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 a 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.


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 law firm management 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

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 or call us at +16466882821.