Friday, 17 October 2014

Four Laborious Tasks that Small-Scale Entrepreneurs Should Outsource

Operating costs can overpower small businesses in a hurry. Nevertheless, a lot of business owners hinder their revenue growth by doing everything on their own, just to save a couple of bucks.

Strategic outsourcing resolves this dilemma.
Many business owners avoid outsourcing because of the additional cost. All the same, they fail to reckon the value of opportunities missed considering the fact that they spent a lot of time into the energy-draining tasks best left to others. In simple terms, they save money, but they don't really make a profit.

For instance, I could make my own PowerPoint presentations if I preferred to do so. But I probably would expend twice as long as an exceptionally skillful designer, and in the end, perhaps it will look nearly half as good.

If I complete the work myself, I will certainly save up to $50 in outsourcing fee. However, it would cost me three hours of my work week, three hours I surely could expend determining how to bring up 15, 30 or even 100 times that amount of money in revenue.

Thus, with respect to creating more time in your daily schedule to extend your business, below mentioned are 4 key outsourcing opportunities for small-scale business owners:

1. Accounting:
This category may appear pretty obvious, but it is too crucial to exclude it from the list. Not only is accounting a time consuming task, it is likewise a lot more of a specialty trade. Accountants are well-aware of the rules and would be able to keep you away from the trouble. They are extremely efficient since they do this stuff each day.

Rule Number 1: Look for a good bookkeeper for daily accounting, an outstanding payroll organization to manage payroll checks and with holdings, and a much better outsourcing company for tax accounting.

2. Artwork:
This comprises of website design, logos, newsletters, letterheads, etc.. Everyone conceives they can handle the design work on their own, and but not many can do it right. You can find fantastically talented web designing outsourcing companies on the internet who can take care of all of your artwork needs at a very reasonable cost.

3. Social Media:
I personally love reaching out to new people on networks like Facebook and Twitter, but it requires a lot of dedicated time and effort. It is better to strategically outsource this task to a company that can post on a regular basis, manage your fans or followers, finding suitable leads or connections, and respond to posts and articles promptly. Don't plan to do all of this on your own, you would just be messing up with this crucial element.

4. Editing:
If your business demands a lot of written material, get in touch with an outsourcing company that specializes in writing and editing. Spend some of your time coming up with great content. Assign that company the task of poring over your documents and guaranteeing accuracy. They will view and refine things that you've missed.

To conclude, do what you are best at and outsource what's left.

Tuesday, 7 October 2014

Financial And Accounting Outsourcing Services-Strengthening Business Worldwide

The outsourcing industry has reached a point where businesses consider it an effective means to enhance productivity and achieve financial goals. The time has come when small and big businesses should work on a customized outsourcing business model to compete in financially tough times. They need to study the model inside-out to know how they can reduce costs, maintain high quality standards and streamline processes. They can manage entire operations without taking a step out of the office. 

Define Goal, Purpose and Benefits of Outsourcing Accounting Processes: 
You should focus on key components: brand image and customer service. Every single team is working to achieve individual targets. These teams also work in tandem to achieve corporate goals. The role of a sales team is as important as that of the accounting team. Both front office and back office teams have specific roles in an organization. The front office team looks after the clientele and back office team ensures that employees get the right kind of working environment. The front office team is primarily responsible for implementing the policies. 

Core Front Office Team Should Focus on Key Business Areas:
The core executive team manages all the important decisions. They take an important part in decision-making policies at different levels. They’re responsible for the failure or success of every single strategy created in the office. It tells us a lot about the kind of role they play in the overall performance of a company. There is a lot of scope for improvement in the back office section. Businesses want to outsource certain processes to offshore teams keeping high operation costs into account. The outsourcing industry has started providing customized services to handle business-specific projects effectively. It has given an extra sense of assurance to businesses. They can outsource the process knowing an expert and experienced team would work on the project. Businesses would not only be able to save money, but they can also provide exemplary service to clients. Earlier, businesses either used to assign back-office work to some members of the core team or hire more people. In both the cases, they’re on the losing side. They would not want the core team to perform tasks which require no expertise or experience at all. The costs involved with hiring and training new people also raises doubt over it. 

Offshore Accounting Teams Offer Expert Assistance and Enhance Productivity:
The problem begins as early as when a business starts looking for inexperienced or makeshift candidates to fill in the space of a big position like Chief Financial Officer (CFO). Even the most talented professionals would fall short due to lack of experience. They would not have required skills to handle day-to-day responsibilities associated with the job. Outsourcing accounting work to an offshore service provider would bring consistency and stability. Businesses do not have to look for temporary solutions, anymore. They can outsource back office processes to specialized teams and hire expert professionals at lower costs. 

