medical accounts payable and receivable

Why Medical Companies Need to Automate Accounts Payable and Receivable functions?

In every business organization accounts payable and accounts receivable play an important role. The healthcare organizations are not an exception in this regard. In a healthcare firm, the main functions are obviously related to patient care. So there is always a chance of healthcare accounts receivable and healthcare accounts payable functions getting ignored. Not giving proper importance to these functions can nullify the efforts put in by the team towards offering patient care services.

In such a scenario, automating the medical accounts receivable and payable functions by using the latest technology is the best option.

The various benefits of accounts receivable automation have been discussed below:

  • Reduced outstanding payments- By using the automation option, the invoices would be prepared and delivered to clients at the right time, thus leading to quicker payments.
  • Opportunity to offer e-invoicing- Many clients ask for e-invoicing facility which can be easily offered by latest software like QuickBooks. This can help in offering better service to clients and hence enhancing the customer base.
  • Opportunity to employ staff on core functions- By automating the accounts receivable process, the medical firms with a lesser number of staff members can focus more on the core functions of the organization, thus leading to enhanced productivity and efficiency.
  • Lesser customer inquiries- As automating will ensure that invoices will reach the clients on time, your customer care employees will have to answer lesser number of customer inquiries.
  • Improved cash flow- With better management of accounts receivable, the medical firms will have better cash flow, leading to greater operational efficiency.

The various benefits of accounts payable automation have been discussed below:

  • Helpful in keeping records of payments made or missed- There is always a chance of certain payments being missed or being made twice by mistake. But with the option of paper invoicing through automation, these mistakes can be avoided.
  • Aids in availing discounts- Early payments help in availing the discounts offered by the suppliers. Automation can play an important role in this process.
  • Useful in maintaining good relationship with suppliers- By making payments at the right time, good relations with the suppliers can be maintained which is useful for the long term success of the business.

Cogneesol has emerged as a top class  provider of outsourced accounts receivable and accounts payable services to business organizations from all over the world at affordable costs. These services can help the business firms in maximizing their potential and reducing overheads. By hiring these services, focus  competencies can be prioritized and make your venture more successful. To get more information, contact us at info@cogneesol.com.
Call Us At:
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6 Bookkeeping Practices Any Business Owner Should Implement

Bookkeeping is an important aspect of any business. Poor management of bookkeeping services could lead to problems like poor cash flow and wrong tax filings. It is often said that good bookkeeping is the stepping stone to success for any business. In order to ensure that their bookkeeping operations remain in order, business entrepreneurs are using ingenious strategies like outsource bookkeeping etc.

bookkeeping

Below mentioned are some tips which can help in ensuring the efficient execution of bookkeeping practices:   

  1. For tax returns hire professional services– Tax preparation can prove to be a difficult and time-consuming process. This task could create pressure on the in-house accountants and lead to mistakes in the bookkeeping process. By using services of third-party firms offering outsource bookkeeping services, taxation services etc, the pressure on the in-house team with regards to filing the tax returns will be eased.
  2. Don’t leave the bookkeeping tasks completely to a bookkeeping outsourcing company – Bookkeeping is so important that it cannot be assigned completely to a third party firm. You need to keep at least one in-house bookkeeper to keep an eye on the validity of operations. Bookkeeping outsourcing services can be hired for performing a major portion of the work, but at least one in-house person should be kept.
  3. Choose the right software– Nowadays, many efficient software like NetSuite, QuickBooks etc, have emerged which have made bookkeeping an extremely simple task. But every business organization has its own unique bookkeeping requirements. So before purchasing a particular software you must find out whether it is compatible with your requirements. Outsourced bookkeeping services also have access to the latest software for performing these tasks.
  4. Keep a record of the processes– Every time the owner or the accounting team performs the bookkeeping processes, there is something to be gained by the process. The lessons learned can be used for improving the quality of the bookkeeping process.
  5. Keep the record of the expenses and incomes– Keeping a record of the business transactions is essential for a business. All these records can help in making the bookkeeping process simpler. All the invoices whether inbound or outbound should be kept.
  6. Look at accountants as useful business processes– Many business owners make the mistake of looking at their accountants as an unnecessary expenditure. Instead, they should be looked at as useful resources who can offer advice on financial planning.

Cogneesol is among the leading bookkeeping outsourcing services providers in the world. These services are aimed at helping the business firm managements in boosting their productivity by concentrating on their strengths. They have access to high quality, well trained and experienced staff and latest software like NetSuite, QuickBooks etc, 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 bookkeeping outsourcing.

Recommended PostWhy is Accurate Bookkeeping Critical for Businesses?

To get more information, contact us at info@cogneesol.com or call us at +16466882821.

How to Make Your Business Stand Out With Retail Accounting Services?

