Monday, 7 November 2016

Accounting Process for Manufacturing Companies

Like any other business, the accounting process is important for manufacturing firms. The accounting information is essential for a variety of users like investors, creditors, management and government regulators. Manufacturing accounting involves various functions like financial accounting, management accounting, auditing and tax accounting. Basically, accounting helps in reporting the financial information of an organization. It involves processes like measurement, analysis and reporting for management purposes.




The accounting cycle involves converting the company's transactions into financial statements. The statements carry complete information regarding the expenses and revenues during a particular period of time. A proper record of the assets and liabilities is also maintained. Different firms might follow different manufacturing accounting processes but the basic processes are same like recording transactions, verifying transactions, making adjustments for accrual, verifying the adjusted totals, preparing the financial statements etc.



In order to complete the accounting for manufacturing business process, the following processes need to be followed:

Preparing ledger accounts- The recording process involves two main factors. Firstly all the business transactions are recorded. Secondly, these transactions are posted to the ledger accounts. Different ledger accounts are prepared for different items like cash, revenues, expenses, accounts payable, accounts receivable etc.

Adjustments- In a manufacturing company inventory is involved. So the accrual method rather than the cash method is used for tax preparation. In the accrual, method transactions are recorded when bills become payable rather than when they are actually paid. Credit sales are recorded when a customer makes the actual payment. Adjusting entries are made in the ledgers. So invoices rather than cash records are considered important in this regard.

Inventory management- A manufacturing accountant must place a value on each item while preparing the statements at the end of the accounting period. In order to ensure that no confusion is created, if various units of an item are purchased at different prices, one of the consistent methods of valuation should be followed. The methods most commonly used are First in First Out and Last in First Out method. The accounting methods followed also depend on the accounting practices followed in a particular country.

Outsourcing can also be used as an option for accounting for manufacturing business. Outsourcing offers various benefits. You don’t require investing in infrastructure and payroll. You can also gain access to accomplished staff without having to invest time in hiring them.


Outsourcing services can offer prompt and effective results in cases of urgent requirement. The remuneration charged by outsourcing firms is much less in comparison to local rates in nations like the US, UK etc. as most of the outsourcing firms are based in developing nations like India, China etc. Outsourcing also offers the opportunity to concentrate on core activities and maximize profits.    

Cogneesol is among the leading outsourcing companies offering accounting for manufacturing companies to business ventures from all over the world. These services are meant for enabling the manufacturing organizations to concentrate on their core activities, reduce costs and maximize profits. To know more, contact us at info@cogneesol.com or call us at +16466882821.                          

Wednesday, 19 October 2016

What does Legal Support Services do?

Law firms are facing intense competition from their rivals and are looking for innovative solutions to maintain their profitability. In the last few years, third party legal support services have become extremely popular. These services not only ease the burden of the attorneys working in law firms but also help them in concentrating on the core activities and enhancing profitability.

The legal process outsourcing companies help the legal firms in handling the external matters like regulatory compliance concerns, industrial disputes, corporate structuring etc., and enable them to concentrate on the strategic business issues. These organizations also study the working methodology of the law firms and find out measures which can help in cost cutting and optimization of revenue.


Legal Support Services

The various services offered by legal process outsourcing companies are:

Legal research services- These services include litigation and non-litigation research, statutory research, multi-jurisdictional surveys, case law research, foreign law research, regulatory law research, jury verdict and settlement research, second opinions etc.

Legal writing services- It involves preparing motions, appellate briefs, trial briefs, legal memoranda, complaints, pleadings, discovery requests and responses, reviewing legal documents, preparing arbitration letters etc.

Contract management and review- These involve assisting with drafting standard contracts, creating and managing databases and repositories, contract reviewing as per standard position and map deviations, analyzing contracts for specific compliance or other requirements etc. 

E-discovery and document review- These services are meant for reviewing documents and identifying their usefulness for the case.  

Document coding- Identification of privileged documents which can be held up for production, deposition preparation and their maintenance in folders.

Litigation support services- It involves document management, document review, e-discovery, deposition summaries and analysis, case summaries, drafting motions, proofreading etc.

Paralegal services- E-discovery and document review, legal coding, title search, legal data entry, deposition summary, medical summary, legal billing, contract abstraction or extraction, settlement demand letters, legal editorial and publishing etc.