How Outsourcing Would Streamline Accounting Process?:
Offshore accounting teams would have the best of talented and experienced professionals working on the project. The advantage stands with the business firm as they would get customized services to handle complex issues.

  • Reduce Overhead Costs: Businesses have an opportunity to reduce operational costs. They do not have to manage an on-site team to manage daily tasks. They can save a huge amount of time and money in the long run. 
  • Streamlining Different Processes: Outsourcing accounting work would streamline different processes. There is a better coordination and team-spirit to be seen among individuals. 
  • Enhances Performance: The core team would not have to divide time doing ten different things. They can focus on the primary list of activities and help the organization to add new clients to the list.

Why Every Company Should Outsource Accounting Processes?:
 The recession has put businesses under extreme pressure. Businesses have started working on innovative ways to reduce costs as much as they can. They consider outsourcing an ideal business model to stay ahead of the competition. Outsourcing companies have started offering advanced solutions to businesses. They do not only operate under tight budget, but also maintain strict quality standards. 

There is no point in managing an in-house team. You can get the same work done at lower rates by outsourcing it to an offshore team. The biggest advantage is that a dedicated team would manage the operations, day and night. As a businessman, you would want undivided attention. You would not have to spend on hiring, training and infrastructure costs etc. You should go ahead and compare outsourcing to managing an in-house team. You should take all aspects into account and analyze the situation. You would soon realize that outsourcing accounting processes are a far better option. 
The outsourcing company would be solely responsible for managing all the tasks. Businesses can specifically hire professionals who have ample experience in the field. They know that experienced professionals have better chances of retaining and attracting new customers than inexperienced or incompetent ones. 

Small Businesses have Access to Tailor-made Accounting Services:
 Small and mid-sized businesses do not have the budget to appoint a Chief Financial Controller on a full-time basis. The end result is that it hampers the progress as they continue to distribute responsibilities among inexperienced professionals. They pay a heavy price for it and put the overall progress at risk. Businesses have found an ideal solution in the form of outsourcing accounting processes. They appoint experienced professionals them is that can and pay based on the quantity of work. The encouraging bit they can hire a limited number of people depending on the nature of work and save money in the process. The amount of money saved would be put back into business to strengthen the foundations. They can utilize time and focus on other important tasks. The outsourcing industry helps businesses to have complete control over the operations and manage tasks, the way they would have managed an in-house team. 

Cogneesol’s Finance and Outsource Accounting Services provides comprehensive bookkeeping, accounting and tax outsource services to small/mid-sized companies & accounting firms. 

Thursday, 2 October 2014

An Insight into Proper Insurance Claims Management Process

The thing what separates top insurance companies from average ones is trust and reputation. A novice who is buying insurance for the first time should check the kind of popularity enjoyed by the insurance companies. In the insurance world, market credibility is built by settling insurance claims fast and first. Every company should have an effective claim management system to protect its brand image. It is one aspect which can make or break the deal. Top companies know how important it is to settle insurance claims faster. It would not only help them to strengthen the market position but also build trust and faith among existing customers.


The cut-throat competition has worked in the favor of customers than companies. Businesses need to resolve the claims as soon as possible. They need to look after customer’s convenience as any delay can put them into an awkward position. The challenging task is to follow the state-specific laws and keep customers happy at the same time. The first thing companies handling insurance outsourcing services need to do is to make the claimant known about the whole process. It becomes the insurance agent’s duty to tell them about how much time it would take and what kind of responsibilities they need to perform.

Follow an Effective Claim Management Process to Settle the Cases Quickly

The insurance company should start working on the case, the moment a customer files the claim. The investigation process is the first step in this three-step program.
  • They should study the complaint, check the details and investigate it to stop fraudulent activities.
  • The second step is to compile all the aspects and evaluate the amount. There is not much to do at this stage as the investigation process has already cleared it.
  • Once the technical aspect is over, the company informs the customer about it. They sit down with customer and settle down the amount.

An insurance company would not like to delay the process because it also affects them badly. The kind of share they get from claim monitoring cost depends on the time taken by the team to settle the claim.

Stop Fraudulent Activities from Slowing Down or Affecting Genuine Claims

Fraudulent activities stop insurance companies from doing the work efficiently, at times. They need to highlight the wrong activities and it may take some extra time. Small insurance companies have a Herculean task to stop fraudulent claims. They would not like to spend on claims what should not have passed in the first place. It puts a big question mark on claim management system.

There is not much that insurance units can do except track the payment history and frequency of claims made by the customer. They need to pay extra attention to these accounts as they may be doing it out of habit.

Every insurance company should follow an effective claim management policy for its own cause. They should make a rule to settle the claims before the expected time to win more customers.

Cogneesol, a premier outsourcing company can help you with all your claims management services processes. We can also assist you with a myriad of other insurance outsourcing services.