Accounting is among the main functions of any business enterprise. The object of any business venture is to make profits. It is accounting which helps in keeping a proper record of all the business transactions which helps in determining the revenues. Keeping these records also helps in determining the factors which can help in future growth and planning accordingly. But in general the business managements don’t place as much emphasis on this function as much it deserves.

accounting-for-retail-store

Accounting for retail store can prove to be a difficult and time-consuming function due to the huge number of transactions involved. They have the option of hiring in-house retail store accounting staff or outsourcing bookkeeping for retail business services.

The various benefits of using outsourced retail accounting services have been offered below:

Save valuable time– Most of the retail business organizations have a limited number of staff members. So by using the outsourcing option, you can free up the staff from accountancy tasks and employ them on the more important tasks of the organization. Outsourcing can also help in saving the valuable time of the owners or the higher management which would have been lost in interviewing, hiring and supervising the accounting staff. This can help in giving high priority to the planning and execution of the significant functions of the organization.

Cost cutting and enhancing profitability- Outsourcing offers the opportunity to downsize the staff, thus reducing the payroll expenditure of the firm. It also helps in eliminating the need for offering infrastructure to employees. The outsourcing firms only charge for the number of hours they have worked for or for the amount of work assigned. By employing the staff on the productive activities of the organization, you can enhance the profitability of the organization.

Get useful business advice– The outsourcing accounting firm can also offer useful advice on matters related to future financial planning and taxation. They can help in enhancing the revenue and enable cost cutting by reducing the tax by suggesting tax deductions.

Helpful in cases of urgent requirement- There might be certain scenarios in which a firm requires urgent accounting services. In such cases, the firms based in US or Canada can take advantage of the differences in time zones with nations like India, China etc., and get their tasks completed in a prompt manner.

Important Dates Related To Filing Tax Returns in 2017

The year 2017 has begun and all the business owners and professionals must start preparing for the new tax season. The main objective of this article is to offer an accurate and complete information all the tax filing deadlines of 2017.

All the required information is mentioned below inforgraphic :

dates-related-to-filing-tax-returns-in-2017

Cogneesol has created a special niche for themselves in the world of taxation outsourcing. To get more information, contact us at info@cogneesol.com or call us at +16466882821.

5 Advantages Of Hiring Third Party Tax Credits Services

Outsourced tax credits services offer great advantages to the CPA firms who are generally assigned the task of performing the tax returns of their clients in a manner which promotes maximum savings. Different clients have different requirements depending on their budget. In order to ensure that all the clients get services as per their requirement, the CPA’s have to devote a lot of time and energy.

The popular CPA firms are generally overloaded with work, making it difficult for them to execute their operations in such a manner that the unique requirements of each and every client are fulfilled.

In such a scenario, outsourcing the tax credit services to third party firms based in developing nations like India, China etc, would be an ideal option. The various benefits of using outsourcing tax credit services have been discussed below:

5-advantages-of-hiring-third-party-tax-credits-services

Helps in saving valuable time – Outsourcing enables tax consultants to concentrate on the more important tasks by allotting the less important tasks to the third party firms and giving priority to the more important tasks. CPA’s who prefer bookkeeping, accounting tasks over the tax preparation tasks can devote their time to their preferred tasks by using the outsourcing services.

Offer audit support – Audit support is an important factor while assessing a clients claim regarding the tax returns. The outsourcing firms are well known for their expertise in this field. So hiring the third-party  services can prove beneficial in this regard.

Helps in covering all the services – There are certain CPA firms which specialize in either accounting, bookkeeping and tax preparation services. By using the third party services, a CPA firm can enhance its customer base by offering services in which they don’t specialize. This can help in enhancing the profitability of the CPA firm.

Helps in fulfilling rare requirements – People might not apply for tax credit services regularly. So giving a regular salary to a taxation expert might not be a viable idea. In such cases, outsourcing services can prove to be a good option.

Helps in reducing costs – The cost of hiring in-house staff in nations like US, UK etc, is much more than the cost of hiring outsourcing services based in nations like India, China etc. So a lot of money can be saved on salary and infrastructure.

How Outsourcing Bookkeeping Services can prove to be beneficial for your business?

In the present business scenario, the commercial organizations are facing intense competition and are looking for new ways to save time and costs. There are very few business organizations who can claim to be in complete control of their business.

In a business which is expanding and growing, the accounting and bookkeeping functions need to be made stronger. But these functions are obviously not the core activities of the organization. Most of the companies hire in-house staff but outsourced bookkeeping services can be used as an option.

Outsourcing bookkeeping services based in off shore nations like India, China etc., have become very popular for business organizations based in developed nations like US, UK, Canada etc.  The main reason behind this phenomenon is the overloaded work schedule which hardly offers the in-house staff, the opportunity to concentrate on back office tasks like accounting. Gaining access to the latest technology and experienced staff without having to incur infrastructural costs is also an encouraging motive.

