Tuesday, 29 August 2017

Capitalizing Account Receivable Management

Accounts receivable refers to the payments that are not yet cleared by the clients or it is also used to give a long term credit to customers/clients. It helps in gaining customer loyalty and allowing them to take product/services on credit basis that helps in boosting sales. Here account receivable management plays a crucial role, as this is the responsibility of management to track the history of customer and recover payments on time. Watch this video about benefits and importance of account receivable management.

Monday, 21 August 2017

Bank Account Reconciliation: Myths that Pulling you Down

Bank account reconciliation is a very needy task for your business when your periodic reports are not up to the mark or facing discrepancies. Outsourcing your bank account reconciliation is the best option but the only hurdle that doesn’t allow you to outsource is communication and data security which is the main concern for any business. But nowadays, outsourcing bank account reconciliation is much better than in-house employee without worrying about data security you can outsource your reconciliation task and save your time and cost with 24 hour support services that too with accurate results.

Thursday, 3 August 2017

What is the Objectives of Cash Flow Management?

Why is proper cash flow management important in business accounting? How can late payment affect your business? And what is the objective of cash flow management & how outsourced accounting services manage cash flow? All answer of these questions available in this Infographic.

How Legal Process Outsourcing Maximize Profitability of Law Firms?

Law firms across the globe work in a severely competitive environment on razor thin margins and reduced profitability. This is especially true for small firms that have to constantly look for ingenious ways to survive. One of the most accepted methods followed by law firms now to beat the system is outsourcing legal services, tasks that do not require a great deal of discretion and intensive supervision from lawyers and are not directly linked to court appearances. 

These include document review, legal research, contract management and form preparation. A great deal of money is saved which can be more optimally used for providing legal services at lower rates to rope in more clients as well as opt for business expansion.   

Here are some ways that you can adopt for legal process outsourcing (LPO) of your small firm and the safeguards that should be in place before you do so. 

Set Your Objectives – Have clear goals in mind as to why you want to opt for legal support services. Is it one project that needs fast resolving? Or do you want to opt for outsourcing on a long term basis? Are you looking to simply cut costs or want to avail external professional expertise by hiring top of the line lawyers at affordable rates? Once you are clear in your thoughts you can quickly choose the outsourcing agency that will be just right for you. 

Find the Best for You – Now that you know the type of services required, find a provider that exactly fits the bill. The agency should have legal experts specialized in the aspects of law that you need. Large providers will usually have lawyers on their rolls with experience in various facets of law. But do not stop there. Have detailed discussion with them to ensure that they maintain ethical standards. Check financial background and solvency and if possible the worth of the Directors. 
Further, focus on privacy concerns. While general legal matters are all in the public domain, certain areas like immigration, bankruptcy proceedings and tax cases contain sensitive information of clients and should be treated as such even if being outsourced to legal support service provider. The provider should be well conversant with Privacy standards prevailing in the USA.   

Advantage of Time Zones – One of the biggest benefits of LPO is quick and efficient completion of tasks. If you choose to outsource overseas you can take advantage of differing time zones. Upload the work at your end of day and get it in your system next day at start of business hours. This is in addition to the lower rates that you can avail of.  

A point has to be considered here. You have to follow ethical standards in billing even when you are outsourcing legal services. The American Bar Associate has decreed that what you are charged by the outsourced attorney should be the same that you charge your client.  

Study the LPO Scenario Thoroughly – Study the LPO scenario thoroughly before selecting a service provider. Emerging countries in this field are South Korea, Sri Lanka and India. For intellectual property laws, New Zealand regulations are almost similar to USA so that country too can be tried as an option. You need not look overseas only, explore domestic options too that offer cost effective solutions.  

Closely Monitor the Work – Outsourcing is not about offloading work and waiting for the processed matter to come back. You have to closely work with the outsourced company as the quality of the work attributed to your firm will be taken as your sole responsibility only.  

A very important factor that should not be missed out while outsourcing any legal work: Ethics demand that you should inform your client that you have outsourced their case to an external agency. Outsource the legal support services with care to ensure that there is no compromise on the quality of work and benchmarks of excellence you wish to set for your law firm.      

If you are looking for a top end outsourcing legal service provider, your first option should be Cogneesol. Our team of dedicated lawyers is well versed with every facet of law. To know more, call at +1 646-688-2821 or email at info@cogneesol.com.