Accounting services- Law firms accounting involves bookkeeping services, accounts payable, accounts receivable, bank account reconciliation, financial reporting, tax preparation, payroll processing etc.

Related :  Why Legal Process Outsourcing An Emerging Need Of Law Firms?

The various benefits of hiring legal outsourcing services are:

Better management of time- By outsourcing the less significant tasks, a law firm can concentrate completely on the more important tasks and optimize their efficiency.  
  
Helpful in situations of overload- Well established law firms are mostly overloaded with work. In order to avoid mistakes being made due to haste, outsourcing is a good option.  
   
Helps in cost cutting- As the outsourcing firms are generally based in developing nations like India, the costs of hiring them are much less than hiring junior attorneys. Moreover, outsourcing firms have also gained a reputation for offering excellent services, so the quality will also not be compromised.

The above-mentioned information can make a law firm consider legal outsourcing services.   

RelatedLaw Firm Management Services Key to Boost Profitability

Cogneesol has emerged as a successful provider of law firm outsourcing services to law firms from all over the world. These services can help the law firms in maximizing their potential and sustaining their profitability. To get more information, contact us at info@cogneesol.com or call us at +16466882821.                         

Thursday, 13 October 2016

Why Law Firms Need Outsourcing Partner For Office Management?

Law firms around the world are facing a tough battle to compete in the extremely competitive environment while still maintaining their profitability. They are looking for innovative cost cutting solutions to optimize their business potential. Choosing the outsourcing option for law firm management services is one of the options which are becoming popular. 


In the last decade, the outsourcing firms have created a reputation for offering excellent services in this regard and enabling the law firms to concentrate on their core activities along with helping in reducing the operational expenses. They are known to have excess to excellent personnel and charge rates which are well within the paying capacity of the law firms. 

The various advantages of hiring third party law firm management services have been listed below: 

  • Access to a variety of services- The law firm management services include a variety of options like case handling through Casemap software, maintaining records of the case status, preparing mails and enclosures, performing the various filing tasks, drafting  interrogatories, drafting agreements and contracts etc. So by hiring outsourcing law firm management services, you can easily get the above mentioned tasks done. 
  • Access to the latest legal software- The outsourcing firms offering legal services use latest software like Jarvis, Clio, Leap, Elite Prolaw etc., for performing the operations of the clients. These tools can make legal functions extremely simple and prompt. A law firm might be reluctant to invest in these software but outsourcing firms have access to them as offering quality law firm management services is their bread and butter.   
  • Quick turnaround time- There is instances where law firms are facing pressure due to huge workload. In such cases outsourcing services can be of great advantage as they can not only lessen work load but can also offer quick turnaround in terms of submission due to difference in time zones. The work assigned by a law firm based in Canada in the evening can be completed and submitted by an Indian firm before the commencement of next day’s working hours in Canada due to the time difference. 
  • Excellent work methodology- The legal outsourcing firms follow a result oriented and proven approach. They are fully adept at performing the job as per client requirement while ensuring quality and adherence to deadlines.
  • Cost-effective services- As most of the outsourcing firms are based in developing nations, the costs charged by them are reasonable. Moreover outsourcing also helps in eliminating various costs like payroll and infrastructure.
  • Ensures Data Security- For legal firms data security is a key issue. The outsourcing firms ensure that the data of the clients is kept private and is not accessed by a third party.  
Cogneesol is rated among the top legal outsourcing companies offering solutions at cost effective rates. By utilizing these services a business enterprise can pay full attention to its core activities like production, marketing etc., and maximize its chances of succeeding in the cut throat business environment. Gain more information by contacting us at info@cogneesol.com or call us at +16466882821.

Friday, 7 October 2016

What are the Strategic Benefits of Incorporating Data Mining?

Data mining services refer to accumulating and processing business data. This is done with the purpose of acquiring business intelligence. The techniques used for data mining range from simple to complex. The basic purpose of the data mining techniques is to conduct a thorough analysis of the data and derive useful patterns which can help in business planning. Large organizations have to deal with huge amounts of business data. So they are opting for automation as an option for Data Mining Services. Some of the most popular Data mining techniques are cluster detection, anomaly detection, regression etc.   
Incorporating Data Mining

Cluster detection is generally used for handling large volumes of data. The objective of this data mining process is to recognize the patterns in data sets. This form of data mining can prove to be extremely helpful in detecting customer preferences. 