Below mentioned are some points which will offer a genuine insight regarding the significance of outsourced bookkeeping services for business owners:

Simplifies the Business Processes, Reduces costs and Optimises Revenue- Using in-house staff for functions like bookkeeping; can only enhance the burden on the in-house staff and increase the overhead costs. You can very well understand the hassles involved with using in-house staff in terms of hiring, training and overhead expenses.

Outsourcing makes the business processes simpler. It offers the opportunity to pay higher priority to the core functions of the organization and maximize the revenue earning potential.  More over there is an old saying in the business world that every penny saved is a penny earned. Outsourcing can certainly help in saving a lot of overhead costs. It eliminates the need to spend on offering infrastructure, pay roll expenditure etc.

Helpful in Future Business Planning– An outsourced bookkeeping team cannot only make the bookkeeping tasks simpler but also offer the much-needed advice related to financial matters to the higher management. The owner or the higher management can take advice on important issues like taxation, future financial planning etc. without having to pay anything extra. In this manner, outsourcing can add value to your business operations by offering you guidelines when you require them the most.

Access to High-Quality Staff and Technology– Companies offering outsourcing services have access to high-quality staff and the latest technology for performing the bookkeeping operations. They offer services of the highest quality as it is their bread and butter. So outsourcing enables a business organization to have access to quality staff without actually hiring them.

Useful in Cases of Urgent Requirement– Suppose your business requires urgent bookkeeping services, then in such a scenario outsourcing services can be of great help. A business firm based in nations like the US, Canada etc. can assign bookkeeping tasks to a third-party outsourcing firm based in India and get the task done by the beginning of next day’s working hours. This is possible due to the 10-12 hour difference between the time zones of the nations.

All these points can encourage a business organization to consider outsourced bookkeeping services.

Cogneesol is among the leading outsourcing companies offering various financial services to business firms all over the world over the past eight years. These services are meant for enabling the business organizations to concentrate on their core activities or the activities in which staff is good at, reduce costs and maximize profits. Cogneesol possesses expert staff and latest technology required for performing the tasks as per customer satisfaction. By offering prompt and quality results, they have earned the goodwill of their clients.

You might also like to read:

Importance of Services of a Bookkeeping Outsourcing Company

6 Qualities Which a Bookkeeper Must Possess

5 Common Bookkeeping Mistakes that Startups Usually Make

To know more, contact us at info@cogneesol.com or call us at +16466882821.

How to Enhance Accounts Payable Operations for Better Profit

Accounts Payable is one of the most important factors for a business. By ensuring that accounts payable are paid on time, a business can ensure good relations with the suppliers which can help in the long- term success of a business. Handling the accounts payable is not a simple task. It requires a carefully planned strategy and dedicated staff. Like other business aspects, owners are also looking for innovative solutions for handling the accounts payable process in a systematic way.

accounts payable processing

Below mentioned are some steps which can help in handling accounts payable solutions in a better manner:

Instead of paper checks utilize electronic payments- When you make payments by check, you have to bear the cost of paper, postage etc. Electronic funds transfer can help in saving these costs. Moreover, electronic payments can be made at any time as per convenience.

Ask the vendors for PDF Invoice Copies- For a majority of the business organizations, electronic data exchange is not an option for sending or receiving bills. But if this strategy is followed then a lot of time can be saved by eliminating the need to open the documents and copying them. In order to make your accounts payable process better, you can request your vendors to provide you with PDF invoice copies of the accounts payable bills.

Manual Data Entry should be avoided- Using manual data entry for processing the accounts payable documents is an unproductive decision. A lot of time and energy is wasted in this process, which can be utilized for other tasks which are more important for a business. Now days, numerous data entry software are available which can help in performing the accounts payable data entry in an accurate and prompt manner.

Ensure that errors are eliminated- Even a minor mistake while maintaining the accounts payable records can lead to overpayments or underpayments. This could lead to losses and deterioration of relations with suppliers which can prove to be harmful for the business in the long run. Using software can prove to be a good solution in this regard.

Ensure that the deadlines are followed- By strictly following the deadlines given by the suppliers, a business organization can take advantage of the discounts available and escape from the penalties of late payments. More it also helps in building a relationship of trust and goodwill with the suppliers which is beneficial for the long-term health of the business.

Consider the outsourcing option- Outsourcing the accounts payable services can help in ensuring that these tasks are completed in a timely and accurate manner. The outsourcing firms have access to capable staff, latest technology and also charge an affordable remuneration. This will help in eliminating the need to hire people and offer infrastructure.

By following the above-mentioned measures, a business organization can certainly enhance its accounts payable operations.

