Sunday, 22 January 2017

Benefits of Having Quickbooks Accounting Software Over anccountant

Accounting refers to keeping records of the financial information of an organization in a professional manner. This information is essential for various concerned people like investors, creditors, management, and regulators. It helps in keeping a record of the revenues and the expenditures. It aids in formulating the future business plans.  
In the earlier times, accounting was performed manually by in-house staff of the business firms. But in recent times various accounting software like QuickBooks accounting services have emerged which have made accounting tasks simpler and less time consuming.

Many business organizations are facing the dilemma regarding whether to invest in accounting software or not.  Some of the business organizations are also using QuickBooks outsourcing or QuickBooks support services.


The various benefits of using an accounting software over an accountant have been discussed below:
· Helps in saving time- The latest accounting software like QuickBooks can help in completing the accounting tasks in a prompt manner. Whereas when the tasks are done manually, the time duration is much longer. So by using accounting software, the business organizations will be able to get access to financial data at an earlier stage which will help in taking important business decisions quickly. 

  · Reduces cost- For organizations who have substantial and continuous accounting work, using accounting software is the best option. It can help in reducing the number of in-house accountants required in the organization. The cost of purchasing accounting software could prove to be much less than the cost of hiring in-house staff.   
  
   ·  Software does not feel work pressure- There is a tendency among human beings to feel tired after working for certain number of hours, but with machines there is no such limitation. An accounting software can work for as long as required without having any affect on the quality of the tasks.   Moreover you will be getting all your accounts complete every morning.

   · Option of directly printing checks- The latest software like QuickBooks offer amazing features like opportunity to print checks, ability to view all the bank records on a single screen etc. All these options are not available with manual accounting.

   · Makes the tax preparation process simpler- Tax preparation can prove to be a complicated affair for many accounting teams. But the latest accounting software can make this task extremely simple due to the inbuilt options.  

    ·  Help in keeping track of sales- Through accounting software, sales invoices can be printed and proper record of the revenue generated can be kept. This helps the higher management in doing the right business analysis and making plans for the future.

    ·  Opportunity to focus on the core activities- For business organizations with limited number of staff members, accounting software offers the opportunity to concentrate on core activities and maximize the business potential. 

Cogneesol is among the best outsourcing accounting services providers in the world. These services are aimed at helping the business firm managements in boosting their productivity by concentrating on core activities which are related to revenue generation. 

To get more information, contact us at info@cogneesol.com or call us at +16466882821.                                                

Legal Support Outsourcing Company - Prezi

Monday, 2 January 2017

Why An Accounts Payable Automation Solution Is Right For Your Business?

Accounts payable is an important function in any business enterprise. Handling the accounts payable process properly can help a business organization in maintaining cordial relations with the suppliers and availing the early payment discounts. Delays in making payments to creditors could lead to disruptions in the day to day operations and the overall workflow of the business. At times, business organizations are unable to pay their accounts payable dues to financial constraints but there are occasions where accounts payable payments are missed due to negligence.
In the recent year's accounts payable software have emerged, which have made the accounts payable solutions extremely simple. These systems enable up to date reporting and production of relevant invoice data in the paperless form. These software also help in keeping proper accounts payable records.

The various benefits of using accounts payable automation solutions have been listed below:

  • Helps in enhancing accounts payable service quality- These software will streamline the accounts payable process. It will reduce the transnational costs and help in availing early payment discounts on a regular basis.
  • Aids in better financial decision-making- The automated accounts payable software helps in keeping proper records of the orders and payments made to the creditors. This can help the higher management in taking the right financial decisions in the future.  By judging the future cash requirements properly, the right cash flow can be maintained by the higher management.   
  • Enjoy the benefits of e-invoicing- E-voicing helps in producing paperless bills and in responding quickly to the inquiries of the creditors. The accounts payable automation software can be interlinked with smartphones or tablets, thus making accounts payable information accessible everywhere. Thus the overall efficiency of the process is enhanced.

Cogneesol is among the leading outsourcing companies offering accountancy services to commercial organizations all over the globe. By utilizing these services, the business organizations to concentrate on their core activities, reduce operational costs and maximize profits. 
Cogneesol has access to highly proficient staff and the latest software for achieving the client requirement. To know more, contact us at info@cogneesol.com or call us at +1 646 688 2821

Thursday, 15 December 2016

Tax Preparation for CPAs is now a Breeze! Find Out How

Tax preparation for CPAs sometimes can be challenging. Nevertheless, choosing some smart work techniques to deal with tax preparation and filing could possibly get them through this kind of complicated tasks swiftly and proficiently. One such wise decision is to outsource tax preparation services.



CPAs who’s Seeking out a Reliable Company to Outsource Tax Return Preparation
CPAs that are mindful about each and every advantage of outsourcing accounting services are greatly opting for outsourcing tax return preparation. Nonetheless, if you happen to be still having a second thought regarding the same, listed below are a few points that can help you take some lucrative decision. 

Cost Effective: 
A CPA is in charge of several activities, like Bookkeeping, payroll processing and so on. Even so, at the time of CPA tax preparation team is usually struggling to finish all tasks within deadlines thereby they have to seek the services of new specialists. This brings additions to financial pressure during this time period. In this kind of a situation, employing an outsourced team like Cogneesol to perform the same tasks is advantageous; as keeping up with in-house employees entails other compensation for the remaining the year. 

Improved Precision: 
Businesses that are offering outsourced accounting services usually stay up-to-date with recent federal laws and norms associated with the industry. However, your in-house bookkeeping team may not always keep themselves at length with all recent changes since they handle just a single company's requirement and finances. Consequently, outsourcing these tasks can be of particular use to get your projects done with maximum accuracy and reliability levels. 

Effective Methodologies: 
Along with Government stipulations, your outsourced tax preparation company focuses on following most recent accounting techniques and up-to-date software to perform their typical tasks or activities. Here in Cogneesol, people work on latest accounting software and that helps them to perform their services with highest perfection and proficiency. 

Tax Return Advice: 
Besides effectual tax handling and return, employing tax preparation service provider can provide you with useful recommendations concerning tax returns and filling. As mentioned earlier, these experts manage a wide variety of industries or companies. For this reason, they are able to offer you some relevant pointers essential to business development and financial control. Cogneesol has professional experts that are in charge of presenting exceptional suggestions to clients that are economically advantageous for the business in the future. 

Utilizes Less Time: 
Lastly, outsourcing tax preparation services will eventually help save your time. It is apparent that whenever highly experienced and productive professionals are working after your tax return preparation; fulfilling deadlines is no longer your problem. They have the expertise and have practical hands on the various software. 


           Tax Return Preparation: A Guide for Individuals, CPA & Small Business

And so, they do not need a lot of time to complete tasks at hand. Which means that, you get your tax return prepared much before due dates. These were a couple of reasons that indicate that outsourcing tax return preparation is advantageous in economizing on your time as well as money. 
Are you a CPA who’s seeking out a reliable company to outsource tax return preparation? We at Cogneesol can do it for you with complete accuracy and in less turnaround time. Call us at +1 646-688-2821 to start your free trial today.

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.