Anomaly detection is meant for detecting abnormal trends in the data. Factors like sudden rise in demand of products or sudden decline in sales are studied by using this data mining technique.   
Regression technique is used for forecasting future outcomes of a business like rise in prices, customer inclination etc. 

It is up to a business enterprise to decide the data mining techniques as per their requirement. 

The various benefits of incorporating data mining services have been listed below:

Helps in developing risk models- In industries like finance and banking, there are always chances of corrupt transactions taking place. Data mining can help in accessing the risks involved in loans and mortgages.

Helpful in the promotion process- Data mining helps in generating customer data which can be used for promotional purposes. For example, an e-commerce company can use data of already existing customers to send emails or SMS to them regarding the availability of similar type of products. The customer data can also be used for planning the marketing campaign. 

Helpful in avoiding taxation errors- Data mining helps in keeping track of wrong transactions. These records can help in preparation of correct tax returns and avoiding any penalty from tax governing bodies. 

Ensures safety- In the manufacturing firms, data can help in ensuring the right safety measures by learning from past mistakes. Proper precautionary measures can be taken, keeping in mind the old records. 

Cogneesol is one of the best outsourcing companies offering cost effective data entry services to global business ventures. These services are meant for ensuring reduction in day to day expenditure and maximizing the profits. To get more information, contact us at info@cogneesol.com or call us at +16466882821.

Friday, 23 September 2016

Tips for Choosing an Outsourcing accounting service provider

Accounting is an important task in almost every business organization. But it is certainly not the core activity in most of the commercial ventures. Generally business enterprises like to spend their time and energy on the more significant activities which are directly related with revenue generation. In such a scenario, outsourcing accounting services is an ideal option. 
Outsourcing accounting service
Outsourcing Accounting Services
The outsourcing firms offer a variety of services like :
Monthly accounting entries
Bank reconciliation
Statutory dues calculation and payment
Statutory compliances
Monthly closing and 
Monthly management reports etc.

The following tips need to be followed while selecting the outsourcing accounting service provider:  

Pricing- Selecting the outsourcing firm which offers the right price is the first and foremost step. The outsourcing firms based in nations like India etc. generally offer their services at competitive prices. It is up to the higher management of a firm to decide what prices suit them according to their budget. Basically the cost of outsourcing should be less than the cost of hiring in-house staff.  

Proficiency of the team- Before hiring the services of an outsourcing firm, you have to judge the proficiency levels of their staff. You have to make sure that they are capable of performing the accounting tasks which you are looking to assign.   
 
Carefully check the service agreement- When a firm enters in to an agreement with an outsourcing firm,   they must carefully go through the terms of contract. If the terms and conditions suit them only then they should finalize the contract.  

Flexibility- While undertaking outsourcing services, the flexibility factor must be kept in mind. There is always a chance of work requirements changing over a period of time. So the outsourcing company must have a flexible approach with regards to approaching client demands.  

Communication- Firms based in countries like US, UK etc. generally outsource accounting tasks to countries like India because English is used as official language. Communication is an important factor in the outsourcing process as the third party must be completely aware about the requirements and expectations of the clients.    

Access to the latest software- The third party firm should have access to the latest software like QuickBooks, NetSuite etc. used for performing the accounting operations. This factor must be checked in advance.
 
By keeping in mind all the above mentioned factors, a business firm can select the right outsourcing company. 

Cogneesol is among the best providers of outsourcing finance and accounting services to commercial enterprises around the globe. The services offered can help in reducing the operational costs and maximizing the revenue earning potential. For more information, you can visit us at info@cogneesol.com or call us at +16466882821.          

Thursday, 8 September 2016

Outsourcing Tax Preparation to India : How Accounting Firms in the US are Making Huge Profits?

The tax service costs in US have gone up rapidly in the last decade. In such a scenario business organizations are opting for outsource tax preparation and processing services based in India to reduce their operational costs and optimize their profits. The Indian outsourcing firms have also earned great acclaim by offering high quality services at competitive costs. They are expert at using the latest taxation software like Intuit's Lacerte, Proseries IntuitCreative Solutions' UltraTax, ATX, TurboTax etc.


