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.  

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 www.cogneesol.com.

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.