourced accounting expert does not need to perform any paperwork as they are highly professional workers who adopt the finest and latest tools which reduces the paperwork and gives you better resources to keep a record of your accounts.

  5. Expert’s services- Outsourced employees hold the expertise of knowledge which makes them an expert in their field. Due to this, you always get benefited with expert services. This isn’t just bringing you quality work, but also, helps you getting facilitated with secured services. 

  6. Work done in a set time frame- Outsourced services let you have your work done within a set time frame. All you need to do is mention a fixed time epoch during which you expect to have your work done. Such matters are required to be discussed on a prior stage to execute the work criteria with ease. 

  7. Discloses bank fee and taxes- When your outsourced employee will go through the bank and organization account with details which includes- (noting down the transaction history, keeping an eye over the expenses, etc.) along with this, the outsourced bank reconciliation process helps you witnessing the actual bank fee and different taxes debited by the bank.

  8. Cost-effective procedure- As outsourced employees are not your full-time employees, so you can get their services at quite reasonable prices.
Hope this article might help you overcome your account management issues. In case, your mind is still bombarded with endless queries about it. Feel free to contact us, we would be more than happy to sort out your accounting issues. 

Sunday, 5 June 2016

How To Outsource Your Accounts Payable and Accounts Receivable?

In present time, companies are bombarded with the challenges of running their company expenses in the most appreciable and cost-effective manner. This isn't just helping you become the best, but also let you see different sources in order to minimize your expenditure standards.

Basically, with the business expansion purpose, a company, usually, go for performing different kind of transactions with either business houses or clients. In accounting language, these transactions are called accounts payable and accounts receivable.

Companies often go for outsource accounts payable in order to have a better access over the financial affairs. But before we understand the value of outsourcing such services, let’s discuss the basic difference between accounts payable and accounts receivable of a company.

Accounts Payable :

Usually, a company goes for purchasing raw products or any kind of goods (in which they deal) from a vendor. When the company is not financially strong in order to purchase the goods and thus get some credit from vendors, then the amount to be paid by the company is acknowledged as accounts payable. In other words, it can be called as a company liability.

Generally, a deal is signed between the two parties (vendor and company) so that the situation of breach of contract can be avoided.

Accounts Receivable :

It is an amount that the company is supposed to receive from the buyer who purchased the goods or services on credit from the business. Almost every company pays off the amount on behalf of the consumer by signing a deal or agreement where both the parties (customer/buyer and company) are required to mention the certain amount and time frame within which the transaction needs to be paid off.

As per the basic rule, whether it is the account payable or receivable amount, the company and the buyer need to clear it within the set time frame of 30 days. Make sure, if you are practicing any of these transactions in your business, you are maintaining a record of the same. This is important because, it can work as an evidence (if needed).

How to outsource accounts payable and accounts receivable?

Now this can be one basic question that you might be headed with right now. There are a lot of companies who outsource such accounting services. All the company needs to do it is provide a basic financial structure to the outsourced agency which ensures them about the financial condition of the particular company.

These days, tying up with any accounting outsourced company is not that difficult. You can find multiple options for your business, all what is required is a smart and wise choice of outsourcing agency.

Its three necessary steps:

Under the outsourced accounting payable and receivable activities different practices exist. Take a look at what they are-
  • Receipt making  for ERP- Receipt making basically belongs to data creation and entry. Here, the tasks of data entry are accomplished by either digital or manual means.
  • Approving and passing resolutions- Generally, approvals are given by a higher authority after analyzing the financial status of the company. Inquiry procedure from both parties is practiced under this process.
  • Invoice preparations- Automatic invoice preparation is the best part of outsourced accounting services. When use of latest technology is involved, the process becomes easier and we are able to enjoy better and accurate result orientation.
Why companies go for outsourcing accounts payable and accounts receivable?

Every company dreams of being served by expertise of assistance, especially when the matter is relevant to their accounts and finances. In such cases, going for outsource accounts receivable becomes the first preference. As companies get endless leverages of outsourced accounting services such as-

  • Better access of finances
  • It waves off your worries regarding maintenance of accounts
  • Strong economical groundwork
  • Easier transactions

The list is quite long. Outsourcing provides you the chance of being benefitted with quality services and that too performed in the companionship of the latest technology. This cut offs the headache of establishing different equipments and techniques into your business house.
Check this video on the same :

Read Also