Read Also : Trend of Outsourcing Accounting Services Growing Rapidly These Days

In the last eight years, Cogneesol has created a niche for itself as far offering outsourcing accounting services to different types of business organizations around the world at affordable costs is concerned. By utilizing these services a business organization can limit its day to day costs and optimize the revenue earning potential. To get more information, contact us at info@cogneesol.com or call us at +16466882821.

How Outsourcing Financial Services Right For Your Business

Financial operations like accounting and payroll are followed throughout the year in a business organization. These procedures are vital for the proper functioning and success of a business. But many commercial ventures find managing these processes extremely cumbersome and expensive. This is the main reason behind the popularity of outsourced financial services throughout the business world.

finance-and-accounting-outsourcing-services

Below mentioned are some points which will help you in understanding the benefits of outsourcing financial services:

Reduces the burden on accounting staff and enhances their efficiency – In numerous companies, accounting staff has to face the pressure of completing huge volumes of work. By outsourcing, some of the accounting tasks to a third party firm this pressure can be relieved and the efficiency of the staff can be enhanced. Moreover, it also offers the opportunity to deploy staff on more important activities and improving productivity.

Ensures proper implementation of guidelines and rules – The accounting rules and government regulations related to taxation can change over a period of time. It is difficult for a business to keep track of all these things. An outsourcing company will ensure that all these factors are given proper importance.

Get your job done by the best talent in the industry – Over a period of time; the outsourcing firms have gained a reputation for having access to excellent staff and completing the assigned tasks as per client requirement. By hiring the services of third party firms you can easily gain access to talented accountants and financial experts without having to actually hire them.

Enjoy the benefits of latest technology – For outsourcing firms offers financial services is bread and butter. They invest in the latest technology which can help them in performing their tasks efficiently. A business enterprise might not be willing to invest in the accounting or taxation software, so outsourcing services can enable a business to enjoy access to them.

Helpful during an economic crisis– During an economic crisis, a business organization might relieve some of its employees from the service to save costs. In such a scenario, outsourcing can prove to be helpful in dealing with tasks like payroll, accounting, taxation etc.

Quick Turnaround– In situations where a business organization requires urgent financial services, outsourcing firms are the best option. The tasks assigned by a firm based in the US in the evening can be completed and submitted by an Indian firm before the commencement of next day’s working hours due to a difference in time zones.

All these tips have been mentioned to help in understanding the significance of outsourced financial services, but it is up to the business owners or the higher management to decide what is good for the business.

Also See :  WHY STARTUP NEEDS FINANCE AND ACCOUNTING (F&A) SERVICES?

Cogneesol is among the best financial services outsourcing companies offering affordable solutions to global business ventures. By utilizing these services a business enterprise can pay full attention to its core activities like production, marketing etc, and maximize its chances of succeeding in the cut-throat business environment. Gain more information by contacting us at info@cogneesol.com or call us at +16466882821.

 

How Outsourcing retail store accounting will change your business?

retail-store-accounting

In every business organization, there are some functions which hold great importance. Accounting is one of them. Despite its significance, this function mostly receives less importance than the core activities.   In a retail store the main functions are marketing and customer relationship management. Though accounting is not directly linked with the revenue earning process in a real store, it plays an important role in the business planning and keeping the financial records.

If a retail store owner is finding it difficult to perform the accounting tasks himself and also considers hiring in-house staff a costly affair, then outsourcing retail store accounting can prove to be good option.

The various advantages of hiring such services have been listed below:

Helps in maintaining proper records of the finances– In a retail store, numerous transactions take place every day. It becomes difficult for an owner to keep a track of each and every business transaction. By outsourcing the accounting services, a retail store owner can easily maintain proper records which can help in conducting a financial analysis of the business and in making future business growth strategies.

Helpful in the taxation process– Like any other firm, a retail store also has to fulfill its tax obligations. By hiring outsourced accounting services, you can easily maintain proper financial records, which can help in evaluating the taxes correctly. More over the accounting firms can also help in preparing your tax returns.

Eliminates the need for hiring in-house staff– Using outsourcing services, eliminates the need for hiring in-house staff. This helps in saving the time spent on recruitment, training and overseeing work.  You will only have to follow the contractual obligations. It also reduces the need to offer infrastructure to employees. So obviously a lot of time and money can be saved.

Access to experienced team– The outsourcing firms are well known for following the accounting laws and stipulations in a professional manner. They are also known for hiring expert staff capable of performing the tasks as per client requirements.

By outsourcing the accounting services, the retail store owner can concentrate on the main activities and optimize their business potential.

Read Also : Top 5 Tools For Financial Success In Your Retail Shop

Cogneesol is among the top outsourcing companies that offer affordable financial and accounting services to retail stores and other commercial ventures. If you’re looking for a dependable retail accounting services, then Cogneesol is among the best option. To get more information, contact us at info@cogneesol.com or call us at +16466882821.