Wednesday, 15 February 2017

Top Trends for Law Firm Accounting in 2017

It’s absolutely no secret that law firms these days need a lot more data, research as well as strategic insight from their finance departments than in the past. As we have moved into the new year, CEOs along with other business chiefs are going to ask less in regards to what has occurred and more regarding where exactly the business is moving towards and, and even more essentially, what’s required to help it achieve its goals. This would put CFOs as well as other law office accounting experts in the hot seat. With a lot of legal firms working with the slimmest of margins of economic error and having to do a lot more with less; technological solutions take on even higher importance.

 I foresee that the following technology trends will facilitate in driving the profits of law firms in 2017 and beyond.




Analytics would provide for the requirement for knowledge:

Several law offices will carry on their drive for increased access to crucial finance and operational observations in order to determine problems, establish opportunities thereby making better decisions. This requirement, together with the emphasis on big data, is going to push more and more law firm accounting and finance professionals to make sure that they have got the appropriate technologies and procedures set up to pull-out intelligence from crucial data . We anticipate seeing them, for instance, maximizing the analytics attributes of cloud-based ERP models to retrieve essential information through these systems, and share customized reports to shareholders depending on their particular needs.

The demand for cloud apps is going to steer better integration:

Although small and medium-sized legal firms have been savoring the attributes of best-in-class cloud software program to manage all facets of their business, the range of distinct apps is starting to become unwieldy in lots of firms. To deal with this concern, the coming year a lot of firms are going to walk away from a legacy-style, pre-integrated collection from an individual vendor and rather incorporate applications of their preference in their unique best-in-class suites. This strategy will not just consolidate processes across capabilities and streamline data for improved reporting and analysis; however it will even enable every single law firm to make use of any kind of solution that best fulfills its requirements.

Artificial Intelligence will allow accounting execs to concentrate on more critical tasks:

Artificial intelligence will consistently become much more widespread as a result of lowering costs and better availability by means of software-as-a-service (SaaS) systems. In 2017, expect to have law firms to progressively depend on AI-infused applications to carry out manual financial tasks — like determining conformity to policies —freeing up precious time for law office accounting experts to concentrate on more strategic, beneficial functions.

Outsourcing:

One of the most important trends in accounting for law firms is accounts outsourcing services. Outsourcing accounting most significantly allows law offices to pay attention to their fundamental business as opposed to establishing an accounting division. Outsourcing law firm bookkeeping can assist firms in minimizing costs and also reducing chances of fraudulence and provide access to the expertise of committed specialists in the field. Know more regarding the benefits of outsourcing law office accounting services:
  •       Accessibility to a team of specialists in accounting and bookkeeping
  •          Collaborative accounting carries a lot of benefits
  •          Scalability of law firm
  •          Accessibility to best systems
  •        Plenty of time to concentrate on development and expansion of business
  •         Taking care of your cash flow
  •          Full control over company accounts

Cogneesol has over 9 years of experience and focuses on offering competent accounting services for any of your specific requirements. Regardless of whether you require fundamental law firm bookkeeping services or perhaps financial reporting and accounting services, our determined team can handle all your requirements to help you get more time to concentrate on your business.


 Call us at +1 6466882821 or you can also email us at info@cogneesol.com

Friday, 3 February 2017

When Do Outsourcing Accounts Receivables Make Sense?

Accounts receivables services are among the most important functions of a business. They help in ensuring proper cash flow by ensuring that the payments from debtors are not delayed. This helps in ensuring that all the business functions are carried out in a professional manner. But despite its importance, this function gets ignored due to the primary functions like production, customer management, marketing etc.



In business organizations having limited staff and funds, outsourcing accounts receivable services makes sense, due to the following reasons:

Cost effectiveness- The costs of hiring outsource accounts receivable services based in developing nations is much less than hiring local talent in developed nations like UK, US etc. So by hiring the services of a third party accounts receivable service provider, a business firm can save a lot of funds and enhance their profits. Moreover, it also eliminates the need to spend on infrastructure.

Helpful in getting access to accounts receivable softwareThe accounts receivable outsourcing specialists are capable of easily dealing with the most complex cases in regard to software such as Quickbooks, Netsuite, Awaza, FastFund Accounting, PaidYET etc. These companies have access to highly competent staff that is capable of fulfilling all the requirements while maintaining the desired quality standards and the stipulated deadlines.


Up-to-date knowledge- The outsourcing staff remains in touch with the latest developments in the field of accounting. They are fully proficient in performing their duties. Talent acquisition is a difficult process. By using the outsourcing services access to high-quality staff can be attained without actually hiring them.

Access to a variety of services- The outsourcing firms offer a variety of accounts receivable services like invoice management, cash processing etc, for the benefit of the business firms. All the areas related to accounts receivables are covered by them.

Improved Usage of Staff Time- By using the outsourcing option, the staff of the business firm can be engaged on more important activities. In cases of extreme work pressure, these services can prove to be extremely useful.

Useful in cases of urgent requirement- There is a 10-12 hour difference in the time zones of India and nations like the US, Canada etc. So in cases of urgent requirement of work, business firms based in US or Canada can assign work to Indian firms in the evening and get the results by the early morning hours next day.

Outsourcing AR is right for a business whose owners are innovative by nature, believe in using the latest technology,  are looking for new methods of cost cutting. These services can be used by startups, accountants, accounting firms, CPAs etc, for reducing their work pressure and cost cutting.

Cogneesol is among the leading accounting outsourcing services providers in the world. These services are aimed at helping the business firms in boosting their productivity by concentrating on their strengths. They have access to high quality, well trained and experienced staff and latest software for performing these functions. They have earned favorable reviews from clients for their quality service and customer support. Cogneesol has created a special niche for themselves in the world of accounting services outsourcing. To get more information, contact us at info@cogneesol.com or call us at +16466882821.  

Sunday, 22 January 2017

Benefits of Having Quickbooks Accounting Software Over an Accountant

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 investorscreditorsmanagement, 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 an 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 a 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 effect on the quality of the tasks. Moreover, you will be getting all your accounts complete every morning.
  • The option of directly printing checks- The latest software like QuickBooks offer amazing features like an 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 a 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.