The various benefits of outsourcing tax preparation services to Indian firms have been discussed below :

Cost effectiveness - India is a developing nation and there is a huge difference between the currency values of India and US. So by outsourcing its tax preparation services to India,a US preparation firm can save up to sixty percent of the cost which they would have paid to a local firm. This will reduce the operational costs of the organization significantly and enhance the revenue.

Quick turnaround time - There is a 10-12 hour difference between the time zones of India and US. A tax preparation task assigned in the evening by a US firm will be completed by the time the next working hours commence in US. Moreover Indian firms are renowned for adhering to the deadlines offered by the clients. In case of urgent requirement of tax preparation services, Indian firms are the best option.

Opportunity to focus on revenue oriented tasks - By outsourcing all the less significant tasks to Indian firms, the US accounting firms can focus their time and energy on the significant tasks with a free mind and enhance their business potential.

Greater chances of earning customer goodwill - By hiring the services of Indian firms, the US accountancy organizations can easily meet the tight deadlines of their clients and thus earn their goodwill. This will enhance chances of attaining more business opportunities by retaining old clients and getting new clients through referrals.

Access to expert staff and latest software - The Indian outsourcing firms maintain a proficient staff and use the latest taxation software for performing the tasks assigned by clients. So without having to hire, train and retain staff, US firms can have access to a talented team. This also helps them in saving the finances on purchasing software. The costs of hiring infrastructure like seating space will also be eliminated.

All these factors have been offered for the benefit of US firms, but it is up to the higher management of these firms to decide which option is beneficial for them.   

Cogneesol is one of the leading tax preparation service providers in India. It possesses an expert team which remains updated with the latest developments in the taxation industry and offers excellent services at affordable costs.  

For more information contact us at info@cogneesol.com or call us at +16466882821.     

Wednesday, 31 August 2016

Thinking About Healthcare Accounting? 6 Reasons why it’s Time To Outsource

Accounting is a significant function which needs to be performed in every industry. The healthcare industry is no different. But this function involves a lot of effort and time. In a health care organization, obviously accounting is not the main function. The main focus of a health care organization is to offer high quality services to patients. But maintaining proper accounting records is essential for keeping a proper record of all the financial transactions. 



Outsource healthcare accounting is an ideal option for those healthcare firms, who want accurate accounting records but don’t want to spend time and money on the accounting process. The various advantages of hiring outsource healthcare accounting have been discussed below:   
  • More time to focus on giving quality patient care - By outsourcing the accounting services, the health care organizations can employ their staff on activities related to patient care. The time spent in preparing the accounts can be devoted towards patient care activities. This can help in enhancing the goodwill of the organization. Moreover the higher management will not have to constantly monitor the performance of the accounting team. The entire responsibility will be on the outsourcing company.   
  • Cost reduction - Outsource healthcare accounting will help in reducing the costs of infrastructure and payroll. The higher management will not have to spend on providing infrastructure like seating space, computers, software etc. The requirement to pay a regular salary to the accounting staff will also be eliminated. The outsourcing firms are only paid for the number of hours, they have worked for.  Moreover the remuneration charged by outsourcing companies based in developing countries is much less than the local rates in developed nations.   
  • Highly Educated Workforce - The outsourcing firms possess an extremely proficient team of accountants who are fully expert in performing their tasks. They offer regular training to their employees and keep them in sync with the latest developments in the field of accounting. By hiring outsourcing services, you will have access to an expert team at lower prices.
  • Accelerate Cash Flow - By concentrating on revenue generation activities, the healthcare firms can accelerate the cash flow which is essential for carrying out the day to day operations of the organization. Outsourcing accounting services will help in enhancing the focus on revenue earning activities. 
  • Reduced training costs - When you outsource services, obviously the cost of training the in-house staff will be eliminated. The finances saved can be diverted towards more fruitful functions of the organization.
  • Avoid Critical mistakes - Accounting is a process prone to mistakes which could lead to wrong representation of financial data. The outsourcing firms are well known for providing accurate and up to date services. By having access to the right financial data, a road map for the future can be created.
All the above mentioned benefits have been listed to highlight the value of outsourcing accounting services. But it is up to the higher management of healthcare firms to decide what suits them.


All the above mentioned benefits have been listed to highlight the value of outsourcing accounting services. But it is up to the higher management of healthcare firms to decide what suits them.

Cogneesol has emerged as a leading provider of outsourced accounting to business organizations from all over the world. For more information contact us at info@cogneesol.com or call us at +16466882821.